April 15, 2018 / Hollie Shuttlewood
Reali Loans is a loan company with one simple aim, to make the experience of applying for loans honest, fast and completely online. With their fast application process, no time is wasted, saving you money with a no-hassle, honest experience. With their extensive team on hand to help, Reali Loans truly wants what is best for you when buying your first home.
This streamlined application system allows you to apply for a loan quickly and effectively. Their outstanding customer service and honest advice puts Reali Loans above the rest when it comes to outstanding loans. With the business’ Head of Operations located in San Francisco and their services expanding across 12 other states, Reali Loans offers a large range of loans and mortgages online to benefit you.
Reali Loans uses a 45% DTI (debt to income ratio) which means that you are more likely to be approved if you have a DTI of 45% or less. The lower your debt payments, the better the chances of buying a comfortable home. This is easily calculated through working out how much money is being spent on debt every month and turning that number into a percentage of your total income, which will tell you how much of a loan you can afford and the repayments you will be paying dependant on the rate.
Like all mortgage lenders, interest rates at Reali Loans vary from day to day, with the calculations of the interest rates being based off of your credit score and other factors. In general, the higher your credit score the better your interest rate is likely to be. This is therefore worth noting before applying for a loan as it could have a profound effect on the rate that you will be paying. This can be worked out on a mortgage calculator that is offered on Reali Loans’s home page, or through one of their experienced consultants, who are happy to help you through every step.
All loan types at Reali Loans come with a fixed rate and thus, payments are not going to change over the course of of the loan, similar to that of other mortgage lenders. According to reports, since 2016 Reali Loans has offered a 10-year fixed rate as low as 3.055% APR. This is, however, subject to change. When buying a home, you should be aware of all aspects and should ask as many questions as possible in order to ensure you are getting the most for your money. Due to Reali Loans operating as an online firm, the company may be able to save you money by dealing with you directly. This eliminates the need for mortgage brokers and the fees that can come along with those services. However this means that mortgage rates are ever changing and need to be looked into during this process. This can be confusing if you have never done it before and therefore support is offered both online or by phone to help with this, as they want you to find the very best deal for your requirements.
Due to Reali Loans being an online mortgage company it is important that you are comfortable managing a majority of the mortgage process completely online or by phone. It is therefore essential that every aspect of the process is thought out effectively, making sure you are applying for a loan that is easily manageable and fits its purpose.