SAN MATEO, Calif., July 29, 2020 /PRNewswire/ -- Reali, the real estate technology company transforming home buying and selling, today announced Reali Rate Lock, a simple and hassle-free way for eligible customers to lock in their home loan interest rate and safeguard from future rising rates. For homeowners and homeowners-to-be who are seeking a new home purchase mortgage or to refinance an existing home mortgage, Reali Rate Lock accelerates and streamlines the mortgage process for qualified borrowers by eliminating additional documentation, stress and frustration often associated with securing a home loan.
"Mortgage interest rates are at historic lows," said Jason van den Brand, Chief Lending Officer, Reali Loans. "The industry hasn't seen rates like these ever. Whether you're a new home buyer or refinancing your current home, now is the perfect opportunity to lock in a rate given the current market environment. With today's volatility in rates, Reali Rate Lock can preserve a rate before the loan application is completed, providing peace of mind around any financial uncertainty that might prevail around monthly home payments."
Traditionally, the loan application cycle is 30-45 days long and is subject to interest rate increases and market fluctuations. Reali Rate Lock turns this outmoded process on its head by enabling home buyers to lock in low rates online within minutes 24/7, all without the hassle of uploading documentation or leaving their home.
"Reali Rate Lock is another example of how we are simplifying the mortgage process through technology innovation," said Amit Haller, co-founder and CEO of Reali. "In addition to offering cutting-edge features like Rate Lock, Reali Loans fuels convenient, cost-saving programs such as Cash Offer and Trade-In. These two programs allow home buyers and sellers the speed and seamless experience of buying a home with cash and forgoing the traditional way of buying and selling a home at the same time - something traditional brokerages can't compete with."
Reali Rate Lock allows eligible customers to lock in their mortgage interest rates online without talking to a loan officer by putting a deposit down on their appraisal using debit or credit card information. Customers will need to qualify for Reali Rate Lock based on results of a credit check.
To date, Reali Loans has funded over $300 million in loans, served over 1,000 borrowers and generated an average of $20,000 in savings for each customer. Reali expanded to offer mortgage and refinancing options for homebuyers and homeowners in twelve states after its acquisition of Lenda in 2019.
Blending high-tech with high-touch, Reali is creating a fundamental shift in real estate to deliver an innovative new model that makes the homeownership journey simple, affordable and stress-free every step of the way. Reali offers full-service home buying and selling solutions from real estate to mortgage, escrow, title, insurance and more. Keep in touch at www.reali.com, join our team www.reali.com/careers, or download the Reali app for iOS and Android.