Reali has launched a new feature that allows eligible borrowers to take advantage of record-low mortgage rates by locking in their home loan interest rate.
Borrowers looking to take out a mortgage for a new home purchase or refinance an existing loan can now use the new Reali Rate Lock feature to pin down low rates within minutes without uploading additional documentation or leaving their home.
"Mortgage interest rates are at historic lows," said Jason van den Brand, chief lending officer of 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."
The new capability enables customers to lock in the rates online without talking to a loan officer by putting a deposit down on their appraisal using debit or credit card information. However, borrowers will have to qualify for Reali Rate Lock based on the results of a credit check.
"Reali Rate Lock is another example of how we are simplifying the mortgage process through technology innovation," Reali CEO and co-founder Amit Haller said. "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."