ConsumerDirect Mortgage recently changed its name to Real Genius.
As of October 2022, ConsumerDirect Mortgage is now known as Real Genius, but the functions and nature of the company remain the same.
Real Genius, a division of FirstBank and formerly known as ConsumerDirect Mortgage, is a direct lender that provides home loan financing, refinancing, and cash-out home equity services and products. Licensed in all states except Maryland, Real Genius is an equal housing lender and FDIC-insured institution, offering fixed-rate mortgages, adjustable-rate mortgages, FHA loans, VA loans, and Jumbo loans.
Real Genius rates and terms will be dependent on your zip code, loan amount, credit score, and other criteria. Because rates and terms will vary for each borrower, Real Genius advises getting an official loan estimate through its website before choosing a loan.
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Real Genius mortgage rates are competitive within the industry and the company makes it is easy for potential customers to quickly estimate their mortgage rate. Simply complete Real Genius' prequalification application and then compare various rates and terms from multiple lenders. You can compare fixed-rate mortgages and variable-rate mortgages, allowing you to see an estimate of what your mortgage monthly payment could be.
Keep in mind that the interest rate you will receive will be dependent on a variety of factors, such as your credit history and debt-to-income ratio (DTI). The lowest advertised rates are typically only available to those with excellent credit and financial health.
Real Genius' online process makes it easy to understand, apply for, and choose a loan option. The steps are:
This easy and transparent process is a plus for first-time homebuyers. Once the online process has been completed, a mortgage officer or lender will work with you in order to figure out the best rate based on the information that you provided.
Real Genius offers a variety of loan types and mortgage rate flexibility to prospective borrowers:
This company is unique in that 99 percent of the loans it funds pay a lender credit towards your third-party closing costs, ultimately lowering your closing costs.
The lender credit amount depends on your interest rate and other personal loan qualification factors, but Real Genius could pay anywhere from $400 to $2,000 of your closing costs.
In addition to mortgages for a home purchase, the company provides traditional rate and term refinancing, as well as cash-out refinancing, which uses the equity in your home to help pay off high-interest debt.
This can be appealing to many who are seeking to pay off their mortgage loan as soon as possible and who are not wanting to be trapped by steep lender fees for a different refinance option.
Real Genius is licensed to lend in all 50 states, except for Maryland. However, not all loan products and options will be available in every state in which the company is licensed.
While Real Genius does offer FHA loans and VA loans, two popular government-backed loan products, the company doesn't offer USDA loans. If you are buying a rural property, a USDA loan can be a good loan option, providing low down payment options for qualifying homebuyers.
The Real Genius website is lacking in educational resources to improve the customer experience. It does provide the basic mortgage calculator and refinance calculator, but top companies showcase a variety of other financial tools for open access, such as affordability calculators, amortization calculators, debt-to-income ratio calculators and refinance calculators.
If you are a first-time homebuyer, extra financial tools and educational resources can be beneficial as you navigate buying your first home.
From the Real Genius reviews on Best Company it is a bit difficult to tell if customers are satisfied with their experience. Most of the Real Genius reviews are very polarizing in sharing both positive and negative experiences. Most of the Real Genius reviews are exclusively five star or one star reviews.
It should be noted that the amount of reviews on Real Genius' company profile is fairly small, however due to the variance in reviews it is recommended to call one of Real Genius' customer service representatives in order to address any concerns that you may have.