SoFi Mortgage review: terms, rates and perks
What exactly is the SoFi Mortgage? Read this full review to find out more about what this home loan can do for you.
SoFi Mortgage: Enjoy one of the lowest interest rates in the market
If you’re in the market for a mortgage, it’s important to do your research and compare different options. In this SoFi Mortgage review, we’ll break down the details of this loan product.
SoFi has several attractive features, but there are some things you should be aware of before applying. Keep reading to learn more!
|At least 620
|Conventional, Jumbo, Home Equity
|Minimum down payment
|It varies depending on the loan type
|10,15, 20, and 30 year fixed terms
SoFi Mortgage review: what you need to know
Social Finance, or simply SoFi, is a lender that covers almost all of the U.S. with its products. Regarding mortgages, it was one of the first lenders to offer a full-digital application.
Amongst the home loan offered, customers can apply for conventional loans, jumbo loans, and home equity lines of credit (HELOC).
Also, cash-out and rate-and-term refinance are available.
The terms options vary between 10-, 15-, 20-, and 30-year fixed. The minimum down payment is as little as 3% of the property value.
SoFi publishes general interest rates on their website, which are updated daily. However, customers only know what rates they’ll get after a soft credit check.
SoFi Mortgage main features
SoFi home loan is a great product for anyone looking to buy a new house.
Still, you cannot apply for it before comparing the details of this product. See below what are the advantages and disadvantages of getting this mortgage.
- Offer a full-digital mortgage application process;
- Enjoy up to a discount if you’re already a SoFi customer;
- SoFi offers lower interest rates than most lenders;
- It provides a shorter-than-average mortgage closing time.
- No FHA, VA, or USDA mortgage options are not available;
- LoFi mortgage is not available in Hawaii;
- The minimum mortgage amount can be higher than average.
Credit score required to apply
To apply for this home loan, you must have fair credit. Simply put, 620 is the minimum credit score requirement.
This score might qualify you for a mortgage with LoFi, but if you want lower rates, lower down payment and better terms, make sure your credit score is higher.
SoFi Mortgage application process: how does it work?
SoFi was one of the first lenders to offer an all-digital application to its customers. Therefore applying for this product is simple and fast.
If you’re interested in getting a SoFi mortgage, read the next article. We’ll show you how the application works and what are the requirements of this home loan. Keep reading to learn more!
About the author / Beatriz Vieira
5 things to do before applying for a mortgage
We have created this checklist of things you must do before applying for a mortgage! Check it out before getting started!Keep Reading
How to choose a credit card: a complete guide
Learn how to choose the right credit card for you. With four easy tips, this article will help you pick out the best one!Keep Reading
Capital One® SavorOne® Cash Rewards Credit Card: A great card for foodies and shoppers
Capital One® SavorOne®: Your ticket to elevated savings. Get cashback on groceries, streaming services, and more. Explore the perks now!Keep Reading
You may also like
Learn how to apply for the Stimulus Check
Learn how to apply for the stimulus check! Up to $1,400 per adult! Get financial assistance to meet your basic needs.Keep Reading
New American Funding Mortgage: how to apply
This article will teach you how to apply for the New American Funding Mortgage! Enjoy easy application and choose between multiple options.Keep Reading
How to make more money: the different types of income
Find out the different types of income and how to profit from them. This guide dives into how they work and their pros and cons!Keep Reading