Mortgages

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.

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SoFi Mortgage: Enjoy one of the lowest interest rates in the market

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Learn the terms, rates, and benefits of the SoFi Mortgage! Source: The Insider Advisor

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.

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SoFi Mortgage: how to apply

Learn how to apply for the SoFi Mortgage today! Get your home loan process started and enjoy SoFi's multiple benefits!

SoFi has several attractive features, but there are some things you should be aware of before applying. Keep reading to learn more!

Credit scoreAt least 620
Loans offeredConventional, Jumbo, Home Equity
Minimum down payment3%
APRIt varies depending on the loan type
Terms10,15, 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

Happy woman using mobile phone while sitting a couch at home
Pay no fees and enjoy multiple benefits with SoFi Mortgage! Source: Adobe Stock

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.

Pros

  • 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.

Cons

  • 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!

SoFi logo

SoFi Mortgage: how to apply

Learn how to apply for the SoFi Mortgage today! Get your home loan process started and enjoy SoFi's multiple benefits!

About the author  /  Beatriz Vieira

Beatriz Vieira is a producer and copywriter who is part of the finance writer team in this portal. She has a degree in Journalism and aims to improve her bilingual writing skills. Her subjects of most significant interest are culture, finances, and self-development.

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