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SoFi offers a complete online experience from application to fast funding. The lender can help you buy your home (including investment property) or refinance an existing mortgage while making the process quick and easy.
Summary: SoFi provides competitive rates with one of the fastest funding turnaround times in the industry (less than 30 days).
Mortgage Fees & Rates
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|HQ||2750 East Cottonwood Parkway #300|
Cottonwood Heights, Utah 84121
|Min. Loan Amount||$100,000|
|Max. Loan Amount||$548,250 ($825,450 in certain counties with higher median home prices)|
|Min. Credit Score||620+|
|Min. Down Payment||5%|
|Min. Yearly Income||Varies|
|Fixed-Rate Terms||10, 15, 20, 30 years|
|Loan Types||Conventional, Interest-only, Refinance, Cash-out|
|State Restrictions||Not available in AK, HI, MO, NH, NM, NY, WV|
Financial statistics reveal that the US Mortgage debt stands at $16.67 trillion. SoFi offers competitively lower interest rates and downpayment as low as 5%. Some of the Mortgage options offered by SoFi include purchase loans, refinance, and equity loans.
The lender also offers its members a discount of up to $500 on a mortgage, which applies to the processing fee.
SoFi Mortgage offers a user-friendly platform in which borrowers can sign up and apply for loans. You can use the mobile app or desktop platform to open a SoFi Account.
Only individuals who reside in states where SoFi mortgage is licensed can apply for the loan. SoFi considers several factors to determine your eligibility. They include:
SoFi members enjoy a few range of mortgage products, and you can typically close within 30 days.
|Conventional Loans||The lender’s conventional loans are more flexible, with a downpayment ranging between 5% – 20%. Borrowers with a 5% down payment are required to pay PMI.|
|Rate and term refinance||You can only choose a fixed rate to refinance.|
|Cash-out refinance||Members can refinance their mortgages and simultaneously borrow more money. SoFi offers members a chance to utilize the equity in the homes to help remodel the house.|
SoFi Mortgage charges a lender fee of $995, and you’ll be subject to any closing costs from third parties, such as appraisals. In addition, interest rates may vary depending on your credit score, co-signer, down payment, repayment period, and loan amount, among many others.
The lender offers a calculator where you only need to enter the property value, downpayment, and repayment period (fixed or adjustable) to generate your rate. After determining your rate, you can view your loan amount, monthly payment, cumulative interest, and payoff date.
You can receive a quote within 2 minutes on their website here.
Members can also contact SoFi’s loan officers and receive guidance on the type of mortgage that suits their financial situation and goals. There is also a member specialist on standby should you have any other queries that do not fall under the mortgage category.
The working hours for mortgage support staff is Monday to Friday from 6:00am to 6:00pm PST.
You can contact their support through phone, email, or the chatbox on their app.
Sofi offers loan options to suit your financial situation and provides a complete digital experience allowing you to apply and get funding online. If you’re looking to get funding quickly (within 30 days or less), SoFi has you covered.