Does SoFi offer both a home equity loan and a HELOC?

Yes. SoFi offers a fixed-rate home equity loan (lump sum) and a variable-rate HELOC. The HELOC is a newer product.

How much can I borrow with SoFi's home equity loan?

Between $50,000 and $750,000, up to 85% of your home's equity.

How long is SoFi's HELOC draw period?

Three years. During this time you make interest-only payments and can draw funds as needed. After the draw period ends, you can no longer access the line and repayment of principal plus interest begins. This is shorter than the 10-year draw periods most other HELOC lenders offer.

Can I get a $0 origination fee?

Only on the home equity loan, not the HELOC. Qualifying borrowers can waive the standard $1,495 fee by accepting a higher interest rate.

Does SoFi require an appraisal?

It depends on the product. The home equity loan typically requires an appraisal as part of the application process. The HELOC usually doesn't — SoFi uses an automated valuation and covers the cost if a formal appraisal is needed.

How long does it take to get a home equity loan through SoFi?

It typically takes around 30 days to close. Funds are disbursed approximately three business days after closing, with the first payment due around 30 days after that.

Does SoFi offer a fixed-rate HELOC?

No. SoFi's HELOC is variable-rate only. If you want a fixed rate, the home equity loan is the right product.

Will checking my rate affect my credit score?

No. SoFi uses a soft credit pull to show your rate. A hard pull is only initiated if you choose to move forward with a full application.

What's the difference between SoFi Bank and Spring EQ?

SoFi Bank originates some home equity loans and HELOCs directly. In other cases, SoFi acts as a broker for Spring EQ, a separate licensed lender. When Spring EQ originates the loan, SoFi's member rate discount doesn't apply and terms may differ.