Low rates and no hidden fees on fixed- and adjustable-rate mortgage loans.
SoFi stands out among other mortgage lenders with lenient debt-to-income limits that can open up even jumbo loans to professionals who may have little available for a hefty down payment. If you already own a home, you could find lower your costs by refinancing through this online lender.
|Product name||SoFi Mortgage Loans|
|Interest rate||Varies by down payment and loan term|
|Loan security||Secured by property|
|Repayment type||30-year fixed or 15-year fixed, 30-year ARM or 40-year ARM|
|Maximum loan||$3 million|
|Maximum terms||7-year ARM|
|Credit score range||Good to excellent credit required|
|Returned check fee or penalty||$0|
|Restricted uses||Home purchases|
|Monthly service fee||$0|
|Legal states or regions||25 states and DC|
What are the benefits of a SoFi Mortgage Loan?
A SoFi mortgage can be ideal even for applicants with high student debt, given SoFi’s relaxed debt-to-income limits and underwriting. But you’ll find other advantages over traditional lenders.
- No hidden fees. These loans come with no application, origination or other lender fees in most states and no penalty for paying off your loan early.
- Low down payments and no PMI. Put down as little as 10% and no mortgage insurance is required.
- Fixed and adjustable rates. Choose from 15- or 30-year fixed rates or a 7/1 adjustable-rate mortgage (ARM).
- Effortless pre-qualification. You’ll know if you qualify for a loan within minutes without affecting your credit score.
- Return customer discounts. Get an 0.125% rate discount on your next SoFi loan.
- High $3 million maximum. You may be able to borrow beyond the $417,000 cutoff that comes with many traditional lenders.
Compare other SoFi loan offers
What to watch out for
SoFi’s minimum loan starts at $100,000, which could be more than you need in some markets. Keep an eye out for a few other drawbacks as well.
- Must put down at least 10%. If you don’t have at least 10% of your loan amount to put down, you may need to look into an FHA loan or other options.
- Limited service. If you don’t live in DC or one of the 25 states SoFi services, you’ll need to find another mortgage lender.
- Mortgage can’t be used for investment. You won’t be able to buy rental property or vacation homes with these loans.
Can I refinance my existing mortgage with SoFi?
If you already have a mortgage, you may be able to score a lower APR by refinancing it with SoFi. You’ll need to meet the same credit, income and employment criteria as specified for a traditional mortgage with SoFi, and you’ll have a better chance at approval with a good to excellent credit score. You can find out what you pre-qualify without affecting your credit score.
Am I eligible for a SoFi Mortgage Loan?
In addition to requiring proof that you have at least 10% of your requested loan amount to put down, you must be:
- At least 18 years old.
- A US citizen, eligible permanent resident alien or non-permanent resident alien.
- Looking to purchase property that you intend to live in.
- Purchasing a home in DC or the states that SoFi offers loans.
Ultimately, your mortgage loan eligibility will depend on your creditworthiness, income, employment status and property eligibility.
What do I need to apply?
Required documents and information will vary slightly by the loan type you’re interested in, but in general you’ll need to supply:
- Your full name and personal contact information.
- W-2 forms from the previous two years.
- Recent paycheck stubs.
- Your most recent federal tax return.
- A complete list of your debts, such as credit cards, student loans and minimum payments and balances.
- A list of your assets, including mutual fund and brokerage statements, real estate and car titles and other investment records.
- Proof of payment for your current rent or mortgage payments.
I got the loan. Now what?
- Keep up on your payments. Sign up for autopay to avoid the hassle that comes with late payments.
- Customer service. If you have questions, call or email SoFi customer service or find support on Twitter @SoFiSupport.
If you’re looking for low rates with an online lender, SoFi delivers with its flexible fixed- and adjustable-rate mortgage loans. You can borrow as little as 10% on loans of more than $100,000 with no hidden fees. Just be sure that you live in DC or one of the 25 states SoFi services.