SoFi Mortgage Loans review April 2018 | finder.com
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SoFi Mortgage Loans review

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 details

Product nameSoFi Mortgage Loans
Interest rateVaries by down payment and loan term
Loan securitySecured by property
Repayment type30-year fixed or 15-year fixed, 30-year ARM or 40-year ARM
Maximum loan$3 million
Minimum loan$100,000
Maximum terms7-year ARM
Credit score rangeGood to excellent credit required
Application fee$0
Returned check fee or penalty$0
Restricted usesHome purchases
Monthly service fee$0
Legal states or regions25 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

Rates last updated April 21st, 2018
Name Product Minimum Credit Score Max. Loan Amount APR Product Description
SoFi Personal Loan Fixed Rate (with Autopay)
Good to excellent credit
$100,000
5.49%–14.24% (fixed)
Borrow up to $100,000 with a competitive APR and no fees.
SoFi Personal Loan Variable Rate (with Autopay)
Good to excellent credit
$100,000
5.365%–13.365% (variable)
Borrow up to $100,000 with this highly rated lender offering competitive APRs and no fees.
SoFi Student Loan Refinancing Variable Rate (with Autopay)
Good to excellent credit
full balance of your qualified education loans
2.54%–7.38% (variable)
A leader in student loan refinancing, SoFi can help you refinance your loans and pay them off sooner.
SoFi Student Loan Refinancing Fixed Rate (with Autopay)
Good to excellent credit
full balance of your qualified education loans
3.25%–7.125% (fixed)
Refinance your student loans and pay them off sooner at fixed rates through this highly rated lender.

Compare up to 4 providers

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.

Bottom line

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.

Common questions about SoFi

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