SoFi specializes in lending services, including home mortgages. They work with homebuyers who are looking to purchase a single-family home, townhouse, condo or up to three units. They offer three types of mortgages: 30-year fixed 15-year fixed and 7/1 ARM. You can pay as little as 10% down and still potentially qualify for a loan.
SoFi caters predominantly to high-income earners, and much of their clientele is based in the tech industry (think Silicon Valley). If you’re looking for the lowest possible monthly payments, SoFi may not be your ideal choice.
An APR for a 30-year fixed mortgage will run you between 3.394% to 6.39%, depending on your location, credit score, debt-to-income ratio and closing costs.
Interest rates for a 30-year fixed mortgage range from 3.37% to 6.524%. In many quotes, the interest rate is extremely close if not identical to the APR. Since these numbers can often get a bit high, make sure to calculate the lifetime cost of your investment.
As of this writing, only three types of loan terms are available: 30-year fixed, 15-year fixed and 7/1 ARM. Your choices are fairly limited, but if you’re already leaning toward one of these options and you reside in one of the states that SoFi serves, you should find plenty of homes to choose from.
SoFi offers some of the best loan features in the industry. Even for a high-value property, you may be approved for a down payment as low as 10% with no mortgage insurance necessary. In addition, SoFi is known for closing within 28 days, and the company requires no lender fees.
SoFi offers some tempting perks for borrowers, including low down payments and no lender fees. With that said, Its services definitely aren’t for everyone. It requires great credit, typically favors high-income properties, and is currently only licensed in 29 states. The quote process is extremely simple, though, so it never hurts to give SoFi a try and see if any of its offers are right for you.