In the Mortgage Lending Industry, SoFi, or Social Finance does a pretty exceptional job standing out from traditional lenders with utter transparency. With that in mind, building trustworthy and high qualified buyers who have the financial ability to purchase a home is a top priority for them.
At a quick glance, SoFi offers purchase, refinance, ARMs and fixed-rate loans with no application or origination fees. Some advantages of setting up your mortgage with SoFi is that they consider nontraditional credit history, offers flexible down payments ranging from 10%to 50% (even for jumbo loans) and they do not require PMI on any of their loans.
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SoFi Mortgage Editorial:
First off, I want to get off my chest that Sofi’s mortgages are more catered towards solid, high income individuals with a reliable amount of money saved up as well as a reliable history of timely payments. If you’re looking for government-backed loans, you might want to look elsewhere since SoFi doesn’t offer such a product.
SoFi Mortgage Summary:
- Apply Now
- Maximum Loan: Not Specified
- Account Type: Mortgage Loans
30-Year Fixed – Enjoy fixed payments that won’t change over time.
15-Year Fixed – Pay your loan off faster while maintaining a constant rate and payment.
7/1 ARM – Fixed rates are their lowest for the first seven years, then adjust yearly.
7/1 ARM Interest-Only- Pay only interest for the first 10 years, then pay back principal over 30.
- Availability: Nationwide
- Expiration Date: None
- Additional Advise: Have the necessary documents and validation information ready to make your process as smooth as possible.
- Closing Loan:
- Home Appraisal is needed.
SoFi Mortgage Features:
- Affordable Down Payments
- Put as little as 10% down with no borrower-paid mortgage insurance required.
- Painless Prequalification
- Discover the real rates you pre-qualify for online.
- Buy More Homes
- Qualify for more financing with flexible debt-to-income limits.
- Exclusive Rates
- Get a 0.125% rate discount on an additional SoFi loan—just for being a member.
- No Hidden Fees. No Catch
- No application or origination fees in most states.
- Fast Financing
- We’ll help you close quickly, so you can get in your new home in no time.
Now, before I close up this post, I want to make some things clear about SoFi Mortgage. Their mortgage required a minimum loan amount of $100,000 and it may be difficult to know for sure whether you’re qualify for a loan with no income requirement integrated. Aside from that, they offer flexible down payment, no loan origination fees, application or broker fees and the average closing time only takes 28 days. Again, if you’re looking for a more government-backed loan, than this may not be the best option for you. As always, be sure to check out our Complete List of Best Mortgage Rates for all of your mortgage necessities.
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