Sofi

Services Offered

SoFi offers various mortgage options, and its loan terms can be adjusted to meet the customer’s preferences. If you need to talk to a mortgage specialist, SoFi’s customer service is available seven days a week by phone or email.

What we like about it:

• The online process keeps staff low and operating costs down to offer better rates to customers
• Unique underwriting process goes beyond just numbers
• Member discount on all other loans
• Unemployment protection
• A referral program that pays up to $300 per referral
• Complimentary financial advisors for guidance
• Competitive rates and low down payments
• No hidden fees or prepayment penalties
• The application is easy and can be completed in minutes

Mortgage Options

30 year Fixed – A 30-year fixed-rate loan is among the most popular and traditional mortgage options. When you take out the loan, your interest rate is locked in for the term. The 30-year term offers lower monthly payments; however, you will ultimately pay more in interest since you are borrowing for a longer period. If you want to change your interest rate on a 30-year fixed loan, you will need to refinance.

15 year Fixed – The 15-year fixed mortgage is similar to the 30-year fixed mortgage because your interest rate is locked in and cannot change unless you refinance. However, since the loan is half of the payment time, your monthly payment will be higher, but you will pay much less interest.

7/1 ARM – If you are in a high-interest rate environment, adjustable-rate mortgages allow you to get a lower fixed rate for a few years, and at the end of the fixed period, your mortgage will adjust to market rates. A 7/1 ARM means you will have a seven-year fixed-rate mortgage, and for the rest of the 23 years, it will be variable. However, there is usually a cap on how high the interest rate can go for that loan.

5/1 ARM Interest Only – 5/1 Adjustable rate mortgages with interest-only options lock and a lower fixed interest rate for the first five years, and the rest of the 30-year term is variable with a cap. However, an interest-only option means that for the first ten years, you only pay interest on the mortgage, and you begin paying principal in year 11.

Mortgage Refinance Options

SoFi Offers a variety of mortgage refinancing options:

Traditional Refinance – The traditional mortgage refinance intended to lower the interest rate for homeowners who bought in a higher interest environment. The new loan replaces the current mortgage with a lower interest rate and the same payoff date.

Cash-Out Refinance – Another popular refinancing option is capitalizing on the equity built into the home’s current value and refinancing to get extra cash along with a lower interest rate. You get a new loan with a higher balance that is made up of the difference between what you owe on the house and how much cash you take out.

Student Loan Cash-Out Refinance – Some homeowners are concurrently managing high-interest student debt. Refinancing to cash out to pay your student loans helps to consolidate your debt and lower your overall interest payments using the equity paid into your home.

Ease of Use

SoFi’s mortgage application process is straightforward and can be completed within minutes. If you need assistance, SoFi gives you access to a loan officer or a financial advisor if you want to understand all of your options and get the best loan for you.

Since SoFi is entirely online, they have implemented a simple three-step process to streamline the entire mortgage application:

1. Get prequalified through a 2-minute application.
2. Choose the loan that fits your needs and budget the best and apply for it.
3. Sign your paperwork and get your money in 30 days or less.

Price

If you choose to go through SoFi, you will pay most of the usual mortgage costs, including credit checks, title fees, appraisal fees, and closing costs.

Thankfully, SoFi offers many calculators and tools to help you know how much you can expect to pay for your loan. These calculators help you create a solid estimate to budget and compare mortgage until you find the perfect choice for you.