Jan 16, 2024 By Susan Kelly
SoFi Mortgage Loan is a one-stop online banking company for personal finance. It was founded in 2011 by Stanford Business School students. This San Francisco-based company was started as a student loan lender, and then it expanded worldwide to cover everything from home debt projects to credit cards, auto loans, insurance, and more.
This company now offers a range of financial support programs, including refinance mortgages and purchase loans as well. SoFi offers mortgages in Washington, D.C., and all 50 states. Some typical mortgages offered by SoFi are cash-out mortgages, jumbo refinance or purchase, refinance mortgages, and home equity lines credit (HELOC).
The lender has received an A+ rating from the Better Business Bureau (BBB). As of Dec. 11, 2023, the company has a customer review rating of 1.74 out of 5.0 stars on the BBB. However, many of these reviews are about the company’s non-mortgage products. SoFi has a rating of 4.7 out of 5.0 stars on Trustpilot, which is based on more than 7,500 reviews as of Dec. 11, 2023.
If you’re considering a mortgage loan from SoFi, here’s a complete SoFi Mortgage Loan Review for you:
SoFi started as a student loan lender company and expanded worldwide to everything from home debt projects to credit cards, auto loans, insurance, and more. This company now offers a range of financial support programs as well. Quick service and low mortgage rates are advantages of SoFi companies. In the beginning, SoFi was launched for student loans, but then it extended its circle to other loans and debts as well. However, this is not reliable when it comes to offering debts to first-time borrowers, and they would not be able to get USDA and FHA loans.
SoFi has now extended its services from typical mortgages to a large amount of banking and lending services, making this startup a good option for a one-stop shop for various financial needs. It can cover a wide range of financial needs of the person who applies for a SoFi loan. It's important to note that specific features of SoFi can vary yearly, and the borrower should carefully review the terms and conditions of the contract while considering the loan.
The requirements for a SoFi mortgage application can vary depending on the loan type a person applies for; here are some general points to be cleared:
1. Compare lenders: Apply for a loan with two to five lenders. While the first lender's credit check will likely decrease your score slightly — often less than five points, according to FICO — subsequent inquiries let lenders know you're rate-shopping and shouldn't hurt your score further. Submit all applications within two weeks to minimize the impact on your credit score.
2. Get pre-qualified: Take a look at all the factors like eligibility criteria, interest rates, and credit scores. This will give you an idea about how much you qualify for the loan if you apply.
3. Submit a loan application: After doing your research, you can apply for a loan with the lender you like best. You can also make a formal application to SoFi by talking to their mortgage loan officers, and they will guide you in the best possible way.
4. Close the loan: If SoFi approves your loan, they will also guide you through the closing process. There are some closing costs mentioned in the loan agreement that need to be paid before the loan ends.
● The loan rate can be locked for 90 days.
● The interest rate is lowered.
● The duration of the loan can be decreased, and it can be paid sooner.
● An adjustable loan rate can be changed to a fixed-rate loan.
● Only a 3% down payment is available for first-time borrowers.
● It requires a high credit score for FHA requirements.
● It is not available in all the states.
● It does not offer USDA loans
That is all you need to know about SoFi Mortgage Loan. Undoubtedly, it is a useful tool that will help you get different mortgage products, including conventional mortgages, jumbo loans, VA loans, and, most recently, FHA loans. It can cover a wide range of financial needs of the person who applies for a SoFi loan. It's important to note that specific features of SoFi can vary yearly, and the borrower should carefully review the terms and conditions of the contract while taking the loan.
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