Learn to apply easily for the SoFi Mortgage
Have you been thinking about buying a property but aren't sure where to start? Keep reading to learn how to apply for the SoFi mortgage online and easily. Read on!
SoFi Mortgage: Close the deal in about 28 days!
SoFi is a huge player in the online mortgage market, and they make it so easy to apply.
You can do everything from your computer and even track your process online. Keep reading to learn the step-by-step.
Applying for a SoFi mortgage is simple, straightforward, and hassle-free in only three steps.
First, you can pre-qualify online in under two minutes with the required personal and financial information.
Second, you can choose the loan that meets your financial goals and complete the application.
Once qualified, you can sign the contracts, and SoFi will transfer the funds quickly so you can enjoy your new home.
You will be redirected to another website
Find out the requirements to get a mortgage with SoFi:
- The borrower’s credit score must be at least 620 for a conventional mortgage and 700 for a Jumbo;
- Applicants must have the required down payment (options from 3% and up);
- It’s necessary to have proof of income, so a debt-to-income ratio is needed to see if you can afford the installments;
- Borrowers need to be at least 18 years old;
- Borrowers must have a valid Social Security number;
- Borrowers must be U.S citizens or authorized residents.
Apply using the app
You can easily use the mobile app to manage your mortgage. However, you’ll need to complete the application through the official website.
SoFi Mortgage vs. PNC Bank Mortgage: which one is the best?
On the one hand, the SoFi mortgage is good for people who want to complete the application online and have at least a 620 credit score.
However, it is not ideal if you have a low income since the minimum loan amount is $100,000, and it doesn’t offer government-backed options.
On the other hand, a PNC Bank mortgage is perfect for low to moderate income borrowers looking for flexible payment options and discounts.
It’s also good for people who prefer in-person applications or want to apply for a government-backed mortgage.
Compare these two options below.
|SoFi Mortgage||PNC Bank Mortgage|
|Credit Score||Conventional: 620.Jumbo: 700.||620 or higher.|
|Loans Offered||Purchase, Refinance, Fixed, Adjustable.||Purchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable, FHA, VA, USDA.|
|Minimum Down Payment||The minimum down payment is 3% for first-time home buyers;|
There is a minimum down payment of 5% for all other borrowers.
|APR||The APR differs depending on the term and is updated daily on the SoFi mortgage website.||The APR varies according to the loan amount and terms.|
|Terms||10,15, 20, or 30 years.||10 to 30 years.|
If you want to know more about the PNC Bank mortgage and how to apply, keep reading to find out more.
About the author / Suzana Brito
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