Reviews

SoFi Mortgage review: how does it work and is it good?

Keep reading if you're looking for a mortgage broker that provides personalized service at competitive rates. We'll discuss the pros and cons of choosing SoFi mortgage over other lenders.

by Suzana Brito

Published on 11/01/2022

SoFi Mortgage: Refinance up to 80% of the value of your house

Learn everything about So-Fi Mortgages. Keep reading! Source: SoFi Facebook

If you are in the market for a mortgage or looking to refinance one, The SoFi Mortgage review can be the guide you need.

How to apply for SoFi Mortgage

Do you want to apply for a mortgage with SoFi mortgage? Read on to a complete guideline that covers all you need to know.

Keep Reading

In this article, we’ll look at what SoFi is, how it works, and whether or not it’s a good choice for you. Stay tuned to learn more!

Credit Score	Conventional: 620; Jumbo: 700.
Loans Offered	Purchase, Refinance, Fixed, Adjustable.
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.
Terms	10,15, 20, or 30 years.

What is the SoFi Mortgage?

House model, bill dollar banknotes and key on blue background with copy space. Money saving for new house, home loan, reverse mortgage and real estate property business concept — Do you want to know how the SoFi Mortgage works? You’ve come to the right place. Read on! Source: Adobe Stock

The SoFi Mortgage is a way to finance or refinance a property. For new home buyers, it offers options of a 3% down payment.

The loan terms range from 10 to 30 years with fixed rates that vary depending on how long you’ll pay for it.

SoFi Mortgage is available in almost all states in the U.S, except for Hawaii. This lender also doesn’t offer government-backed mortgages, such as FHA loans.

With So-Fi cash-out, you can borrow up to 80% of the house value for refinancing. Plus, up to 95% for mortgage refinancing.

However, the minimum mortgage amount you can borrow is $100,000, so it’s not available to everyone.

When you get a mortgage at So-Fi, you’ll automatically be qualified for a SoFi membership.

With it, you will have many advantages, such as complimentary financial plans.

You can make the application online and close the deal in about a month if everything goes according to plan.

Is the SoFi Mortgage good?

The SoFi mortgage is interesting for people looking for a more streamlined process who prefer not to fill out paper forms and can get an application online.

Getting a mortgage with them has some advantages and disadvantages. Check them out!

Pros

Borrowers can make the application for the mortgage online;
The interest rates are below average;
The loan deal can be closed in about 28 days.

Cons

They don’t offer any government-backed mortgages;
The minimum amount is $100,000;
It’s not available in some states.

Multiple personalized credit card offers

Applying won't hurt your credit score

You will be redirected to another website

Does SoFi Mortgage check credit scores?

A credit score is one of the most important requirements to get a mortgage since it’s a high-risk loan.

Then the minimum score for a SoFi mortgage is 620, and for a jumbo loan is 700.

Want to apply for the SoFi Mortgage? We will help you!

Are you curious to know more after the SoFi mortgage review? We can help you!

Read the post below about the application process, understand the requirements, and how to start doing it online.

How to apply for SoFi Mortgage

Do you want to apply for a mortgage with SoFi mortgage? Read on to a complete guideline that covers all you need to know.

Keep Reading

About the author

Suzana Brito

I'm a Language Studies graduate and have always been interested in writing and sharing knowledge. By creating content about finances and related products, I believe in contributing to people achieving financial freedom and their goals in life.