SoFi Mortgage Mortgage Review

#2 in Mortgage Rates

 

SoFi is a leading provider of financial and lending services. The company specializes in assisting professionals with their refinancing, student loan and mortgage loan refinancing, personal loans and home mortgages. SoFi differentiates itself from traditional banks and lending services by taking a different approach in assessing a client’s credit worthiness.  

 

Home Types

  • Single Home
  • Townhome
  • Condo
  • Multiple units (less than 3)

*** Mortgages are available for purchases of primary owner-occupied residences and second homes

 

Mortgage Types

  • 30 year Fixed Rate Mortgages
  • 15 year Fixed Rate Mortgages
  • 7/1 Adjustable Rate Mortgages

*** SoFi does not originate mortgage loans in Alaska, Arkansas, Hawaii, Iowa, Kansas, Kentucky, Louisiana, Maine, Massachusetts, Michigan, Mississippi, Missouri, Montana, Nebraska, Nevada, New Mexico, New York, Ohio, Oklahoma, South Carolina, South Dakota, Utah, or West Virginia.

 

Qualifying

Eligibility for a home loan depends on several factors including credit history, employment, income and income to debt ratio.

  • Age of majority in your state
  • You and co-borrower are US citizens
  • You are purchasing or refinancing a primary residence or second home in AL, AZ, CA, CO, CT, DE, DC, FL, GA, ID, IL, IN, MD, MN, NH, NJ, NC, ND, OR, PA, RI, TN, TX, VT, VA, WA, WI or WY.

Mortgage Rates

30 Year Fixed

 

 

50 percent DP

20 percent DP

10 percent DP

Rate

3.370% – 4.495%

3.870% – 5.370%

4.245% – 6.524%

APR

3.394% – 4.521%

3.895% – 5.397%

4.270% – 6.399%

Monthly payment

$4,418.19 – $5,063.88

$4,699.51 – $5,596.60

$4,916.47 – $6,317.39

 

15 Year Fixed

 

 

50 percent DP

20 percent DP

10 percent DP

Rate

2.620% – 3.745%

3.120% – 4.620%

3.495% – 5.745%

APR

2.663% – 3.789%

3.163% – 4.665%

3.539% – 5.792%

Monthly payment

$6,724.53 – $7,269.74

$6,963.68 – $7,711.40

$7,146.37 – $8,301.42

 

7/1 ARM

 

 

50 percent DP

20 percent DP

10 percent DP

Rate

2.495% – 3.620%

2.995% – 4.495%

3.370% – 5.495%

APR

2.764% – 3.281%

2.991% – 3.699%

3.164% – 4.198%

Monthly payment

$3,948.61 – $4,557.70

$4,213.34 – $5,063.88

$4,418.19 – $5,674.75

 

Mortgage rates are subject to change without prior notice. For the latest mortgage rates from SoFi please visit this link.

 

Mortgage Rates at SoFi Mortgage

SoFi Mortgages offers three main type of mortgage loans. Fixed Rate Mortgages with 30 and 15 terms and a 7/1 Adjustable Rate Mortgage. What makes SoFi mortgage product unique is that it gives homeowners a chance to apply for a loan with a 10 percent down payment.  But qualifying for a mortgage requires a good credit score. A good choice for homebuyers with good credit scores searching for competitive mortgage rates.

 

 

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