The company's mortgage arm, SoFi Lending Corp., was among the first home loan lenders to offer an all-digital application. Here's a breakdown of SoFi's overall score for mortgages: Variety of loan types: 3 of 5 stars. Variety of loan products: 1 of 5 stars.
And unlike many lenders, SoFi doesn't even charge a fee for late payments. Because of their cheap APR and lack of fees, SoFi scores extremely well in this category. They also score well for having big loans (up to $100,000), with as long as 84 months to pay them off.
On average, mortgage origination fees are about about 0.5% to 1% of the total loan amount —but with additional fees, your closing costs could be 2% to 5% of the total loan.
SoFi is a legitimate money management business, even though it isn't a bank. It offers customers multiple products and services to help them manage their money, including refinancing loans, consolidating debt, purchasing insurance and investment services.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. A hard credit pull, which may impact your credit score, is required if you apply for a SoFi product after being pre-qualified.
No fees: SoFi doesn't charge origination or prepayment fees, nor does it charge fees for late payments. Loan amount: SoFi loan amounts range from $5,000 to $100,000, making it a great option to fund a variety of purchases or pay off high-interest credit card debt.
VantageScore was established in 2006 as a joint effort across the three major credit bureaus. Here at SoFi, we use FICO® Scores or VantageScore as part of our lending decisions. The upside of using such scores is clear: they're data-based, which means lenders aren't making decisions rooted in human biases.
20 Year $60,000 Mortgage Loan
| Loan Amount | 2.50% | 5.00% |
|---|---|---|
| $60,000 | $317.94 | $395.97 |
| $60,050 | $318.21 | $396.30 |
| $60,100 | $318.47 | $396.63 |
| $60,150 | $318.74 | $396.96 |
With online lenders, like SoFi, funds should generally be available within a few days of approval. One of the major benefits of the online route is the fast application time. If you have all your information ready, it can be quick and easy to apply using an online form.
SoFi makes money via transaction fees, loan securitization, referral fees, interest earned on cash, sweep programs, and a lot more. Founded in 2011 and headquartered in San Francisco, SoFi is one of the leading FinTech startups in the United States.
SoFi is a good option for borrowers interested in an online lender with low rates, no fees and plenty of repayment options. But it's also a good fit for those who need to refinance high-interest federal or private student loans.
Better is one of the most competitive lenders on the market, considering it offers a faster loan process and fewer fees than most.
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