What We Love About SoFi Mortgages

Many features help make SoFi Mortgages a good option for those searching for a loan. There are no application or origination fees, which is a massive benefit. This could help you to save thousands of dollars on closing costs and origination fees.

Additionally, there aren’t any prepayment or penalty fees. You can get loans up to several million dollars, and preapproval doesn’t require a hard credit inquiry. The application process will take 30 days or less, and you will only need to have a small down payment for the property you want to buy. This is lower than what many other lenders will charge. Another benefit is that the loans are available for both primary homes and secondary homes.

What SoFi Mortgages Could Do Better

Although the company does offer some great benefits and they could be a good solution for many, there are some things they could perhaps do better. You’ll find, for example, that it can be quite difficult to qualify for loans through SoFi Mortgages. You need to have excellent credit history and solid employment history with a high income. You have to be the age of majority in the state where you reside, and you’ll need to be a permanent resident or US citizen. The qualifications are difficult, and some might wish it were easier to qualify. Of course, they can offer what they do because they are selective.

SoFi Mortgages Backstory

SoFi was founded in 2011 by Stanford business school students, and their mortgages are a relatively recent loan product from the company. They also offer personal loans and student loans. They have more than a million members, more than $50 billion in funded loans, and more than $22 billion in debt paid off by members.

The Verdict

You can find plenty of great reasons to consider choosing this mortgage company for your loan, provided you can qualify. It’s not easy to meet the requirements, but since there’s no hard credit pull for preapproval, it could be worth considering.