SoFi is a direct lender based in San Francisco, CA. The company was founded in 2011 and offers mortgage refinancing to borrowers in 42 statess across the USA (and Washington, DC).
The term of a mortgage refinance will determine the cost of your monthly payments. Longer terms will typically reduce your monthly payments but it will also increase the interest you pay. SoFi offers mortgages refinancing with terms ranging from 15 to 30 years.
Yes, SoFi may charge a loan origination fee.
Yes, SoFi charges additional fees to borrowers who pay off their home loans sooner than anticipated. Take this into consideration when choosing a lender because prepayment fees can reduce or even cancel the interest savings of repaying a loan early.
Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. SoFi allows the following property usage types:
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