09/17/2020

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SoFi Blog

Tips and news—
for your financial moves.

Couple having wine on couch

Mortgage Rates are Low—Should You Consider Refinancing?

Waiting around for a good mortgage rate can make you feel a little like a ballplayer who’s been warming the bench—except there’s no coach to tell you when to get in there and play.

It’s up to you to decide if the timing and terms of any new loan are right for you.

If you’ve been sitting on the sidelines for a while, wondering when and if to jump in and refinance, you’ve probably noticed that mortgage rates are fluctuating with economic news but are still lower right now than they have been since late 2016. Simply put, right now the market’s hot, and it might be time to start the mortgage refinancing process.

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couple back to back in bedroom

Understanding Financial Cheating and What to Know

It can often start out innocently enough. One partner, who may be better with handling money and finances (or more willing to take on the responsibilities) offers to pay the bills and balance the checkbook every month.

However, with time, the spouse not paying the bills may begin to wonder how things are going: are the credit cards paid on time? How about the mortgage and car payments?

If you’re experiencing financial cheating or are dealing with an overspending spouse, first remember that what doesn’t kill you makes you stronger. A financial challenge like this one can have a positive outcome and set you on an even better path than the one you were on before.

It can be the one incident that may draw you closer as a couple (once the problem is confronted and on its way to being resolved).

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man holding shopping bags

Top Budget Busters to Watch Out For

Budgeting is a drag. This is a fact of life. Another fact of life: Budgeting is totally necessary.

Budgeting isn’t fun not only because it means you can’t buy everything in sight, but also because it means you have to spend time looking over your past purchases (which almost always feels like re-reading your fifteen-year-old diary).

But, you’re a responsible adult, and you did it. You set aside a couple (gasp) Saturdays in front of your computer cooking the books and you’ve come up with a plan that allows you to maintain your lifestyle, improve your finances, and keep abreast of your essential payments.

Sometimes, however, you can get busted. Much like any diet, (and a budget is basically a money diet) cheat days can get out of control and the numbers can get way off base.

Check out these common budget busters and how to avoid them. Then you’ll likely have enough money left for those cheat days (because you included them in your budget).

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man at cafe on tablet

Top Money Podcasts

Sometimes it feels like the more you learn about money and investing, the more you need to know. And that’s why we’re also sharing a few downloadable or streamed podcasts that we feel do a good job of talking money.

We’re all about simplifying finances and making investing easy. Often, the people featured on these highlighted podcasts may offer tips and tricks that may complement any other guidance you’re absorbing.

Hey, it’s hard to discount free tips and tricks, especially when your financial journey may not always be free of stress. It’s good to feel like you’re not alone in this. We’re here for you, of course, and these podcasts can make good company when you’re feeling the pressure.

You might want to give a listen to some or all of the following money podcasts.

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colorful peaks

Your 2019 Market Commentary

The start of the year is a common time for reflection, and last year was an amazing year in the markets. Despite geopolitical headwinds, the U.S. stock market reached all-time highs and all major asset classes around the globe ended the year in positive territory.

As you settle into the new year, let’s recap some major highlights from last year along with some potential developments to monitor.

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