SoFi Blog

Tips and news—
for your financial moves.

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Who is Considered To Be a Good Candidate for Mortgage Refinancing?

What do you call it when someone buys a house and is responsibly paying off their mortgage every month? You could call it “adulting.” But what if there was a way to be even more responsible and pay less? Or what if there was a way to take advantage of all that value in your new home? That would truly be adulting. Well it’s possible there could be a way—through a mortgage refinance.

When you refinance your mortgage, you’re essentially paying off your existing loan and taking out a new loan at new terms. Generally, there are two types of refinances – No Cash Out Refinance: to get a lower interest rate or a different repayment period, or Cash Out Refinance: to take advantage of the equity in their home. If you refinance with a lower interest rate or term, it could save you thousands.

For example, using an online amortization calculator, if you pay on a $300,000 mortgage loan at a 5% fixed interest rate over 30 years, you’ll end up paying $279,767. With a 4% interest rate, you’d pay only $215,608 in total interest over the life of the loan.

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10 Things I Learned When Buying My First Home

My partner and I had been in the house not more than five minutes before I turned to our real estate agent and said this—practically yelled it.

The house was a tall, two-story affair that was almost 100-years old. I’d seen the French doors and old growth timber floors online, but they looked better in person. So, I turned to our agent and made my proclamation.

I thought she’d turn to me and yell “Sold!”, we’d high five and be able to move in the next day. But, as I’d learn over the next few weeks, buying your first house is never as easy as saying “we’ll take it.”

There’s a lot of home buying advice out there, and everyone who’s been through the process learns something different. Here are the 10 things I learned when buying my first home.

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Hidden Costs of Buying a Home

You can see it now. You’re enjoying a leisurely brunch in the sun-soaked breakfast nook in your brand new home. It’s completely perfect, but just a daydream until you buy the house. Envisioning your life as a homeowner is exciting, full of promise and anticipation.

Finding your next home and discovering all the blissful possibilities of having more room, the perfect kitchen, or a new lifestyle suited exactly to your personal taste is an exciting endeavor. But such a quest may also bring with it a host of stressful challenges, not the least of which are the hidden costs of buying a home.

But fear not, you can do it. Even if you’ve never owned a home before—with a determined mindset and some thorough preparation, you can face down those hurdles associated with buying a home and make your way to the finish line. One key to achieving your goal is to do your homework.

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What Is the Average Age to Buy a House?

Millennials come with a litany of perceptions. They’re sometimes stereotyped as lazy, not having or wanting jobs, and portrayed as bingeing on Netflix and probiotic drinks from the comfort of their parents’ basement.

With murky perceptions like this, it could be easy to believe that millennials aren’t interested in investing for their futures. Of course, this narrative is overly simplistic at best, and dead wrong at worst.

Many millennials have had to overcome major obstacles to homeownership that their parents didn’t have, such as college costs that are growing faster than wages and ever-mounting student loan balances .

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Buying a Home in the Summer

If your summer plans consist of days spent by the pool, catching up on a juicy summer read, we’re jealous. If you’re in the market for a house, you may want to consider swapping your easy beach read for the real estate listings.

As the weather heats up, typically so do housing markets—nearly nearly 40% of housing sales occur between April and July . Nice summer weather can not only make it easier for real estate agents to show a house, but it can also simplify the process of moving since you don’t have to deal with snow, ice, or any wintery complications.

Before you head out to the plethora of open houses, consider these tips for navigating the summer home buying season.

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