SoFi Blog

Tips and news—
for your financial moves.

What Homeowners and Homebuyers Need to Know About the Fed Rate Hike

If you’re in the market to buy a home, or you recently became a homeowner, you’ve probably noticed that mortgage interest rates are ticking up. And just this past March, the Federal Reserve increased the Federal Funds rate by one-quarter of a percentage point for the second time since December. Coincidence? Probably.

We’ll get more into what the Fed rate hike is all about below, but the burning question is: What impact does it have on mortgage rates? Most importantly, how will it affect home affordability and your monthly budget?

To help you make major mortgage decisions going forward—ones that have the potential to impact you for the next 30 years—we’ve broken down what the Fed rate hike really means for current and future mortgage borrowers, and the actions you should consider.

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How to Really Know If You’re Ready to Buy a Home

You remember how psyched you were when you got to sign the lease for your current apartment. Especially in a huge city where finding a place that meets your specifications can be like searching for the holy grail, once you find that perfect spot, you hold on tight.

That makes sense. But even if you’re happy paying rent for your place now and have been for the last several years, you might have moved up in your career since then, or you’re thinking about having a kid and need a place that’s nearer to school districts than bars. Plus, putting that rent money toward owning a place would be pretty sweet.

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15 Top States Where Professionals with Student Debt Own Homes

Many SoFi members choose to invest in themselves as homeowners while still paying down student debt. It’s a natural extension of the way they invested in themselves as professionals with top-flight educations and advanced degrees. Now, some of the hottest real estate markets in the nation are drawing them. From MBAs in Illinois and computer scientists in Oregon to lawyers in Texas, SoFi members are becoming homeowners just about everywhere you look.

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What to Consider When Remodeling on a Budget

Editor’s Note: The following article on home renovation and budgeting originally appeared on our web partner Houzz’s website. Some of the content has been slightly edited from its original version, and is written from the perspective of a home designer.

The budget conversation — it’s sometimes awkward, often slightly uncomfortable and usually comes with a bit of anxiety. Because of the nature of construction, things often cost more than what homeowners think. There are endless debates on why that is, but the result is that we designers often have conversations with our clients that end with an awkward silence. The silence usually means that certain aspects of the project might be out of our clients’ reach. And truth be told, we really don’t like being the messenger in these conversations. We want our clients to be satisfied with the process and get what they really want.

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