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You’ve decided to buy a home. Luckily, you’ve found a real estate agent who can help you find homes to look at and assist with negotiations and inspections. But what if that agent also works for the seller? But what if that person also works for the seller? That is called dual agency, and there’s a lot to consider before agreeing to the arrangement.

Here’s what future homebuyers need to know about dual agency to help decide if it’s the right choice for them.

What Is Dual Agency?

A dual agent represents both the buyer and seller in the same real estate deal. Dual agents are also sometimes referred to as transaction brokers.

Dual agency can be controversial and is banned in eight states: Alaska, Colorado, Florida, Kansas, Maryland, Oklahoma, Texas, Vermont, and Wyoming.

Other states do not explicitly make it illegal, but some do warn against using a dual agent.

For example, the New York Department of State issued a memo advising consumers to be extremely cautious when signing on with a dual agent because in doing so they forfeited their right to an agent’s loyalty.

However, in every state where dual agency is legal, the law requires agents to disclose their work with both the buyer and the seller. Both buyer and seller must agree to use a dual agent and sign a consent form indicating they understand what they are agreeing to.

Dual agency may also refer to deal-making of seller’s agents and buyer’s agents at the same real estate company.

For example, Keller Williams, one of the largest real estate firms in the nation, has both seller’s and buyer’s agents. If one of its seller’s agents puts a home on the market, there’s a decent chance that one of its buyer’s agents may have a client for the property.

This is less controversial and poses fewer issues as it is still two separate people overseeing the seller’s and the buyer’s interests.

Recommended: How to Buy a House Without a Realtor

What Are Agents’ Fiduciary Responsibilities?

Real estate agents are legally bound to represent the best interests of their clients. This means agents are to disclose any information they have that may or may not help their clients in the negotiating phase.

The obligation to disclose could pertain to information on home inspection reports, defects with the house, or anything else that affects the property’s value.

While representing a buyer, an agent must also disclose any existing relationship with the seller.

Be sure to ask real estate agents important questions about how they work and what they’ll do for you so you’ll know whether they’re the right agent for your needs.

A seller’s agent must disclose any relationship with potential buyers and all offers made on the property—unless, in general, the seller has instructed his agent in writing to withhold certain kinds of offers.

Real estate agents are also expected to put their clients’ financial best interests above their own. This could mean putting in an offer below asking price, which would reduce their own commission.

With all of that in mind, it becomes clear that issues of loyalty and confidentiality become challenging in a dual agency situation.

Pros of Dual Agency

Smoother communication: Having one agent representing both the buyer and seller could help create a smoother communication path. Because the person represents both parties, they may be able to speed up any negotiations. In this case, the dual agent may also better understand both the seller’s and the buyer’s timelines, their schedules, and any internal deadlines better than two separate parties could. Buyers wouldn’t have to wait for the seller’s agent to call back and sellers wouldn’t have to wait for a buyer’s agent to call back, because with dual agency they are the same person.

Potentially more information on the home: A dual agent may be able to obtain more information on the home than an agent just representing the potential buyer. In turn, they can relay any pertinent information, such as structural issues, inspection reports, and any updates made to the home, to the potential buyer.

Potentially more access to a larger pool of homes: Remember, dual agency also means a buyer’s agent and seller’s agent working for the same agency. That means, if one home doesn’t work out, the two agents could look internally to find more potential homes their agency represents for the would-be buyers. They may even be able to find a few homes that haven’t hit the market yet.

Possibility for a discount on commission: In a typical real estate transaction, the seller’s agent and buyer’s agent split the commission. A dual agent may be willing to negotiate down their commission since they are double-ending the deal.

Dual agents still have to do their job: In the end, even dual agents must present all offers, prepare all paperwork, present all disclosure agreements, and help to complete the deal.

Recommended: 6 First-Time Homebuyer Mistakes to Avoid

Cons of Dual Agency

Buyers (and sellers) won’t get special treatment: Agents only working for one side will likely be willing to go all out for their client to ensure that the client gets the best deal. An agent working for both sides may be more tempted to get the best deal for themselves to maximize the commission (hey, it’s just human nature to look out for No. 1). A buyer (and a seller) usually wants loyalty above all else when looking for a home. Homebuyers may want to seek out someone who knows what’s needed to buy a house and has their back.

Buyers (and sellers) may not get the price they want: Again, a dual agent’s allegiances are split down the middle during the deal-making process. A seller’s agent is meant to promote the home and get the seller the best price for the home with the fewest contingencies.

A buyer’s agent is on a mission to find every tiny thing that needs to be fixed with the home to get the buyer the best deal they can. If a person is representing both sides, how can they do both? It’s important to discern an agent’s allegiances before signing on the dotted line.

No pushback from the other agent: In a two-sided real estate deal, the two agents will typically go back and forth on the home’s price, any reductions the buyer may want in exchange for repairs, the home’s inspection report, and much more. This creates a system of checks and balances for both sides, which can be important when negotiating a fair deal. However, if one person is playing both sides, things may get muddled, hurting both the seller and the buyer.

The Takeaway

Dual agency is rare in the real estate world because most buyers and sellers want to find an agent who is loyal to them and has their best interests at heart. Still, if you find yourself in a dual agent situation, there is much to know.

There’s another important decision most homebuyers must make: getting the right home loan. Different lenders may offer different terms, rates, or perks that may fit a buyer best.

SoFi offers mortgage loans with competitive rates, an online application, and mortgage loan officers who can answer your questions.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

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Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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Siding helps protects your home from weather and pests, and plays a major role in the look of your home. If yours has seen better days, or you’ve never liked the look of your siding, it may be time to consider replacing it. Yes, it’s a big (i.e., expensive) job. But you will likely get a significant portion of what you spend back when you sell your home, since this home renovation generally has a high return on investment (ROI). Read on for a look at different siding ideas at a variety of price points and their expected ROI.

Eco-Friendly Options

Interest in sustainable living is growing in the U.S. One way to live this type of lifestyle is by choosing eco-friendly siding options that reduce the carbon footprint of the project. For example, using recyclable siding materials is one way to be more environmentally friendly, as is selecting material known to be more energy efficient.

Wood can be a good choice because it’s a renewable and sustainable material that can be sourced locally. Manufacturing processes of wood siding can be more environmentally friendly as well.

Aluminum or steel siding can be a green choice when made from recycled materials. It’s also considered to be an energy-efficient option because of how metal reflects the sun’s rays, unlike some materials that absorb them. Low maintenance associated with metal siding is a plus.

Fiber cement siding is eco-friendly, crafted from natural materials. Although vinyl siding isn’t formed from the most environmentally friendly materials, there is little waste with this type of siding, with insulated options being energy efficient.

Recommended: Solar Panel Financing in 4 Ways

Colors with Curb Appeal

Siding color plays a big part in a home’s curb appeal. Combinations of colors and textures can evoke certain feelings, such as using green siding with wood accents to create a natural feel to a home.

In addition, darker colors draw attention to parts of a home while lighter ones can help to de-emphasize areas.
When selecting a color scheme, personal taste enters in, but an overall goal might be a compromise between that and looking good in the home’s broader neighborhood.

Some communities may have homes with more subdued hues while others boast more color.

Colonial homes may look best in a single classic color, while cottage-style homes may provide a homeowner with more freedom of expression.

Recommended: Four Ways to Upgrade Your Home

Realistic Textures

In the past, siding materials could look “plastic,” rather than mimicking natural grains and textures. Today, though, siding materials often look more attractive and realistic.

When on a budget, today’s vinyl siding can masterfully imitate wood siding at a lower cost with a greater ease of installation. If on a mid-range budget, an option might be fiber cement siding, which combines sand, cellulose and cement, comes in a variety of colors and can be imprinted with designs.

Plus, shingles come in a variety of sizes to help create a personalized appearance. With a bigger budget, stone and brick veneers are an option, as are stucco and new materials that mimic stucco. These choices can give a home a distinctive appearance.

Mixed textures can be eye-catching, whether that includes mixing materials or the width of the siding boards themselves. Metal touches can also be attractive.

Costs of Home Siding

The cost of new siding will depend on the size of your house, the type of siding you choose, and even your local weather. Generally, new siding runs between $2 and $9 per square foot. However, solid materials like brick, stone, and a range of veneers can run closer to $50 per square foot.

A full replacement job, on average, can run $11,428, according to Angi (formerly Angie’s List). Keep in mind, though, that each project is unique and older homes may have additional issues that will need to be addressed during a home renovation process. Plus, if a home is old enough to be designated as historic, there will likely be guidelines that need to be followed, which can add to the price tag of improvements.

Beside the materials used and the size of the home, other factors that impact cost include the shape of the house, with those having multiple stories or with eaves and turrets typically being more expensive than a home with a more streamlined structure.

Another factor can be the time of year when the siding is installed, with peak seasons usually more expensive than off-season projects.

Costs of a square foot of siding, including installation, vary by material, with these as averages:

•   Vinyl: $2 to $12

•   Wood: $2 to $35

•   Aluminum: $3 to $6

•   Fiber cement: $5 to $13.50

•   Brick: $10 to $35

•   Stucco: $6 to $18

•   Steel: $5 to $9

•   Stone: $27 to $50

It can make sense to get a customized quote for a siding project because there are so many factors that can affect the price.

It may be helpful, too, to compare quotes received to what it costs to paint the exterior of a home.

The cost to paint a home’s exterior ranges from $1,800 to $13,000, with an average coming in around $3,000. Although painting is typically less expensive, siding can last for decades, while the exterior of homes often need to be painted every five to ten years.

Siding ROI

Replacing your old siding can significantly increase the value of your home. Exactly how much it will add to the value will largely depend on the type of material you choose.

Going with fiber cement siding, for example, could add about $15,000 to the value of your home, which translates into about a 68% return on investment.

Vinyl siding, on the other hand, could ratchet up the value of your home by roughly $12,500, giving you a potential 67% return on investment.

If you replace just a portion of your siding with manufactured stone veneer, you could possibly add around $10,000 to your home’s value, which can add up to a more than 90% ROI.

You may want to use an online ​​home improvement ROI estimator to get a sense of how much your choice of siding will impact the resale value of your home.

Paying for House Siding

If you run the numbers and the cost of your home siding project is more than you can comfortably cover in cash, you may want to consider some type of financing.

One option is to take out a home equity loan or line of credit. These loans are based on the equity you have built up in your home and use your home as collateral for the loan.

Another option is a home improvement loan. This is essentially an unsecured personal loan that is used for home repairs or upgrades. You receive a lump sum up front which you can use to pay for new siding; you then repay the loan over a set term, often five to seven years, with regular monthly payments. Interest rates are typically fixed.

The Takeaway

Siding is your home’s first line of defense against weather and pests. It’s also one of the most visible parts of your house, so when it starts to look old and worn out, so does your home.

Replacing your siding can seem like a big undertaking, but fortunately you typically only have to do it once. Plus, you can often make up much of the out-of-pocket cost when you resell your home, thanks to the relatively high ROI on this type of remodel.

If you’re interested in replacing your siding but not sure how to cover the costs, SoFi can help. SoFi’s home improvement loans range from $5K to $100K and offer competitive, fixed rates and a variety of terms. Checking your rate won’t affect your credit score, and it takes just one minute.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.


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Shopping around for the best value is tried and true advice that extends to most things you can sink money into. It can be especially true in the world of student loans — an economic ecosystem where there are approximately 45 million borrowers holding more than $1.7 trillion in debt, and payments to erode that debt have been slowing on the whole.

Reasons for choosing a different student loan lender than one previously used might include looking for better service, a lower interest rate, or better terms. Some borrowers may want to refinance their existing loans so they can minimize the number of lenders they work with and the number of payments they have to keep track of.

Borrowers who have federal student loans are encouraged to carefully consider refinancing those loans with a private lender, because in doing so they will no longer be eligible for deferment, forbearance, or other repayment or relief aid through the federal government.

How to Change Student Loan Lenders

There are many reasons to consider transferring student loans to another lender. But something important to understand about this change is it typically will mean seeking out a private student loan lender, even for your federal loans.

So, why would you want to change lenders in the first place? Private student loan lenders might offer better rates, terms, and repayment options that may work better for your financial situation. Some lenders may be a better fit for graduate students, others for refinancing, and others for cosigner flexibility. Benefits offered by private lenders might also be attractive to borrowers. For instance, SoFi offers members a discount on college prep classes and exclusive rate discounts for eligible members.

When shopping around for private student loan lenders, knowing what criteria are deal makers and also deal breakers for your unique situation is helpful. Borrowers might qualify for a higher loan amount from a private lender vs. a federal student loan, but terms and interest rate typically depend on an applicant’s credit and other financial factors. A private lender might offer a variable-rate loan, which means market changes could impact your monthly payments in unpredictable ways. With so many variables in the mix, it isn’t unusual for students to use both federal and private student loans to cover their college costs.

Recommended: Fixed vs. Variable Rates: What’s the Difference?

In most cases, though, federal student loans tend to offer better borrower protections—like loan forgiveness, deferment options, or income-driven repayment plans—than private student loans. Qualifying for federal student loans may also be easier than qualifying for a private student loan for some borrowers because federal student loans don’t typically require a credit check.

Lenders vs Servicers: What’s the Difference?

It might not seem like there is much of a difference between lenders and servicers, but the two play distinctly different parts in the business of borrowing money. Lenders actually make the loans, while servicers collect the payments from the borrowers.

The Department of Education, i.e., the federal government, is the lender of federal student loans. The companies who work on behalf of the government to collect student loan payments are the servicers. The Department of Education’s National Student Loan Data System Database gives borrowers a comprehensive look at their student aid. With the information all in one place, it might be easier to make a decision about making changes to student loans.

Private lenders also use loan servicers. Just like federal student loans, the company that makes the loan will be different from the company the borrower pays. The servicer and payment information is typically found on the most recent student loan statement. Payments can usually be made in a number of ways: online, by mail, by phone, or even through an app if the servicer has one.

Recommended: How to Find Out Who Your Student Loan Lender Is

Refinancing as Transferring

Refinancing student loan debt is just a way to turn an existing loan into a newer one, ideally in a way that will result in potentially lower interest rates or lower monthly payments. (Keep in mind that you may pay more interest over the life of the loan if you lower your payments by choosing an extended term.) Most student loans, like any other large consumer loan, are eligible for refinancing for qualifying applicants.

Borrowers who have only federal student loans may be interested in seeking a loan consolidation via a Direct Consolidation Loan, but as the ED warns, the trade-off here is a simpler payment but also the potential loss of some benefits, such as interest rate discounts.

Furthermore, a Direct Consolidation Loan doesn’t typically result in an interest rate savings — it has a fixed interest rate for the life of the loan, calculated as the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest one-eighth of one percent. Consolidation is not usually a way to save money on interest payments, but is more an option to streamline repayment—one loan means only one payment to make each month.

Private lenders will typically do a credit check, which includes personal financial details like income and credit histories, and could be a potential drawback for students who may not have much of either. Students might have a tougher time qualifying for a loan on their own with that requirement, and a cosigner may be required on the loan.

Doing Your Homework

There are many moving parts to consider when thinking about using a different lender from one you’ve used in the past or transferring an existing loan to a new lender. What aspects of your student loans would benefit from transferring? What don’t you like about your current lender or servicer? What services or benefits would you like to get from a lender?

If you do decide to move forward with transferring your student loans to a new lender, also known as refinancing student loans, allow SoFi to help. SoFi offers an easy online application, competitive rates, and no origination fees.

SoFi Student Loan Refinance
If you are a federal student loan borrower, you should consider all of your repayment opportunities including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans or extended repayment plans.