Jul
21
2021
SoFi Blog
Tips and news—
for your financial moves.
Jul
21
2021
Moderna to be Added to S&P 500
The COVID-19 vaccine, Moderna’s first commercially available product, has enabled the company to achieve profitability for the first time.
Read moreJul
21
2021
Real Estate and Property Value Tracking
Property Tracking
Track the value
of your home and real estate.
Now you can track your home and property assets right alongside the rest of your money with SoFi.
Connect a property
Owning a home is kind of a big deal.
That’s why we make it easier for you to stay on top of your real estate investments—all in one place
Keep an eye on the value.
See changes in your home’s equity over time.
Stay renovation-ready.
Get personalized renovation cost estimates and financing options.
Protect what matters.
Find the insurance protection that’s right for you.
See if you can save.
Track rates and get tailored refinancing options.
Know your worth
(and your home’s too)
Tracking your real estate is crucial when it comes to understanding your financial health and overall net worth. It also gives you added visibility into the way that financial institutions could value your home and property assets.
*For a limited time, get 250 SoFi points for the first property you connect to SoFi.
Connect a property
FAQs
Keep in mind these values are only estimates of your home’s current market value and should be used as a starting point. Always hire a professional appraiser or licensed real estate agent to get the most accurate market analysis for your home before buying or selling.
The estimates are updated in SoFi Relay each month from the day you added your property. Newly purchased homes or homes in less populous areas may take time for estimations to become available.
Our vendor Kukun’s home value is estimated to be 85–95% accurate. The accuracy depends on availability of data, including square footage, lot size, bed/bath count, and more, plus market transactions, and details on any updates or changes to the property that are registered with local appraisers. The data used for estimation is refreshed on a regular cadence to ensure it keeps up with any changes in the market, such as new sales and listings.
Keep in mind these values are only estimates of your home’s current market value and should be used as a starting point. Always hire a professional appraiser or licensed real estate agent to get the most accurate market analysis for your home before buying or selling.
When you refinance your mortgage, you can use the equity you’ve built in your home to borrow more than you currently owe and keep the difference as cash.
You might use the money to invest in home improvements, consolidate high-interest debts, or pay for other pressing needs.
Property values can differ on different sites, as there is not a single right answer. Estimations are used in various ways, such as for purposes of getting a loan or to sell, these numbers can vary widely.
We get your home value from a property valuation company via our partner Kukun. The data comes from a 20-year veteran in the property valuation market and delivers advanced real estate valuation and data solutions to 47 of the top 50 lenders, who use this data for different purposes in the mortgage-lending process.
Home equity is the difference between your home value and what you owe on your mortgage. It can change as you pay off your mortgage or when the market value of your home increases or decreases.
We already know your loan term, the date when you got your loan, and your monthly payment. If you shared your interest rate, we’re able to use those three numbers to figure out your remaining balance for previous months. This estimate assumes that you have not refinanced, made any loan modifications, or changes to your monthly payment. For more info about your mortgage balance, review your mortgage statements and credit report, or contact your mortgage servicer.
See more FAQs
Jul
21
2021
At Work SLR rate discount 125
Fixed interest rates start
at 4.115% APR* (with autopay and partner discount).
Refinancing your student loan could help save you a ton of money, and you can save even more with a 0.125%1 rate discount exclusively available as a SoFi partner.
View my rate
Checking your rate will not affect your credit score.✝︎
NOTICE: Recent legislative changes have suspended all federal student loan payments and waived interest charges on federally held loans until 1/31/22. Please carefully consider these changes before refinancing federally held loans with SoFi, as in doing so you will no longer qualify for these changes or other current or future benefits applicable to federally held loans.
Keep your federal student loan benefits.
Lock in a low rate.
Refinance your federal student loans today and lock in a low rate, and keep the best part of your federal student loans right now: 0% interest until December 20, 2021 — and no payments until February 2022.
Get started
Choose from low fixed or variable rates.
Why SoFi?
View my rate
Serious savings
Save thousands of dollars thanks to flexible terms and low fixed or variable rates.
Fast, easy, and all online
Simple online application and access to live customer support 7 days a week.
No hidden fees, no catch
No application or origination fees. No pre-payment penalties.
Access to member benefits
SoFi members get financial advice and more—all at no cost.
SoFi is the leading
student loan
refinancing provider.
$47 billion+
in refinanced student loans
550,000+
members have refinanced their student loans
98%
of surveyed members would recommend SoFi to a friend 3
How it works
Get pre-qualified online.
We’ll let you know if you’re qualified before you complete the full application.
Select your rate and term.
Choose between saving on your monthly payment or saving on total student loan interest.
Get your new loan.
Upload screenshots of your information, then sign your paperwork electronically. Then we’ll pay off your servicer(s) and issue you one new student loan.
View my rate
FAQs
Who should refinance?
Refinancing is a great solution for working graduates who have high-interest, unsubsidized Direct Loans, Graduate PLUS loans, and/or private loans. Federal loans do carry some special benefits, for example, public service forgiveness and economic hardship programs, that may not be accessible to you after you refinance. Check out this blog post that provide more information: When to Consolidate Federal and Private Loans by Refinancing. Or, call us for a free consultation about your particular situation.
Can I refinance both federal and private student loans?
Yes, SoFi will consolidate all qualified education loans.
Am I a good candidate to refinance my student loans with SoFi?
SoFi aims to revolutionize financial services—ultimately improving the system for everyone. Today, we’re able to offer significant savings and flexibility to US citizens or permanent residents who have graduated from a selection of Title IV accredited university or graduate programs, are employed, has a sufficient income from other sources, or hold a job offer with a start date within 90 days, have a responsible financial history, and a strong monthly cash flow.
What is the difference between consolidating and refinancing?
Student loan consolidation is when you combine multiple loans into one single loan. Student loan refinancing, on the other hand, is when you get a new loan at a new interest rate and/or a new term. You can refinance both federal and private loans. Learn more here.
What’s the difference between fixed and variable rate loans?
Fixed rate loans are loans that have an interest rate that does not change over the life of a loan, which means you pay the same amount each month. It also means you know with certainty the total interest that you’ll pay over the life of the loan. Fixed rate is a general term that can apply to different types of loans with a variety of uses, including student loans, mortgages, auto loans, and unsecured personal loans.
Variable rate loans are loans that have an interest rate that will fluctuate over time in line with prevailing interest rates. They generally have lower starting interest rates than fixed rate loans, but the interest rate and payment amounts can change over time. Sometimes they are also known as floating rate loans.
Learn more at https://www.sofi.com/fixed-vs-variable-rate-loans/
Where can I find more information about student loans in general?
Deciding how to best handle your student loan obligations can be an intimidating process. That’s why we’ve put together our Student Loan Help Center to give you guidance on payments, refinancing, budgeting, and common terminology so you can feel more confident in your journey to becoming debt free.
See all FAQs
More articles and resources
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Jul
21
2021
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