SoFi Blog

Tips and news—
for your financial moves.

Apr
30
2024

DM – HL Trigger 2024 [Prospect]

By | Uncategorized | Comments Off on DM – HL Trigger 2024 [Prospect]

MORTGAGES

With a SoFi Mortgage, you’re eligible for a $1,495 credit at closing on your next home loan.^

Plus all the benefits you’ve come to expect from us.

Where is my confirmation code?

Confirmation # required




Don’t worry – checking your rate will not affect your credit score. †


Why SoFi

Mortgages?

Low down payment options

Down payments as low as 3% for first-time borrowers^, or as low as 5% for other borrowers.

^ SoFi requires Private Mortgage Insurance (PMI) for conforming conventional home loans with a loan-to-value (LTV) ratio greater than 80%. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

Flexible loan options

✓ Choose from 10-, 15-, 20-, and 30-year fixed terms5-8

Buy now, save when you refi.

Save now with special pricing* on 30-year fixed terms, and we’ll help you save again later if you refinance with no origination fee.1

Simple online application

Buying a home shouldn’t be so painful–our online application is simple, and we have dedicated Mortgage Loan Officers to guide you through the process.


Buying a home?

No need to stress. We have dedicated MLOs that can walk
you through each step so that you feel confident in the
home-buying process. Plus, get access to educational tools
and resources when you need them.




Looking to refinance?

SoFi’s mortgage refi application process is fast. Choose between a traditional refi,
cash-out refi, or a student loan cash-out refi.




Get the mortage

that works for you.

1 30-YEAR Payment Example: The payment for a 30-year term, loan amount $362000.00, Rate 6.125%, LTV 80% is $2200.00 for full Principal and Interest Payments with $4695.14 due at closing. The Annual Percentage Rate is 6.335%. No prepayment penalty. Payment shown does not include taxes and insurance. The actual payment amount will be greater. Interest rates and annual percentage rates (APRs) are for informational purposes only and are subject to change without notice.

2 20-YEAR Payment Example: The payment for a 20-year term, loan amount $362000.00, Rate 5.990%, LTV 80% is $2591.00 for full Principal and Interest Payments with $4952.16 due at closing. The Annual Percentage Rate is 6.276%. No prepayment penalty. Payment shown does not include taxes and insurance. The actual payment amount will be greater. Interest rates and annual percentage rates (APRs) are for informational purposes only and are subject to change without notice.

3 15-YEAR Payment Example: The payment for a 15-year term, loan amount $362000.00, Rate 5.250%, LTV 80% is $2910.00 for full Principal and Interest Payments with $5187.46 due at closing. The Annual Percentage Rate is 5.612%. No prepayment penalty. Payment shown does not include taxes and insurance. The actual payment amount will be greater. Interest rates and annual percentage rates (APRs) are for informational purposes only and are subject to change without notice.

4 10-YEAR Payment Example: The payment for a 10-year term, loan amount $362000.00, Rate 5.250%, LTV 80% is $3884.00 for full Principal and Interest Payments with $5364.84 due at closing. The Annual Percentage Rate is 5.778%. No prepayment penalty. Payment shown does not include taxes and insurance. The actual payment amount will be greater. Interest rates and annual percentage rates (APRs) are for informational purposes only and are subject to change without notice.

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Apr
30
2024

DM – HL 2024 [Prospect]

By | Uncategorized | Comments Off on DM – HL 2024 [Prospect]

MORTGAGES

We’re offering competitive options for home loans and refinancing.

SoFi is here for your home loan and refinancing needs. We make the process as quick and painless as possible.

Where is my confirmation code?

Confirmation # required




Don’t worry – checking your rate will not affect your credit score. †


Why SoFi

Mortgages?

Low down payment options

Down payments as low as 3% for first-time borrowers^, or as low as 5% for other borrowers.

^ SoFi requires Private Mortgage Insurance (PMI) for conforming conventional home loans with a loan-to-value (LTV) ratio greater than 80%. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

Flexible loan options

✓ Choose from 10-, 15-, 20-, and 30-year fixed terms5-8

Help when you need it.

Our Mortgage Loan Officers (MLOs) can guide you through the process—and we have member specialists standing by to answer any other questions.


Buying a home?

No need to stress. We have dedicated MLOs that can walk
you through each step so that you feel confident in the
home-buying process. Plus, get access to educational tools
and resources when you need them.




Looking to refinance?

SoFi’s mortgage refi application process is fast. Choose between a traditional refi,
cash-out refi, or a student loan cash-out refi.




Get the mortage

that works for you.

1 30-YEAR Payment Example: The payment for a 30-year term, loan amount $362000.00, Rate 6.125%, LTV 80% is $2200.00 for full Principal and Interest Payments with $4695.14 due at closing. The Annual Percentage Rate is 6.335%. No prepayment penalty. Payment shown does not include taxes and insurance. The actual payment amount will be greater. Interest rates and annual percentage rates (APRs) are for informational purposes only and are subject to change without notice.

2 20-YEAR Payment Example: The payment for a 20-year term, loan amount $362000.00, Rate 5.990%, LTV 80% is $2591.00 for full Principal and Interest Payments with $4952.16 due at closing. The Annual Percentage Rate is 6.276%. No prepayment penalty. Payment shown does not include taxes and insurance. The actual payment amount will be greater. Interest rates and annual percentage rates (APRs) are for informational purposes only and are subject to change without notice.

3 15-YEAR Payment Example: The payment for a 15-year term, loan amount $362000.00, Rate 5.250%, LTV 80% is $2910.00 for full Principal and Interest Payments with $5187.46 due at closing. The Annual Percentage Rate is 5.612%. No prepayment penalty. Payment shown does not include taxes and insurance. The actual payment amount will be greater. Interest rates and annual percentage rates (APRs) are for informational purposes only and are subject to change without notice.

4 10-YEAR Payment Example: The payment for a 10-year term, loan amount $362000.00, Rate 5.250%, LTV 80% is $3884.00 for full Principal and Interest Payments with $5364.84 due at closing. The Annual Percentage Rate is 5.778%. No prepayment penalty. Payment shown does not include taxes and insurance. The actual payment amount will be greater. Interest rates and annual percentage rates (APRs) are for informational purposes only and are subject to change without notice.

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Apr
30
2024

SoFi Rollover Bonus Terms & Conditions

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SoFi Rollover Bonus Terms & Conditions

The SoFi Rollover Bonus (“Rollover Bonus” or “Offer”) is governed by the following Terms & Conditions:

1. Offer – This is an exclusive offer for SoFi Members that have received the offer directly (via email or app notification); other members will not be eligible. SoFi members will earn a $250 bonus for rolling-over a 401(k) of more than $20,000 into their existing or newly opened SoFi IRA during the Offer Period. Rollover must be completed via the Capitalize rollover application (see Eligibility). Rollover funds must be maintained in the IRA for two (2) years after the close of the Offer Period, otherwise known as the Eligibility Period. Bonuses will be paid within 60 days of the last day of the month in which the rollover funds settle in your SoFi Invest account. Please see example below:

Example: If you initiate a $75,000 Rollover with Capitalize, during the offer period, you will earn a bonus of $250 SoFi IRA.

2. Offer Period – The Offer Period will run from May 1, 2024 to midnight of June 30, 2024. This period may be extended at SoFi’s discretion.

3. Eligibility – The Rollover Bonus is available to customers who have (1) an existing Individual Retirement Account (IRA) (Automated IRA, Automated Roth IRA, Active IRA, and Active Roth IRA)1 in good standing or have successfully opened an IRA during the Offer Period through SoFi Securities LLC.2 And (2) have successfully rolled over their 401(k) in their SoFi IRA with Capitalize. Only rollovers initiated through Capitalize are eligible. The rollover must be completed by either scheduling a rollover call or submitting a rollover request between May 1st and June 30, 2024. If a rollover call is required, the appointment must occur by July 30, 2024 to be eligible for the Rollover Bonus.

a. For members with existing SoFi IRAs, a 401(k) rollover must be completed via
Capitalize utilizing this link (and provide their SoFi IRA account number)

b. For SoFi members who don’t have SoFi IRAs, getting started is easy;

i. Click here to open an Active or Automated IRA with SoFi

ii. Once your IRA is open, click here to utilize Capitalize (and provide your
SoFi IRA account number) to rollover your 401(k) to SoFi

4. Eligibility Period – Two (2) years from the close of the Offer Period.

5. Limitations – This offer cannot be combined with any other rollover match or offer.

Rollovers into multiple accounts may not be combined to earn the Bonus.

If the rollover funds are removed prior to the end of the two year Eligibility Period, SoFi, at its discretion may remove the $250 Rollover Bonus from the customer’s account.SoFi reserves the right to liquidate securities to pay for the removal of the bonus. Further, SoFi may bill this to a receiving firm in the event of an account transfer.

Bonus payment will be made in the account that 401(k) assets were initially rolled into.

If SoFi suspects that there may have been fraudulent activity or a violation of these Terms & Conditions in connection with the Offer, SoFi reserves the right to either decline to grant the Rollover bonus , or to rescind the Rollover Bonus. SoFi reserves the right to liquidate any security to make up for any shortfall. SoFi reserves the right to delay granting the Rollover Bonus if there are indications of fraud or a violation of these Terms.

6. Not a Recommendation – The Rollover Bonus is not a recommendation to buy, sell, or hold any security, nor is the Offer a recommendation or endorsement of any investment strategy. The Offer is not a recommendation that a customer rollover or transfer assets into a SoFi IRA, nor a recommendation for any specific account type. There are many factors that an investor should consider before initiating a rollover as it is one of a few options. An investor should consult with a qualified advisor prior to initiating a transfer or rollover.

Customers that wish to participate in the SoFi Rollover Bonus are acknowledging the offer is not investment advice and are participating in the Offer voluntarily.

7. 401(k) Rollover Considerations – A rollover is one of several options available to you and may not be the best option for you. Other options may include leaving the 401(k) at your former employer, rolling the 401(k) to a new employer plan, or cashing the 401(k) out. You should consult with a financial advisor or tax professional prior to making any decision. Further you should consider the following prior to any change in your 401(k):

a. Investment Options: 401(k)s generally have limited investment options, however, some options may be exclusive to that employer’s plan. IRAs often have wider range of investment options available to investors

b. Services: There are different levels of service available to 401(k) participants and an investor should consider how these services differ from those in an IRA. Some employer plans may offer more robust service options.

c. Fees & Expenses: Both 401(k) plans and IRAs involve expenses and fees. Investors may pay loads, commissions, or the expenses of funds. Some employers cover administrative fees such as recordkeeping, trustee, or compliance fees. However, an investor can expect to pay the fees on an IRA.

d. 401(k) Loans: Many employer plans allow you to take loans against the assets in your plan, while this option is generally unavailable in IRAs. You will be required to pay any outstanding loan balance prior to a rollover.

e. Penalty Free Withdrawals: Employees that leave their job between 55 and 50 ½ may be eligible for penalty free withdrawals from their plan. However, penalty free withdrawals start at 50 ½ in IRAs.

f. Protection from Creditors: 401(k) plans generally have unlimited protections against judgements and creditors. IRAs are only protected in bankruptcy and state laws vary.

g. Required Minimum Distributions (RMDs): For both employer plans and IRAs individuals are required to take periodic distributions beginning at age 70 ½. However, if an individual continues working past age 70 ½ they may not be required to to RMDs from their employer plan.

h. Employer Stock: There may be negative tax consequences for individuals who hold appreciated employer stock in an employer plan and transfer to an IRA. If this applies to you, consult your tax advisor prior to initiating a transfer or rollover.

8. Taxes – Each investor’s tax situation is unique and SoFi does not give tax advice. Investors should consult a qualified tax advisor prior to making any rollover or transfer. The Rollover Bonus will be treated as interest earned on the account and won’t impact contribution limits.

9. Other Disclosures – SoFi reserves the right to change the Offer terms or terminate the offer at any time without notice. The offer is not transferable, saleable, or valid in conjunction with certain other offers and is available to U.S. residents only. The offer is only available for personal use, and may not be used for commercial purposes.

1 SEP IRAs are excluded from this offer.

2 Automated Investing accounts are managed by SoFi Wealth LLC and are executed through SoFi
Securities and are eligible for the Rollover Bonus.

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Apr
26
2024

Send and receive money with Zelle®

By | 1_Web_Banking | Comments Off on Send and receive money with Zelle®

{/* Zelle x Banking LP 4/4 */}
{/* https://www.sofi.com/banking/online-banking/zelle/ */}


{/* HERO MODULE */}

Zelle®

Send and receive money with Zelle®.1


Open an account

How do you make better banking even better? Zelle® is a fast, safe, and easy way to send and receive money with trusted contacts, even if they don’t bank with SoFi.2 Now you’ve got even more ways to manage
your money.


Open an account

Already have an account? Enroll with Zelle®

{/* Why Zelle? */}

Why Zelle®?  It’s a fast, easy, and safe way
to send money to people you know.

Splitting the cost of a bill, pitching in on a family gift, paying the sitter—
you name it, Zelle® has got you covered.


Easy

Send or receive money with trusted contacts right from the SoFi app.


Fast

Payments get where they’re going in minutes.2


Safe

Send money to people you know—account to account, with no stops.


{/* How to enroll with zelle */}

    How to enroll with Zelle®:


  • Step 1

    Tap on the Zelle® card in your Banking account overview screen
    in the SoFi app.

  • Step 2

    In the main menu, select “Transfer and Pay,” then “Send money with Zelle®.”

  • Step 3

    Enter your email address or U.S. mobile number.

{/*FAQs*/}

FAQs


What is Zelle®?

Zelle® is a fast, safe and easy way to send and receive money with friends, family and others you trust, even if they bank somewhere different than you.1 All you need is your recipient’s email address or U.S. mobile number and money will be sent directly from your account to theirs in minutes.2 No account numbers are shared.


How do I use Zelle®?

You can send, request, or receive money with Zelle®. To get started, log into the SoFi app or on the SoFi website, select Zelle® on the Banking tab, enter your email address or U.S. mobile number to receive a one-time verification code to enter, and you’re ready to start sending and receiving with Zelle®.

Eligibility is determined based on a range of factors related to current account standing. Ensuring you have direct deposit set up with SoFi is the best way to secure access to Zelle®. To set up direct deposit, follow the steps here: sofi.com/direct-deposit/.

To send money using Zelle®, simply select someone from your mobile device’s contacts (or add a trusted recipient’s email address or U.S. mobile number), add the amount you’d like to send and an optional note, review, then hit “Send.” The recipient will receive an email or text message notification via the method they used to enroll with Zelle®. Money is available to your recipient in minutes if they are already enrolled with Zelle®. 

To request money using Zelle®, choose “Request,” select the individual from whom you’d like to request money, enter the amount you’d like, include an optional note, review and hit “Request”. If the person you are requesting money from is not yet enrolled with Zelle®, you must use their email address to request money. If the person has enrolled their U.S. mobile number, then you can send the request using their mobile number. 

To receive money, just share your enrolled email address or U.S. mobile number with a friend and ask them to send you money with Zelle®. If you have already enrolled with Zelle®, you do not need to take any further action. The money will be sent directly into your SoFi account, typically within minutes.

If someone sent you money with Zelle® and you have not yet enrolled with Zelle®, follow these steps:
1. Click on the link provided in the payment notification you received via email or text message.
2. Select SoFi.
3. Follow the instructions provided on the page to enroll and receive your payment. Pay attention to the email address or U.S. mobile number where you received the payment notification – you should enroll with Zelle® using that email address or U.S. mobile number to ensure you receive your money. 


Is my information secure?

When you use Zelle® within the SoFi mobile app or on the SoFi website, your information is protected by SoFi with the same technology we use to keep your SoFi account safe.


Who can I send money to with Zelle®?

Zelle® is a great way to send money to family, friends, and people you are familiar with such as your personal trainer, babysitter or neighbor. 1

Since money is sent directly from your SoFi account to another person’s bank account within minutes2, Zelle® should only be used to send money to friends, family and others you trust.

If you don’t know the person or aren’t sure you will get what you paid for (for example, items bought from an online bidding or sales site), you should not use Zelle®. These transactions are potentially high risk (just like sending cash to a person you don’t know is high risk).

Neither SoFi nor Zelle® offers purchase protection for payments made with Zelle® – for example, if you do not receive the item you paid for or the item is not as described or as you expected.


Can I pay a small business with Zelle®?

Some small businesses are able to receive payments with Zelle®.1 Ask your favorite small business if they accept payments with Zelle®. If they do, you can pay them directly from the SoFi app or SoFi website using just their email address or U.S. mobile number.

Neither SoFi nor Zelle® offers purchase protection for payments made with Zelle®, so you should only send money to people (and small businesses) you trust. Also, always ensure you’ve used the correct email address or U.S. mobile number when sending money.


Can I use Zelle® internationally?

In order to use Zelle®, the sender and recipient’s bank or credit union accounts must be based in the U.S.


Can I cancel a payment?

You can only cancel a payment if the person you sent money to hasn’t yet enrolled with Zelle®. To check whether the payment is still pending because
the recipient hasn’t yet enrolled, you can go to your activity page, choose the payment you want to cancel, and then select “Cancel This Payment.” If you do not see this option available, please contact our customer support team at 1(855)-456-7634 for assistance with canceling the pending payment.

If the person you sent money to has already enrolled with Zelle®, the money is sent directly to their bank account and cannot be canceled. This is why it’s important to only send money to people you trust, and always ensure you’ve used the correct email address or U.S. mobile number when sending money.

  
If you sent money to the wrong person, please immediately call our customer support team at 1(855)-456-7634. Neither SoFi nor Zelle® offers purchase protection for payments made with Zelle®.


Are there any fees to send money using Zelle®?

No, SoFi does not charge any fees to use Zelle® in the SoFi app or on the SoFi website. Your mobile carrier’s messaging and data rates may apply.


Are there any limits for sending and receiving money with Zelle®?

The amount of money you can send, as well as the frequency, is set by each participating financial institution. The  SoFi send limits are detailed in the Zelle® Network Standard Terms.

At SoFi, there are no limits to the amount of money you can receive with Zelle®. However, remember that the person sending you money will most likely have limits set by their own financial institution on the amount of money they can send you.


What if I want to send money to someone whose bank or credit union doesn’t offer Zelle®?

You can find a full list of participating banks and credit unions live with Zelle® here.

If your recipient’s bank or credit union isn’t on the list, don’t worry! The list of participating financial institutions is always growing, and your recipient can still use Zelle® by downloading the Zelle® app for Android and iOS.

To enroll with the Zelle® app, your recipient will enter their basic contact information, an email address or U.S. mobile number, and a Visa® or Mastercard® debit card with a U.S. based account (does not include U.S. territories). Zelle® does not accept debit cards associated with international deposit accounts or any credit cards.


See more FAQs


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Articles and resources








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{/* Send and receive money with Zelle */}

Send and receive money with Zelle®. 1


Open an account

Already have an account? Enroll with Zelle®


Explore other online banking features:

Mobile Banking →

Transfers →

Online Bill Pay →

Mobile Check Deposit →

Automatic Saving Tools →

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Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, years of professional experience, income, and a variety of other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp. or an affiliate, NMLS # 696891. (www.nmlsconsumeraccess.org)

✝︎ To check the rates and terms you 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.

INVESTMENTS: NOT FDIC INSURED • HAVE NO GUARANTEE • MAY LOSE VALUE. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. The SoFi Wealth platform is operated and maintained by SoFi Wealth LLC, an SEC Registered Investment Advisor. Brokerage services are provided to clients of SoFi Wealth LLC by SoFi Securities LLC, an affiliated broker-dealer registered with the Securities and Exchange Commission and a member of FINRA /SIPC . Clearing and custody of all securities are provided by APEX Clearing Corporation. For more information, please see SoFi Wealth LLC’s Form ADV Part 2 by clicking here for SoFi's Wealth Form ADV Part 2 A&B or by visiting www.adviserinfo.sec.gov .
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