Aug
08
2022
Why Unions are Being Formed at Companies Nationwide
Workers are frustrated by stagnating wages and are increasingly seeking union representation to address the issue.
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SoFi Blog
Tips and news—
for your financial moves.
Aug
04
2022
Tips for Navigating the Red-Hot Rental Market
The High Cost of Housing
It seems it doesn’t matter if you are in the market to rent or to buy — housing prices are through the roof. According to real estate brokerage firm HouseCanary, the national average cost of a single-family rental rose to $2,495 during the first six months of 2022. That’s up 13.4% from the prior year.
You’d need to tack on nearly $2,000 more to live in the most popular locales, due to their desirable climates. For example, the average single-family rental in Los Angeles goes for $4,664. On the flipside, homes in Canton, Ohio are going for around $1,300 a month.
Beware the Expense Seesaw
The remote work trend ignited by the pandemic has allowed some Americans to untether where they live from their job’s location. This has some people entertaining the idea of moving somewhere to achieve a lower cost of living. Market observers caution that a holistic view should be taken before packing up, with the potential savings in housing costs evaluated within the context of the whole budget.
Advisors suggest considering new expenses that may be associated with a big move. For example, you may want to take into account travel costs that could increase with frequent trips to visit family left behind, as well as the potential for higher airfare prices out of smaller cities. Another consideration might be the cost of losing the support system that provided for free things like childcare and pet sitting.
Tips and Timing
If you do decide to move, there are a few things you can do to keep costs down. Moving company Movinglabor.com says peak moving season runs from April to September. During this time, competition is likely to be stiff. Moving in the winter could potentially put you in a better position to negotiate lower moving costs.
Another tactic is to gain a clear understanding of what your rent covers so you can identify any potential add-on costs up front. These include expenses like childcare and parking. Know before you sign and try to negotiate these fees. Opting for a longer rental term could possibly snag you a lower monthly rent, and ensure against a potential nearer-term increase.
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Adviser
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.
SOSS22080402
Aug
03
2022
SoFi Mortgage Loans DR 1
A home mortgage
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3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to all other borrowers. For conforming home loans with a loan-to-value (LTV) ratio greater than 80%, SoFi requires PMI.
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Won’t affect your credit score.✝
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mortgages?
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Get complimentary access to a prescreened local real estate agent through our partnership with HomeStory and receive a $350-$9,500 rebate^.
Low down payments with flexible term options.
Choose from 10-, 15-, 20-, and 30-year fixed terms, with down payments as low as 3%.
3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to all other borrowers. For conforming home loans with a loan-to-value (LTV) ratio greater than 80%, SoFi requires PMI. Private Mortgage Insurance (PMI) is an insurance that protects lenders in the event of loan default.
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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 from start to finish.
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Checking your rate will not affect your credit score.†
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30-year fixed1
6.125% Rate
6.335% APR
Enjoy lower monthly payments and a constant interest rate.
20-year fixed2
5.990% Rate
6.276% APR
Pay your home loan off over 20 years while maintaining a constant interest rate and monthly payment.
15-year fixed3
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10-year fixed4
5.250% Rate
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Pay your home loan off over 10 years while maintaining a constant interest rate and monthly payment.
All APRs are updated daily
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Need help finding the best option for your unique needs? Get in touch with a Mortgage Loan Officer at (833)-408-7634.
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FAQs
What is a mortgage?
A mortgage loan (or home loan) is a loan to purchase a home or other real estate—without having all the money upfront.
Learn more: Understanding Mortgage Basics
What are the different types of mortgage loans?
There are a variety of different mortgage loan options with different interest rates, terms, and protections. Fixed-rate mortgages have the same rate throughout the life of the loan, whereas adjustable-rate mortgages have interest rates that can fluctuate after an initial fixed-rate period of months to years. Federal Housing Administration (FHA) loans are loans issued by mortgage lenders on behalf of the government and are insured by the FHA. Learn more about different types of mortgage loans and their unique benefits here.
How much do I qualify for?
You can begin to figure out the right mortgage loan for you by evaluating your down payment, interest rate, credit score, and monthly payments. This Mortgage Calculator can help you get started.
What are the current mortgage rates?
Interest rates can vary and are subject to change. Our Mortgage Calculator can help you find a rate that works for you. You can also reach out to a Mortgage Loan Officer to discuss your needs.
How can I get the lowest mortgage rate?
Your mortgage loan’s interest rate is affected by your credit score, down payment, and the amount of your mortgage loan, among other factors. Our Mortgage Calculator can help you get a better look at your options.
How does my credit score affect my home mortgage interest rate?
Your credit score will weigh heavily in whether you qualify for a conventional or FHA mortgage loan and the interest rate on that loan. This article breaks down how your credit score can affect your interest rate, monthly payments, and mortgage loan options.
Learn more: What Credit Score Is Needed to Buy a House?
What is the minimum down payment on a home?
Mortgage lenders have traditionally asked borrowers to pay at least 20% of a home’s purchase price as a down payment. However, this is changing. Your credit score, type of mortgage loan, and purchase price can all affect how much you’re required to put down. This article breaks down these factors and can help you determine how much you should put down.
Learn more: How Much Is a Down Payment on a House?
Do I need to get a home appraisal before getting a mortgage loan?
A home appraisal is an objective and professional analysis of a home’s value. An appraisal consists of information like the floor plan, amenities, and size, as well as a visual inspection, real estate trends in the area, and the value of homes near yours. Before applying for mortgage loan refinancing, listing your house on the market, or buying a home, you’ll need to get a home appraisal.
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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.
Aug
03
2022
How Tech Companies Are Trying To Help Reverse the Remote Work Trend
Tech companies facilitated remote work during the pandemic’s earlier stages. Now they’re helping get workers back to the office.
Read moreJul
28
2022
The Sound of Wedding Bells: Cha Ching!
Being asked to join a wedding party is an honor, but it’s also expensive. We’ve got the relevant data and some tips.
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