SoFi Blog

Tips and news—
for your financial moves.

Jun
29
2022

Sam-Relay-Page

By | Uncategorized | Comments Off on Sam-Relay-Page


Free credit score monitoring

Check your score and

start building your credit.

SoFi Relay tracks your credit score and gives you real-time alerts when your score changes and insights you can take to improve your credit. 


Get started

Get Your Money Right® starts with your credit score

Sign up for credit score monitoring in under a minute and

begin getting insights into your financial health.

Monitor your credit score.

Track your credit score at no cost, with weekly updates to help you stay on top of when your score changes.

Get Insights On Your Credit.

Understand the factors that drive your credit score and what you can do to influence them.

Manage Your Credit Utilization.

Link your credit & loan accounts to to actively monitor your utilization and payment progress.

Get Financial Advice from an Expert.

Access SoFi Member benefits like personalized advice from a credentialed financial planner for no cost.

The power to track what impacts

your credit score.


Understand what affects your score.

Stay up-to-date with any changes to the key factors contributing to your credit score and learn about the influence you can have on them.

Powered by TransUnion®.

Get your VantageScore® 3.0 credit score, a model developed by all three national credit reporting companies.

This won’t hurt your credit score, or your wallet.

We only do a “soft” pull on your credit. Check your score as often as you want—it won’t hurt your score, and it’s at no cost to you.


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NEW! AUTO TRACKER

Discover real-time vehicle

values in just a few clicks.

Now with Auto Tracker in SoFi Relay, you can instantly monitor vehicle prices in this unprecedented market—to get a better picture of your total net worth.


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FAQs


What accounts can I link?
You can link your deposit account (checking, savings), investment, and retirement accounts as well as credit cards, student loans, mortgages, and other liabilities. If you’re not able to link your account, you will be able to manually add an account or asset (like an owned car or home) so that you’re able to see your entire net worth.


What are the primary components of my credit score?

SoFi leverages the TransUnion VantageScore 3.0 model which includes several key components:

  • Payment History – comprised of whether you regularly pay your bills on time.
  • Credit Age and Type – average age of your credit accounts and mix of various types such as revolving debt and installment debt. An example of revolving debt is a credit card and an example of installment debt is a student loan.
  • Credit Utilization – the percentage of your credit limit you currently have outstanding.
  • Balances – balances on your credit accounts including current balances as well as delinquent accounts.
  • Inquiries – recent inquiries or applications for new credit.
  • Available Credit – amount of available credit that is unused.



Will checking my credit hurt my credit score?

Checking your own credit report is considered a soft inquiry, which does not impact your credit score.



Why does my credit score matter?

Your credit score is used by lenders, among others, as they review your applications for credit and determine your creditworthiness which might influence if they are willing to extend credit and at what terms. It might also be used by landlords, utility providers, and prospective employers.


See more FAQs


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Jun
28
2022

SoFi Mortgage Loans DR 2

By | 1_Web_ML | Comments Off on SoFi Mortgage Loans DR 2


Mortgage

A home mortgage
built around you.

Turn your dream home into a reality with flexible terms, competitive mortgage rates, and down payments as little 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.





View your rate


Won’t affect your credit score.✝

How SoFi Mortgage Loans work.

Applying for a home loan with SoFi is simple with an application that can be done all online. Our MLOs can give you one-on-one assistance from down payment to closing.

  1. 1

    Pre-qualify without the hassle.

    It takes just minutes to get pre-
    qualified for a mortgage loan online.

  2. 2

    Select your home loan.

    Find the loan that matches your financial goals and complete the application process.

  3. 3

    Receive the funds.

    Once qualified, sign your paperwork and we’ll transfer the funds.



Why SoFi

home mortgages?

Competitive
rates.

Get your dream home or investment property at a great rate.

Mortgage loan options to choose from.

Customize your loan with flexible term options and put as little as 3% down.

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.




Pre-qualify
in minutes.

Pre-qualify and view your personalized rate in just minutes with our simple online application.

Help when
you need it.

Our mortgage loan officers (MLOs) can guide you through the process.

Choose the mortgage loan

that’s right for you:

Select from a variety of home loan options with mortgage rates and monthly payments that work for your budget.

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

5.250% Rate

5.612% APR

Pay your home loan off faster while maintaining a constant interest rate and monthly payment.

10-year fixed4

5.250% Rate

5.778% APR

Pay your home loan off over 10 years while maintaining a constant interest rate and monthly payment.

All APRs are updated daily


View your rate

Need help finding the best option for your unique needs? Get in touch with a Mortgage Loan Officer at (833)-408-7634.


“Austin and his team were awesome and easy to work with! Great communication and follow up. Kept us in the loop every step of the way! I would go back to Austin without question.”

“Keith and his team did an outstanding job from day 1. They went above and beyond to facilitate on time closing and funding of our mortgage. The rates we received could not be matched by any other lender.”

“Mark and his team worked very closely with us to make sure that we were comfortable with the process, understood the expectations, timeline and overall schedule.”

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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.


See more FAQs

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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Jun
24
2022

Homepage-Banners-S

By | Uncategorized | Comments Off on Homepage-Banners-S

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*Offer valid for federal student loans only. Terms and conditions apply. See details at SoFi.com/refinance-student-loan.

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As natural disasters impact the United States, SoFi wishes for the safety of everyone in the affected areas. We are here to help borrowers who are in a disaster zone designated by FEMA. To find out more click here.

Why do over 6.9M members love SoFi?

  • Smart money moves
    earn you points.

    Reward points are redeemable for cash, fractional shares of stock, SoFi loan payments, and more.

  • Help when you
    need it.

    Need help? Get in touch with our support team via phone or chat.

  • Complimentary
    member benefits.

    SoFi members get benefits like financial planning and exclusive access to SoFi Stadium.

  • No-cost spending and
    budgeting tools.

    Get complimentary credit score monitoring, spending breakdowns, financial insights, and more.

  • 1-on-1 financial and
    career planning.

    Members get unlimited access to personalized financial advice at no additional cost—plus free career tools and coaching.

  • Exclusive member rate
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    Once you’re in, you’re able to get a rate reduction or discount on your next eligible loan.


Your money

works better

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We’ve helped

our members

in a big way.

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    SoFi members
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    in rewards earned
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As featured in


We’re serious

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  • 24/7 account monitoring




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Personal Loan Terms

Fixed rates from 8.74% APR to 35.49% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 12/14/25 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.

Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-6%, which will be deducted from any loan proceeds you receive.

PERSONAL LOAN INTEREST RATES AND FEES | ELIGIBILITY AND IMPORTANT DETAILS. Annual percentage rates (APRs) shown include the 0.25% autopay discount. If approved for a loan, the rates and terms offered will depend on things like creditworthiness, the length of the loan, and other factors, and will fall within the range of rates available by applicable loan term; check out our full APR examples and terms. Remember, not all applicants will qualify for the lowest rate. Want to learn more? See our eligibility criteria at SoFi.com/eligibility-criteria. SoFi reserves the right to change interest rates at any time without notice, changes would only apply to applications begun after the effective date of the change. Fixed Rates: Fixed rates range from 8.74% APR to 35.49% APR (with autopay). The SoFi 0.25% autopay interest rate reduction requires you to agree to make your scheduled monthly payments by an automatic monthly deduction (ACH) from a savings or checking account. Enrolling in autopay is not required to receive a loan from SoFi. Loan Terms: SoFi Personal Loans offer loans with a period of repayment between 2 and 7-year terms. Loan Fees: SoFi personal loans have no fees required; specifically, no origination fees required, no late fees, no prepayment penalties.

PERSONAL LOAN | REPAYMENT EXAMPLE. The following example depicts the APR, monthly payment and total payments during the life of a $30,000 personal loan with a 2-year repayment term, a 0.25% autopay discount, and a fixed rate between 8.74% APR to 35.49% APR. It works out to 24 monthly payments ranging from $1,356.68–$1,529.07 for a total amount of payments ranging from $32,560.37–$36,697.76. This repayment example assumes that the borrower is signed up for autopay and that all payments are made on time, with no pre-payments. Actual rates may vary based on repayment term, loan amount, creditworthiness, and other terms and conditions. SoFi does not offer variable rate personal loans. State restrictions may apply.


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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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