Current Mortgage Refinance Rates in West Virginia Today
WEST VIRGINIA MORTGAGE REFINANCE RATES TODAY
Current mortgage refinance rates in
West Virginia.
Apply online or call for a complimentary mortgage consultation.
Compare mortgage refinance rates in West Virginia.
Key Points
• Mortgage refinance rates are influenced by economic factors such as Federal Reserve policy, inflation, housing inventory, and your credit rating.
• A 1% drop in your mortgage refinance rate could lead to substantial monthly savings and keep thousands of dollars in your pocket over the loan’s lifetime.
• Refinance rates have swung from about 3.15% in 2021 to 7.00% in 2023. It’s important to time a refi well in this landscape.
• Opting for a 15-year vs. 30-year mortgage could be a smart financial move, as it can lead to considerably less interest paid over the life of the loan, despite the higher monthly payments.
• It’s wise to compare different West Virginia refi options and use online refinance calculators to see how much you could save and which loan terms suit you best.
Intro to Mortgage Refi Interest Rates
Mortgage refinancing is like hitting the reset button on your mortgage: It offers the potential to snag better terms and a lower interest rate. The type of mortgage refinance you choose and the rate you are assessed can vary depending on whether, say, you want to lower your monthly payment or access home equity.
This guide will help you understand how mortgage refinance rates are determined and how to secure the lowest available rate. Whether you’re looking to save money, adjust your loan term, or achieve any other financial goal, understanding the refinance process is crucial for making informed decisions.
💡 Quick Tip: Wondering how to refinance a mortgage? The process, which takes about 30 to 45 days, is similar to when you got your original home loan.
Where Do Mortgage Refi Rates Come From?
Mortgage refinance rates are a product of both economic factors and your own financial situation.
• On the economic side, things like Federal Reserve policy, inflation, the bond market, and housing inventory can all play a role. Generally, high inflation and federal funds rate increases can lead to higher rates when refinancing a home loan. Low inflation and bond prices can help keep rates in check.
• The real estate market can also lead to rate shifts. When housing inventory is scarce and prices rise, so too can mortgage interest rates in West Virginia creep up.
• On the personal side, your own credit score plays a role in the rate you’ll pay if you refinance in West Virginia. If you have a strong score, showing that you have managed debt responsibly in the past, you will likely get a lower interest rate than someone with a bad score. That’s because a lower credit score indicates that you have not handled credit well in the past and could be a risk to lenders.
By keeping an eye on these factors, you can get a sense of when might be a good time to refinance.
How Interest Rates Affect Home Affordability
Interest rates play a significant role in determining the affordability of your mortgage refinance. Your monthly payment is influenced by your loan amount, the term over which you’re repaying it, and the refinance rate you secure.
Here’s a specific example to show you how the numbers can stack up:
• A $200,000 loan with a 6.00% interest rate and a 30-year term would mean a monthly payment of $1,199.
• If that interest rate were 8.00%, you’d be looking at a monthly payment of $1,467.
• Over the life of the loan, that 2% difference yields $268 more in your budget every month. And over the life of the loan, it could add up to nearly $100,000 in savings.
Even a fraction of a percentage point can make a substantial difference in interest savings (and your long-term financial picture) when you refi in West Virginia.
Why Refinance in West Virginia
Refinancing your mortgage can be a strategic move, but it’s not for everyone. There are closing costs, as well as time and effort involved. The key is to make sure the new rate and terms fit your long-term financial goals. Here’s a closer look at some reasons to refi.
Common Reasons to Refinance a Mortgage
Consider these common reasons homeowners refinance their mortgage:
• You qualify for a lower interest rate thanks to improved market conditions or having built your credit.
• You may want to adjust your repayment term to better fit your financial goals and monthly budget.
• You’re looking to tap into your home’s equity to cover costs like education or renovations.
• Your adjustable-rate mortgage is about to reset, and you’re considering a switch to a fixed-rate loan for more predictable payments.
• You have an FHA loan and 20% equity, and you’re eager to eliminate your FHA mortgage insurance premium.
One note about that 20% home equity figure cited above: In terms of how soon you can refinance, you typically need to hit that same amount of equity (20%) for any kind of refi, not just FHAs.
How to Get the Best Available Mortgage Refi Rate
Of course, if you are refinancing in West Virginia, you likely want the best deal possible. These are some of the top tips for securing a competitive mortgage refinance rate:
• Build your credit score by being punctual with payments, keeping your credit utilization ratio to no more than 30% (under 10% is even better).
• Keep your debt-to-income ratio under 36%.
• Compare rates from multiple lenders; your first offer isn’t always the best.
• Think about discount points (aka mortgage points) to lower your rate: By putting more money down upfront, you can save money on interest over the life of your loan.
• Choose a shorter loan term to minimize interest costs.
Understand Trends in West Virginia Mortgage Interest Rates
The mortgage refinance market in West Virginia and the U.S. has seen some big changes in recent years. By delving into those trends, keeping an eye on the market, and making a move when the time is right, you could save a lot of money on interest over the life of your loan.
Historical U.S. Mortgage Interest Rates
The history of mortgage refinance rates in the United States is a fascinating one, marked by significant fluctuations over the years. For example, in 2021, the average 30-year fixed rate was around 3.15%. Fast forward to 2023, and that number had skyrocketed to approximately 7.00%. As of early 2025, current mortgage rates aren’t much lower, nor are they forecast to drop dramatically.
These changes are influenced by a variety of economic factors, including Federal Reserve policies and market conditions. By examining current and historical trends, you can gain valuable context and make informed decisions about your refinancing options, which could lead to substantial financial gains.
That said, take a look at the graph below: It captures the ebb and flow of U.S. mortgage rates over the past few decades.
Historical Interest Rates in West Virginia
Mortgage refinance rates in West Virginia are generally in line with national trends. In the past few years, rates have seen some significant changes. The chart below chronicles almost two decades of rates in West Virginia vs. the national rate, which can help you see trends at both levels. (The data points end at 2018 since the Federal Housing Finance Agency stopped compiling state-by-state intel at that time.)
| Year | West Virginia Rate | National Rate |
|---|---|---|
| 2000 | 8.31 | 8.14 |
| 2001 | 7.08 | 7.03 |
| 2002 | 6.65 | 6.62 |
| 2003 | 5.87 | 5.83 |
| 2004 | 5.84 | 5.95 |
| 2005 | 6.01 | 6.00 |
| 2006 | 6.53 | 6.60 |
| 2007 | 6.46 | 6.44 |
| 2008 | 6.02 | 6.09 |
| 2009 | 5.17 | 5.06 |
| 2010 | 4.86 | 4.84 |
| 2011 | 4.72 | 4.66 |
| 2012 | 3.82 | 3.74 |
| 2013 | 3.83 | 3.92 |
| 2014 | 4.24 | 4.24 |
| 2015 | 3.99 | 3.91 |
| 2016 | 3.92 | 3.72 |
| 2017 | 4.21 | 4.03 |
| 2018 | 4.60 | 4.57 |
Choose the Right Mortgage Refi Type
Mortgage refinance rates in West Virginia can depend on the type of refinance you’re considering. Each option has its own unique features and advantages. Your goals (such as lowering your monthly housing costs or tapping into your home equity) can guide your decision and contribute to your rate. Now…let’s dive into some of the main options.
Conventional Refi
A conventional refinance, also known as a rate-and-term refinance, typically comes with higher interest rates than government-backed loans such as FHA, VA, or USDA (each of which has its own unique qualifying requirements).
This type of refinance is best for homeowners who want to lower their interest rate or change their loan term. Conventional refis require a minimum credit score (usually 620) and enough home equity (typically 20%). Although the rates might be higher, the flexibility and lack of government insurance could make this kind of refi the right choice for many West Virginia homeowners.
Cash-Out Refi
With a cash-out refinance, you can leverage your home equity to receive a lump sum, which can then be used for a variety of financial needs. Whether you’re eyeing home renovations or considering debt consolidation, this option could be a good fit.
Here’s an example: if your home is valued at $500,000 and you owe $300,000, you have $200,000 in home equity. You might be able to borrow up to 80% of your equity, which would leave you with considerably more than $100,000 in hand after settling your existing mortgage.
It’s important to note that these refis usually come with higher interest rates than traditional refis.
15-Year Mortgage Refi
Swapping a 30-year mortgage for a 15-year one can dramatically impact your financial situation. It can slash the total interest you’d pay over the loan’s lifetime, even though the monthly payments are higher. Need to see some numbers? Here you go:
• Say you have a 30-year, $1 million mortgage at a 7.50% interest rate. That would mean a monthly payment of about $6,992 and a staggering total interest of $1,517,167.
• But if you refinance to a 15-year mortgage at a 7.00% rate, yes, the monthly payment jumps to around $8,988, but the total interest plummets to approximately $617,891.
That’s a potential saving of nearly $900,000 and it could be a very smart money move if you’re able to manage the increased payments.
Adjustable-Rate Mortgage Refi
Adjustable-rate mortgages (ARMs) often come with lower initial interest rates than fixed-rate loans, which can be a boon for your immediate financial goals. If you’re not planning to stay in your home for the long haul, an ARM could be a smart move. For example, if you have a 30-year fixed-rate mortgage but think you might move or refinance well before the 30 years are up, refinancing to an ARM could help you save big in the short term.
Just remember, the interest rate on an ARM can go up after the initial fixed period ends, which could raise your monthly payments and overall borrowing costs. Also know that even the best-laid plans can change, so make sure you could afford a rate hike if you don’t move when planned and stay put with a loftier interest rate.
FHA Refi
FHA refinances, backed by the Federal Housing Administration, often offer more competitive mortgage refinance rates than conventional loans. These options are typically available to homeowners with existing FHA loans, including the FHA Simple Refinance and the FHA Streamline Refinance.
If you don’t currently have an FHA loan, take heart: You may still be eligible for an FHA cash-out refinance or an FHA 203(k) refinance, which is specifically designed for home renovations and improvements. This can be a great way to increase the value and comfort of your home.
VA Refi
VA refinances, guaranteed by the United States Department of Veterans Affairs, offer some of the most competitive mortgage refinance rates available. To qualify for a VA refinance, also known as an Interest Rate Reduction Refinance Loan (IRRRL), you must have an existing VA loan. These home loans are only available to active-duty and past members of the military and eligible spouses.
This type of refinance has the potential to reduce your monthly payments and result in significant interest savings over the life of the loan, making it a great option for West Virginians who meet the requirements.
💡 Quick Tip: Some lenders offer a so-called no-closing-cost refinance. However, that usually means either rolling the closing costs into the new mortgage principal or exchanging them for a higher interest rate.
Compare Mortgage Refi Interest Rates
Securing a competitive mortgage refinance rate can save you thousands of dollars over the life of your West Virginia home loan. Here are some tips to help you find the best rate:
• Shop around and get prequalified by a few lenders to compare rates and fees. (This helps you avoid hard credit pulls, which can ding your credit score.)
• Look at the annual percentage rate (APR), which reflects the true cost of borrowing, vs. just focusing on the interest rate.
• Think about buying discount points to lower your mortgage refinance rate.
• Evaluate the total price tag of the new mortgage, including mortgage refinancing costs and new monthly payments.
• Assess the break-even point to see if the savings make refinancing worthwhile. That refers to the moment when the savings of your new loan kick in, and your closing costs are in the rearview mirror.
• Use a refinance calculator to get a better idea of your potential savings.
Use an Online Refinance Calculator
Refinancing a mortgage in West Virginia involves a fair amount of numbers and mathematical calculations. Don’t let that make you sweat: Online refinance calculators can be a terrific way to get an initial look at your potential savings without a lot of effort.
They can give you an estimate of your monthly payments and costs as you compare different refinance options. This can allow you to make a more informed decision about whether a mortgage refinance is right for you and, if so, which offer is your best option.
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
The Takeaway
Refinancing your West Virginia mortgage can be a smart financial move, but it does require some careful thought about your financial goals and the current mortgage refinance rates. Whether you’re looking to lower your interest rate, get access to cash, or switch to a different type of mortgage or term, it’s important to understand the process and your available options. Then you can determine the best next step.
SoFi can help you save money when you refinance your mortgage. Plus, we make sure the process is as stress-free and transparent as possible. SoFi offers competitive fixed rates on a traditional mortgage refinance or cash-out refinance.
A mortgage refinance could be a game changer for your finances.
FAQ
Will refinancing ding your credit score?
Refinancing might cause a small, temporary dip in your credit score due to the hard credit inquiry and the addition of a new account to your credit report. But don’t worry, the impact is usually minor (several points) and short-lived, especially if you keep making payments on time. Just recognize that the exact impact of refinancing on your credit score will depend on your individual circumstances.
Do you need to pay closing costs when you refinance?
Yes, you will likely have to pay closing costs again when you refinance. These costs usually fall between 2% to 5% of the loan amount. You may be able to roll them into the ongoing cost of your loan vs. paying them in a lump sum. Just be aware that you’ll be paying interest on the closing costs that way.
How many times can you refinance your home loan?
When you’re thinking about refinancing your home, it’s important to know that there are no federal restrictions on how many times you can refinance your mortgage. But each time you do, you’ll need to pay closing costs and you could see a hit to your credit. So it’s important to weigh the potential benefits of refinancing against these downsides to make sure it’s the right move for you.
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SOHL-Q125-203
More refinance resources.
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How Much Does It Cost to Refinance a Mortgage?
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How to Refinance a Home Mortgage Loan
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7 Signs It’s Time for a Mortgage Refinance
Apply online or call for a complimentary mortgage consultation.
Current Mortgage Refinance Rates in Washington Today
WASHINGTON MORTGAGE REFINANCE RATES TODAY
Current mortgage refinance rates in
Washington.
Apply online or call for a complimentary mortgage consultation.
Compare mortgage refinance rates in Washington.
Key Points
• Washington mortgage refinance interest rates are influenced by the 10-year U.S. Treasury Note and housing inventory levels, among other economic factors.
• A mere 1% drop in the interest rate on a $300,000 mortgage can save you money every month and put tens of thousands of dollars back in your pocket over the course of a 30-year loan.
• Washington homeowners have a range of mortgage refi options to choose from, including conventional, cash-out, FHA, VA, 15-year, and adjustable-rate mortgages, each with their own qualities to consider.
• To lock in the best mortgage refinance rate in Washington, take good care of your credit score, trim your debt-to-income ratio, and compare offers from different lenders.
• When comparing offers, look at a loan’s annual percentage rate (APR), not only its interest rate.
Intro to Mortgage Refi Interest Rates
Mortgage refinancing can be a makeover for your monthly budget and help you achieve your long-term financial goals. Whether you’re aiming to reduce your monthly payments, pay off your loan sooner, or tap into your home’s equity, knowing how to navigate mortgage refinance rates is key. This guide is your ticket to understanding how these rates are determined and how to secure the best one available.
💡 Quick Tip: Some lenders offer a so-called no-closing-cost refinance. However, that usually means either rolling the closing costs into the new mortgage principal or exchanging them for a higher interest rate.
Where Do Mortgage Refinance Interest Rates Come From?
Current mortgage rates are influenced by both economic and personal financial factors. The big economic factors that come into play include bond market conditions, housing inventory, and the job market. The strongest indicator of the direction mortgage interest rates are headed is the performance of the 10-year U.S. Treasury Note. When rates on the note rise, mortgage interest tends to rise also.
Another factor is the housing market. When the market cools, lenders may lower rates to keep customers borrowing. Then there is the overall economy: A strong jobs market and economic growth can lead to rising rates, while a recession is usually accompanied by lower interest rates.
How Interest Rates Affect Home Affordability
The interest rate you obtain for your new home loan plays a pivotal role in your mortgage refinance. Alongside your loan amount and loan term, your interest determines your monthly and total costs for the loan. The chart below shows how changing rate or term on a $300,000 loan affects monthly payments and total costs. Over time, that seemingly small one-percentage-point change from a 6.00% to 7.00% rate on a 30-year loan can translate to more than $70,000 in extra costs. So, yes, every digit after the decimal counts.
| Interest Rate | Loan Term | Monthly Payment | Total Interest |
|---|---|---|---|
| 6.00% | 30-year | $1,799 | $347,515 |
| 6.00% | 15-year | $2,532 | $155,683 |
| 7.00% | 30-year | $1,996 | $418,527 |
| 7.00% | 15-year | $2,697 | $185,367 |
Why Refinance in Washington?
Refinancing your mortgage can be a savvy financial move, especially when current mortgage refinance rates are lower than your existing rate. But there are other reasons to swap out your loan.
Common Reasons to Refinance a Mortgage
• You qualify for a lower mortgage refinance rate because of improved credit or an interest rate drop in the market.
• You want to alter your repayment term to either reduce monthly costs or pay off the loan more swiftly (the latter often means larger monthly costs, even if you can score a lower rate).
• You need to tap into your home equity to finance a big expense, like a renovation or your child’s education, or to pay off higher-interest debt.
• Your adjustable-rate mortgage is about to change, and you want to switch to a fixed-rate loan.
• You’ve got an FHA loan (backed by the Federal Housing Administration) with at least 20% equity, and you’re ready to shake off the FHA mortgage insurance premium you’ve been paying.
If you’re wondering how soon can you refinance a mortgage, it’s generally best to have 20% home equity before you embark on a refinance, especially if you are doing a cash-out loan (more on that below).
How to Get the Best Available Mortgage Refi Interest Rate
Ready to learn how to refinance a mortgage and get your best available rate? Here are the first steps you should take, before you even start to look for a new loan.
• Help build a strong credit score by paying bills on time and avoiding new debt.
• Keep your debt-to-income (DTI) ratio under 36%. To compute your DTI ratio, add up your monthly debts, such as student loans or an auto loan, and divide by your gross monthly income. Multiply by 100.
• Consider whether you have cash on hand that you could use to purchase discount points, also known as mortgage points, to lower your interest rate. Each point generally costs 1% of your principal amount.
• Examine your monthly budget to see if you have room to take on a higher mortgage payment, which would allow you to secure a shorter term loan. The shorter the term, the less interest you’ll likely pay over the long haul — and the sooner you’ll be free of mortgage debt.
Understand Trends in Washington Mortgage Interest Rates
If you are waiting for interest rates to drop and you have a certain magical number in mind, it’s a good idea to check in with prevailing interest rates to make sure your figure is realistic. Washington interest rates follow national patterns, as you will see below.
Historical U.S. Mortgage Interest Rates
Looking at national average mortgage rates over a long time period will help you understand how unusual it is to see very low rates of less than, say, 4.00%. The graphic shows more than a half-century of rates. They dropped to historic lows of around 3.00% in 2020. But rates that low are rare.
Historical Interest Rates in Washington
Mortgage refinance rates in Washington typically move in tandem with national trends, consistently sitting just under the national average. As you can see, the average changes by fairly small increments from year to year — so if you’re waiting for rates to fall by a couple percentage points, it’s important to face the fact that such a significant shift is unusual.
| Year | Washington Rate | National Rate |
|---|---|---|
| 2000 | 7.59 | 8.14 |
| 2001 | 6.85 | 7.03 |
| 2002 | 6.31 | 6.62 |
| 2003 | 5.50 | 5.83 |
| 2004 | 5.55 | 5.95 |
| 2005 | 5.71 | 6.00 |
| 2006 | 6.46 | 6.60 |
| 2007 | 6.40 | 6.44 |
| 2008 | 5.97 | 6.09 |
| 2009 | 5.00 | 5.06 |
| 2010 | 4.77 | 4.84 |
| 2011 | 4.44 | 4.66 |
| 2012 | 3.63 | 3.74 |
| 2013 | 3.78 | 3.92 |
| 2014 | 4.07 | 4.24 |
| 2015 | 3.81 | 3.91 |
| 2016 | 3.61 | 3.72 |
| 2017 | 3.95 | 4.03 |
| 2018 | 4.46 | 4.57 |
Choose the Right Mortgage Refi Type
Once you have a grasp of the highs and lows of mortgage rates, it’s time to explore your options for mortgage refinancing in Washington. Here are some of the more popular ways to refinance:
Conventional Refi
A conventional refinance, also known as a rate-and-term refi, gives you the freedom to adjust your interest rate or loan term (or both). Conventional refis often come with slightly higher mortgage refinance rates than their government-backed counterparts, such as a VA loan backed by the U.S. Department of Veterans Affairs. But conventional loans offer lots of flexibility. Two common options include a 15-year mortgage and an adjustable-rate mortgage.
15-Year Mortgage Refi
It’s no secret that 15-year mortgage refinance rates are often lower than the 30-year variety. Consider this: A 30-year $500,000 loan at 7.50% would mean a monthly payment of around $3,496 and total interest paid of about $758,586 over the life of the loan. Refinance to a 15-year mortgage at 7.50%, and your monthly payment would increase to about $4,635. However, you’d be looking at savings of more than $400,000 in interest over the life of the loan.
Adjustable-Rate Mortgage Refi
Adjustable-rate loans are attractive to some refinancers because they usually start with a lower mortgage refinance rate than fixed-rate loans. If you currently have a 30-year fixed-rate mortgage, but think you might move out of your home before the loan term is up, you could consider refinancing to an adjustable-rate mortgage (ARM). (Some borrowers, on the other hand, prefer to refinance out of an ARM into a fixed-rate loan.)
Cash-Out Refi
A cash-out refinance is your ticket to unlock the potential in your home equity. Your new loan pays off your old mortgage and provides you with a lump sum to use for renovations, education costs, or other big expenses.
FHA Refi
FHA loans, backed by the Federal Housing Administration, often come with lower mortgage refinance rates — maybe a full percentage point lower. Some FHA refinance options, like FHA Simple Refinances and FHA Streamline Refinances, are only available to those who already have an FHA loan. However, two types of FHA refinance options are available to those who don’t currently have an FHA loan: an FHA cash-out refinance or an FHA 203(k) refinance, which is a renovation or rehabilitation loan.
VA Refi
VA loans, backed by the U.S. Department of Veterans Affairs, consistently offer some of the most competitive mortgage refinance rates available in the financial market. To qualify for a VA refinance, also known as an interest rate reduction refinance loan (IRRRL), you must currently have a VA loan. This type of refinance has the potential to significantly lower your monthly payments and generate substantial interest savings over the life of the loan.
Compare Mortgage Refi Interest Rates
Securing a competitive mortgage refinance rate and understanding mortgage refinancing costs more generally can save you thousands of dollars. Here are some tips:
• Shop around with different lenders to compare rates and terms. Many lenders will have an online prequalification process that lets you know, based on a few questions you answer, what rate you might obtain.
• Compare each loan’s annual percentage rate (APR), which includes the interest rate, fees, and discount points. Don’t just look at interest rates — they won’t tell the whole story.
• Weigh the trade-offs between rate and fees; a lower rate might mean higher costs elsewhere.
• Assess whether the savings are worth the closing costs and any adjustments to your loan term.
An online refinance calculator will be helpful as you’re comparing loan offers.
Use an Online Refinance Calculator
An online refinance calculator can help you get an initial look at how various refinance options will affect your monthly costs and total interest paid. Online calculators are helpful at all phases of the homebuying and ownership process, in fact. Here are a few of our favorites:
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
The Takeaway
Refinancing your mortgage in Washington can be a smart financial move, potentially helping you to secure a lower interest rate, reduce your monthly payments, or obtain funds to cover a major life expense. But it’s important to weigh the costs and benefits of refinancing on your personal financial situation. That means considering the cost of closing fees and how long it will take to recoup costs. You can also help yourself get the best deal on a refinance by tidying up your credit score, reducing your debts, and shopping around for the best refinance rates from multiple lenders.
SoFi can help you save money when you refinance your mortgage. Plus, we make sure the process is as stress-free and transparent as possible. SoFi offers competitive fixed rates on a traditional mortgage refinance or cash-out refinance.
A mortgage refinance could be a game changer for your finances.
FAQ
Can I refinance when rates are lower?
When interest rates drop is indeed a good time to refinance your home loan, but it’s vital to weigh the potential savings against the costs involved. One way to make sure the refi is worth the work and expense it requires is to look at how long you would need to stay in your home before the savings on interest outweigh the fees associated with the refi.
Can I lower my interest rate without refinancing my home?
It’s difficult to lower a mortgage interest rate without a refinance, but you can reduce your monthly loan costs by undertaking a mortgage recast. A recast involves making a lump-sum payment toward your principal balance. Your lender then “recasts” your monthly payment amount to reflect the lower principal. If you’re facing financial hardship, you could also explore a loan modification. Of course, if you have a solid credit score and stellar payment history, you can always ask your lender to give you a better rate, but the lender is likely to suggest a refi or recast instead.
Can I get cash out of my house without a refinance?
You can tap into your home’s equity to get cash without a refinance by getting a home equity line of credit (HELOC) or a home equity loan. Either of these can be a great way to pay for home improvements, consolidate debt, or cover other expenses. Technically, both a HELOC and a home equity loan are considered a second mortgage (assuming you still have your first mortgage), so it’s important to find the most competitive interest rate during the application process.
Do you have to pay closing costs when you refinance?
Closing costs are an important part of the refinancing process. They usually are somewhere between 2% and 5% of your loan amount. So, for a $400,000 refinance, you might be paying $8,000 to $20,000. The amount you’ll pay can fluctuate based on a variety of factors, such as your lender, the type of loan you want, and where you live. Understanding these potential costs can help you make informed financial decisions and plan your budget accordingly.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
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.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. 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.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
²SoFi Bank, N.A. NMLS #696891 (Member FDIC), offers loans directly or we may assist you in obtaining a loan from SpringEQ, a state licensed lender, NMLS #1464945.
All loan terms, fees, and rates may vary based upon your individual financial and personal circumstances and state.You should consider and discuss with your loan officer whether a Cash Out Refinance, Home Equity Loan or a Home Equity Line of Credit is appropriate. Please note that the SoFi member discount does not apply to Home Equity Loans or Lines of Credit not originated by SoFi Bank. Terms and conditions will apply. Before you apply, please note that not all products are offered in all states, and all loans are subject to eligibility restrictions and limitations, including requirements related to loan applicant’s credit, income, property, and a minimum loan amount. Lowest rates are reserved for the most creditworthy borrowers. Products, rates, benefits, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility-criteria. Information current as of 06/27/24.In the event SoFi serves as broker to Spring EQ for your loan, SoFi will be paid a fee.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .
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.
Qualifying for the reward requires using a real estate agent that participates in HomeStory’s broker to broker agreement to complete the real estate buy and/or sell transaction. You retain the right to negotiate buyer and or seller representation agreements. Upon successful close of the transaction, the Real Estate Agent pays a fee to HomeStory Real Estate Services. All Agents have been independently vetted by HomeStory to meet performance expectations required to participate in the program. If you are currently working with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®. A reward is not available where prohibited by state law, including Alaska, Iowa, Louisiana and Missouri. A reduced agent commission may be available for sellers in lieu of the reward in Mississippi, New Jersey, Oklahoma, and Oregon and should be discussed with the agent upon enrollment. No reward will be available for buyers in Mississippi, Oklahoma, and Oregon. A commission credit may be available for buyers in lieu of the reward in New Jersey and must be discussed with the agent upon enrollment and included in a Buyer Agency Agreement with Rebate Provision. Rewards in Kansas and Tennessee are required to be delivered by gift card.
HomeStory will issue the reward using the payment option you select and will be sent to the client enrolled in the program within 45 days of HomeStory Real Estate Services receipt of settlement statements and any other documentation reasonably required to calculate the applicable reward amount. Real estate agent fees and commissions still apply. Short sale transactions do not qualify for the reward. Depending on state regulations highlighted above, reward amount is based on sale price of the home purchased and/or sold and cannot exceed $9,500 per buy or sell transaction. Employer-sponsored relocations may preclude participation in the reward program offering. SoFi is not responsible for the reward.
SoFi Bank, N.A. (NMLS #696891) does not perform any activity that is or could be construed as unlicensed real estate activity, and SoFi is not licensed as a real estate broker. Agents of SoFi are not authorized to perform real estate activity.
If your property is currently listed with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®.
Reward is valid for 18 months from date of enrollment. After 18 months, you must re-enroll to be eligible for a reward.
SoFi loans subject to credit approval. Offer subject to change or cancellation without notice.
The trademarks, logos and names of other companies, products and services are the property of their respective owners.
SOHL-Q125-202
More refinance resources.
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How Much Does It Cost to Refinance a Mortgage?
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How to Refinance a Home Mortgage Loan
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7 Signs It’s Time for a Mortgage Refinance
Apply online or call for a complimentary mortgage consultation.
The Best Affordable Places to Live in Wyoming in 2025
Best Affordable Places to Live in Wyoming in 2025
(Last Updated – 03/2025)
With big skies, low population density, and no individual state income tax, it’s no surprise Wyoming beckons. Still, some Wyoming cities (like Casper) are more affordable than others (like Jackson). Fortunately, we’ve combed data including housing values, rent prices, median incomes, and more to gather the best Wyoming cities for the budget-conscious — no matter your stage of life.
Best Places to Live in Wyoming
The wide-open west is welcoming for your wallet; Wyoming as a state enjoys a lower cost of living than the national average, but higher than its neighbor Montana. Ready to find a place for yourself amidst the snow-capped mountains? From Wyoming’s biggest, most bustling cities — which are still moderately sized, in the scheme of things — to quaint little burgs with plenty of growth opportunity, here are the most affordable cities in Wyoming.
💡 Quick Tip: SoFi’s Lock and Look + feature allows you to lock in a low mortgage financing rate for 90 days while you search for the perfect place to call home.
Best Affordable Places to Live in Wyoming
These three Wyoming cities get the spotlight as the most affordable — and coolest — spots to call home.
1. Casper
Photo credit: iStock/DenisTangneyJr
Although its population doesn’t quite reach 60,000, Casper is Wyoming’s second-largest community — and it offers a great combination of big-city amenities with a small-town feel. With job availability in the energy and health care sectors, plenty of different types of people can find opportunities, and the city is home to the annual Central Wyoming Fair and Rodeo among other cultural to-dos. For outdoor fun, there’s easy access to Casper Mountain and Alcova Reservoir, among other pursuits. Plus, it’s got one of the lowest costs of living in the state.
Population: 58,720
Median Household Income: $69,171
Cost of Living: 86% of U.S. average
Average Rent Price: $1,100
Home Price-to-Income Ratio: 4.2
2. Cheyenne
Photo credit: iStock/DenisTangneyJr
Wyoming’s largest city still boasts well under 100,000 people, but is home to all the big-city amenities and attractions you’d expect of the state’s capital. Residents and visitors alike can check out the Botanic Gardens and Wyoming State Museum, not to mention the career opportunities offered in its bustling downtown. Finally, both Nebraska and Colorado are near at hand whenever a change of scenery is called for.
Population: 65,168
Median Household Income: $77,176
Cost of Living: 99% of U.S. average
Average Rent Price: $1,375
Home Price-to-Income Ratio: 4.7
3. Gillette
Photo credit: iStock/Brittany Grant
Originally founded back in 1891 as a railway town, Gillette has come a long way: With a population of more than 33,000, it’s the third-largest city in Wyoming behind Cheyenne and Casper. Fossil fuels are a large part of the boom — and to this day, energy remains the community’s largest industry. It’s also close to natural attractions like Keyhole State Park and Devil Tower for outdoor recreation enthusiasts.
Population: 33,496
Median Household Income: $90,699
Cost of Living: 85% of U.S. average
Average Rent Price: $1,150
Home Price-to-Income Ratio: 3.8
Best Places to Live in Wyoming for Families
Everything’s a little different once you’ve got little ones along for the ride. Good news: There are plenty of communities in Wyoming that are welcoming to families.
1. Sheridan
Photo credit: iStock/DC_Colombia
A small-town feel and affordable rents put Sheridan at the top of our list for families looking for a place to settle in Wyoming, and highly ranked public schools will also be attractive to those with children. Plus, with multiple public parks (complete with playgrounds), access to the vast wilderness of the Bighorn National Forest, and plenty of kid-friendly museums, there’s much to learn, see, and do in Sheridan — at any age.
Population: 19,543
Median Household Income: $61,598
Cost of Living: 89% of U.S. average
Average Rent Price: $1,550
Home Price-to-Income Ratio: 6.7
2. Green River
Photo credit: iStock/Robert_Ford
A small town tucked into the southwestern corner of the state, only about two and a half hours’ drive from Salt Lake City, Green River is the kind of place where you can get to know all your neighbors — and as they say, it takes a village. Plus, it’s right next to the Flaming Gorge National Recreation Area, so opportunities to play outside abound.
Population: 11,496
Median Household Income: $85,399
Cost of Living: 78% of U.S. average
Average Rent Price: $899
Home Price-to-Income Ratio: 3.4
3. Evanston
Photo credit: iStock/BOB WESTON
It’s not news that raising kids is expensive — so a town with a cost of living 18% less than the national average gives parents a significant leg up for footing the bill. Parks, playgrounds, and family-friendly activities give families plenty to do outside of work and school, all in a close-knit, small-town environment.
Population: 11,807
Median Household Income: $76,569
Cost of Living: 82% of U.S. average
Average Rent Price: $1,240
Home Price-to-Income Ratio: 3.7
Best Places to Live in Wyoming for Young Adults
For young adults hoping to mingle, network, and get themselves established, Wyoming has more to offer than might initially meet the eye. Here are some of the best communities in the state for 20- and 30-somethings.
1. Casper
Photo credit: iStock/DenisTangneyJr
Again, Casper finds its way onto our list — but with one of the largest populations in the state coupled with one of the lowest costs of living, it’s inarguably a solid choice for those looking to get a start in life. A variety of museums and cultural events make great first-date spots (and for some, employment opportunities), while the median age of 37 means young adults can find plenty of peers.
Population: 58,720
Median Household Income: $69,171
Cost of Living: 86% of U.S. average
Average Rent Price: $1,100
Home Price-to-Income Ratio: 4.2
2. Cheyenne
Photo credit: iStock/DenisTangneyJr
With a perfect combination of outdoorsy opportunities and in-town to-dos, Cheyenne truly offers something for everyone — including young adults. As this is the state capital, those interested in going into government positions will find ample opportunities, while the health care and education industries offer alternate career paths.
Population: 65,168
Median Household Income: $77,176
Cost of Living: 99% of U.S. average
Average Rent Price: $1,375
Home Price-to-Income Ratio: 4.7
3. Rock Springs
Photo credit: iStock/tristanbnz
Looking for a slower pace of life? For young adults ready to move to a smaller community, Rock Springs may offer a soft landing pad. Along with its very low cost of living, the town offers a brief commute to other communities like Green River and Evanston, so there’s even more opportunity to mix, mingle, and explore.
Population: 22,954
Median Household Income: $73,307
Cost of Living: 82% of U.S. average
Average Rent Price: $899
Home Price-to-Income Ratio: 3.8
💡 Quick Tip: Generally, the lower your debt-to-income ratio, the better loan terms you’ll be offered. One way to improve your ratio is to increase your income (hello, side hustle!). Another way is to consolidate your debt and lower your monthly debt payments.
Best Places to Live in Wyoming for Retirees
Retiring amidst the Wyoming mountains sounds like a dream for many — especially since the Cowboy State doesn’t tax retirement benefits. Given its low cost of living, Wyoming may be a feasible place for those on a fixed income to hang their hat in their golden years — especially these affordable communities.
1. Rawlins
Photo credit: iStock/BOB WESTON
Small-town living with all the basics covered — and a cost of living some 20% lower than the U.S. average — makes Rawlins an option that beckons to some retirees. The Carbon County seat is home to attractions like the Wyoming Frontier Prison Museum, along with the dog-friendly Rawlins Spring Park for afternoon walks. The Rawlins Senior Center hosts Tai Chi classes as well as games of Bunco, cribbage, and bingo.
Population: 8,032
Median Household Income: $69,912
Cost of Living: 81% of U.S. average
Average Rent Price: $785
Home Price-to-Income Ratio: 2.7
2. Torrington
Photo credit: iStock/fotoguy22
An extremely small-town option with a high percentage of seniors, Torrington offers retirees the chance to feel at home in that “everybody knows your name” kind of way. Plus, a cost of living 16% lower than the national average makes living on a fixed income more feasible.
Population: 6,212
Median Household Income: $53,393
Cost of Living: 84% of U.S. average
Average Rent Price: $900
Home Price-to-Income Ratio: 4.3
3. Gillette
Photo credit: iStock/Brittany Grant
For retirees who still want the resources of a mid-sized city — but are also looking for the reduced living costs of a smaller town — Gillette offers a meet-in-the-middle compromise. With plenty of things to do (including the well-kept greenery of the Bell Nob Golf Course), Gillette makes it easy to stay active.
Population: 33,496
Median Household Income: $90,699
Cost of Living: 85% of U.S. average
Average Rent Price: $1,150
Home Price-to-Income Ratio: 3.8
Best Places to Live in Wyoming Near the Mountains
Looking to live in the shadows of purple mountain majesties… or just like to shred come wintertime? Wyoming has plenty of opportunities.
1. Cody
Photo credit: iStock/Danielrao
Given Cody’s proximity to Yellowstone National Park — the first national park not only in America, but the world, by the way — we couldn’t fail to include it on this list. Plus, a cost of living 16% lower than the U.S. average means this mountain paradise is accessible to many.
Population: 10,240
Median Household Income: $68,676
Cost of Living: 84% of U.S. average
Average Rent Price: $1,750
Home Price-to-Income Ratio: 7.1
2. Rawlins
Photo credit: iStock/BOB WESTON
Within an easy drive of Medicine Bow-Routt National Forest and the North Platte River, Rawlins offers sweeping countryside views and excellent outdoor to-dos. And you don’t even have to go far: Nearby Rawlins Peak is a common quick hike you could do in an afternoon.
Population: 8,032
Median Household Income: $69,912
Cost of Living: 81% of U.S. average
Average Rent Price: $785
Home Price-to-Income Ratio: 2.7
3. Riverton
Photo credit: Flickr/Jimmy Emerson, DVM , Creative Commons Attribution-NonCommercial-NoDerivs 2.0 Generic
As Riverton’s name suggests, a river really does run through it — and it doesn’t take too much driving by Wyoming standards to get into the mountains. In fact, Moran, tucked into the heart of the Tetons, is just a two-hour drive away, and the sweeping views of other ranges are much closer.
Population: 10,923
Median Household Income: $56,280
Cost of Living: 80% of U.S. average
Average Rent Price: $800
Home Price-to-Income Ratio: 4.4
The Takeaway
Wyoming is awash with beautiful, affordable cities and towns for people of all different backgrounds and lifestyles. Whether you’re looking for a place to raise your family or you’re a young adult ready for a fresh start, check out affordable Wyoming options like Casper, Cheyenne, and Laramie.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
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FAQ
Where is the best and cheapest place to live in Wyoming?
The most affordable major metro in Wyoming is Casper, with a cost of living some 14% lower than the U.S. average and a population of just under 60,000. Cheyenne, the state capital, is a culturally vibrant city of about 65,000 with a home-price-to-income ratio (4.7) that’s only slightly higher than Casper’s (4.2).
Where is the best place to live in Wyoming?
Everyone has their own definition of best, but for families with kids, Sheridan offers a great mix of outdoor activities and well-regarded schools, at a cost of living that’s just 89% of the national average. For those hoping for as much city hustle-bustle as possible, the capital city of Cheyenne might beckon.
What city in Wyoming has the lowest property taxes?
Wyoming has an average property tax of 0.58%, lower than two-thirds of U.S. states, so any city here will be better than many cities elsewhere. The tax rate varies by county, and Teton County (the state’s highest-income county and home to the city of Jackson) boasts one of the lowest; the median effective rate is 0.39%.
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.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. 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.
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.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
‡SoFi On-Time Close Guarantee: If all conditions of the Guarantee are met, and your loan does not close on or before the closing date on your purchase contract accepted by SoFi, and the delay is due to SoFi, SoFi will provide you $2,000.^ Terms and conditions apply. This Guarantee is available only for loan applications submitted after 6/15/22 for the purchase of a primary residence. Please discuss terms of this Guarantee with your loan officer. The property must be owner-occupied, single-family residence (no condos), and the loan amount must meet the Fannie Mae conventional guidelines. No bank-owned or short-sale transactions. To qualify for the Guarantee, you must: (1) Have employment income supported by W-2, (2) Receive written approval by SoFi for the loan and you lock the rate, (3) submit an executed purchase contract on an eligible property at least 30 days prior to the closing date in the purchase contract, (4) provide to SoFi (by upload) all required documentation within 24 hours of SoFi requesting your documentation and upload any follow-up required documents within 36 hours of the request, and (5) pay for and schedule an appraisal within 48 hours of the appraiser first contacting you by phone or email. The Guarantee will be void and not paid if any delays to closing are due to factors outside of SoFi control, including delays scheduling or completing the appraisal appointment, appraised value disputes, completing a property inspection, making repairs to the property by any party, addressing possible title defects, natural disasters, further negotiation of or changes to the purchase contract, changes to the loan terms, or changes in borrower’s eligibility for the loan (e.g., changes in credit profile or employment), or if property purchase does not occur. SoFi may change or terminate this offer at any time without notice to you. ^To redeem the Guarantee if conditions met, see documentation provided by loan officer.
+Lock and Look program: Terms and conditions apply. Applies to conventional purchase loans only. Rate will lock for 91 calendar days at the time of preapproval. An executed purchase contract is required within 60 days of your initial rate lock. If current market pricing improves by 0.25 percentage points or more from the original locked rate, you may request your loan officer to review your loan application to determine if you qualify for a one-time float down. SoFi reserves the right to change or terminate this offer at any time with or without notice to you.
Qualifying for the reward requires using a real estate agent that participates in HomeStory’s broker to broker agreement to complete the real estate buy and/or sell transaction. You retain the right to negotiate buyer and or seller representation agreements. Upon successful close of the transaction, the Real Estate Agent pays a fee to HomeStory Real Estate Services. All Agents have been independently vetted by HomeStory to meet performance expectations required to participate in the program. If you are currently working with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®. A reward is not available where prohibited by state law, including Alaska, Iowa, Louisiana and Missouri. A reduced agent commission may be available for sellers in lieu of the reward in Mississippi, New Jersey, Oklahoma, and Oregon and should be discussed with the agent upon enrollment. No reward will be available for buyers in Mississippi, Oklahoma, and Oregon. A commission credit may be available for buyers in lieu of the reward in New Jersey and must be discussed with the agent upon enrollment and included in a Buyer Agency Agreement with Rebate Provision. Rewards in Kansas and Tennessee are required to be delivered by gift card.
HomeStory will issue the reward using the payment option you select and will be sent to the client enrolled in the program within 45 days of HomeStory Real Estate Services receipt of settlement statements and any other documentation reasonably required to calculate the applicable reward amount. Real estate agent fees and commissions still apply. Short sale transactions do not qualify for the reward. Depending on state regulations highlighted above, reward amount is based on sale price of the home purchased and/or sold and cannot exceed $9,500 per buy or sell transaction. Employer-sponsored relocations may preclude participation in the reward program offering. SoFi is not responsible for the reward.
SoFi Bank, N.A. (NMLS #696891) does not perform any activity that is or could be construed as unlicensed real estate activity, and SoFi is not licensed as a real estate broker. Agents of SoFi are not authorized to perform real estate activity.
If your property is currently listed with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®.
Reward is valid for 18 months from date of enrollment. After 18 months, you must re-enroll to be eligible for a reward.
SoFi loans subject to credit approval. Offer subject to change or cancellation without notice.
The trademarks, logos and names of other companies, products and services are the property of their respective owners.
SOHL-Q125-129
Best Affordable Places to Live in Iowa in 2025
Best Affordable Places to Live in Iowa in 2025
By Lauren Ward
(Last Updated – 03/2025)
Iowa, the Hawkeye state, is known for its corn fields and state fair. It’s home to a population of about 3.2 million people and has a strong economy with just a 3.2% unemployment rate (compared to 4.1% nationwide as of December 2024). The cost of living is also 10.3% lower than the country’s average. Check out the best places to live in Iowa, whether you’re looking broadly or want to find the spots most suitable to families, seniors, or young professionals.
Best Places to Live in Iowa
There are plenty of options to choose from when looking for the best places in Iowa to live. Some cities, like Des Moines and Davenport, may be especially well-suited to working professionals and young families, particularly in more affordable surrounding areas. Other parts of the state are more peaceful and affordable for those who like the quiet life, such as Iowa Falls.
💡 Quick Tip: SoFi’s Lock and Look + feature allows you to lock in a low mortgage financing rate for 90 days while you search for the perfect place to call home.
Best Affordable Places to Live in Iowa
Ready to discover the best affordable places to live in Iowa? We’ve got you covered with these options.
1. Waterloo
Photo credit: iStock/DenisTangneyJr
Waterloo can be an inviting place for first-time homebuyers, as well as renters looking for a reasonably priced place to call home.
Population: 66,606
Median Household Income: $56,344
Cost of Living: 82%
Average Rent Price: $850
Home Price-to-Income Ratio: 2.47
2. Davenport
Photo credit: iStock/DenisTangneyJr
Davenport is an affordable area that has become increasingly popular and is the largest city in the Quad Cities — a region of four cities across both Iowa and Illinois. You’ll find plenty of entertainment and breweries in Davenport, along with one of the nation’s largest St. Patrick’s Day parades.
Population: 100,354
Median Household Income: $64,497
Cost of Living: 85% of U.S. average
Average Rent Price: $950
Home Price-to-Income Ratio: 2.62
6. Sioux City
Photo credit: iStock/BergmannD
Sioux City is in northwestern Iowa and has an attractively low cost of living. The city is steeped in natural history and includes hands-on attractions like a fossil dig site replica, the LaunchPAD Children’s Museum, and the Sergeant Floyd River Museum.
Population: 85,727
Median Household Income: $65,473
Cost of Living: 85% of U.S. average
Average Rent Price: $1,200
Home Price-to-Income Ratio: 2.75
Best Places to Live in Iowa for Families
Looking for the best places to live in Iowa for families? We’ve picked three affordable options across the state.
1. Waukee
Photo credit: iStock/Jacob Boomsma
A suburb of Des Moines, Waukee is one of the top spots for families in the state. It’s got family favorites like a movie theater and bowling alley, as well as a robust parks system for outdoor play time.
Population: 31,645
Median Household Income: $106,728
Cost of Living: 91% of U.S. average
Average Rent Price: $2,000
Home Price-to-Income Ratio: 3.22
2. Grimes
Also near Des Moines, Grimes is perfect for families who love to experience unique activities together. It has arcades, indoor rock climbing, and a family-friendly raceway. Parents also appreciate the town’s well-rated public school system.
Population: 16,362
Median Household Income: $104,497
Cost of Living: 91% of U.S. average
Average Rent Price: $1,500
Home Price-to-Income Ratio: 3.24
3. North Liberty
North Liberty is a suburban community located less than 20 minutes outside of Iowa City. The town’s Centennial Park hosts a major blues and barbecue festival each summer, and there’s also an active outdoors scene in the winter time. The family can enjoy seasonal activities like ice fishing, skating, and sculpture walks.
If you’re considering moving to North Liberty and buying a home, it could be helpful to browse tips on how to qualify for a mortgage.
Population: 21,345
Median Household Income: $103,933
Cost of Living: 88% of U.S. average
Average Rent Price: $1,350
Home Price-to-Income Ratio: 2.79
Recommended: Different Types of Mortgage Loans
Best Places to Live in Iowa for Young Adults
Young adults have plenty of places to choose from across Iowa, balancing both work and play. Here are our top picks.
1. Des Moines
Photo credit: iStock/f11photo
Young adults looking for strong job opportunities will appreciate the low unemployment rate in Des Moines, with a significant proportion of jobs in the health care and financial sectors. The city has a thriving brewery scene as well as a huge network of hiking, jogging, and biking trails.
If you are shopping for your first home, make sure you understand the difference between mortgage prequalification and preapproval.
Population: 210,381
Median Household Income: $63,966
Cost of Living: 93% of U.S. average
Average Rent Price: $1,125
Home Price-to-Income Ratio: 3.12
2. Tiffin
Young professionals who want a charming small town feel should consider Tiffin. It’s just outside of Cedar Rapids, and the nearby F.W. Kent County Park is a prime spot for outdoor recreation enthusiasts.
If you’re considering putting down roots in Tiffin, the town’s affordability means that the average home still shouldn’t require a jumbo mortgage loan.
Population: 6,325
Median Household Income: $106,034
Cost of Living: 89.6% of U.S. average
Average Rent Price: $1,386
Home Price-to-Income Ratio: 2.93
3. Clive
Clive is located just outside of Des Moines. Young adults will enjoy the nightlife in local breweries and bars. You’ll also find outlets for your hobbies, thanks to spots to pursue swimming, art, and more.
Population: 19,005
Median Household Income: $131,082
Cost of Living: 91% of U.S. average
Average Rent Price: $1,275
Home Price-to-Income Ratio: 3.09
Recommended: Cost of Living by State
Best Places to Live in Iowa for Retirees
Looking for the best places to live in Iowa for seniors? Here are three affordable picks to consider.
1. Marion
Photo credit: Wikimedia Commons/James.Heires , Creative Commons Attribution-ShareAlike 4.0 International
Seniors account for almost 20% of the adult population in Marion, making it a great place to retire. Plus, the city organizes plenty of activities for this age group, including games, fitness, and dancing.
Population: 42,213
Median Household Income: $87,105
Cost of Living: 83% of U.S. average
Average Rent Price: $775
Home Price-to-Income Ratio: 2.92
2. Keokuk
Photo credit: Flickr/Jimmy Emerson, DVM , Creative Commons Attribution-NonCommercial-NoDerivs 2.0 Generic
This Mississippi River town is nestled close to the Illinois border and within two hours by car from Iowa City and Cedar Rapids, which means both entertainment and major health care centers are within reach. Home prices in Keokuk tend to be extremely low.
Population: 9,513
Median Household Income: $49,340
Cost of Living: 82% of U.S. average
Average Rent Price: $1,100
Home Price-to-Income Ratio: 1.65
3. Windsor Heights
Photo credit: Wikimedia Commons/Mikjones24 , Creative Commons Attribution-ShareAlike 4.0 International
For retirees who want to stay in the Des Moines area, Windsor Heights is a great suburban option. It’s just a 10 minute drive away, and it offers a small-town feel with plenty of cafes and parks.
Population: 5,067
Median Household Income: $89,083
Cost of Living: 89% of U.S. average
Average Rent Price: $1,295
Home Price-to-Income Ratio: 3.03
Recommended: Home Loan Help Center
Best Places to Live in Iowa Near the Water
Iowa is full of majestic rivers and lakes. Here are the top spots for moving closer to the water, either as your full-time home or as an affordable weekend getaway.
1. Burlington
Photo credit: iStock/EJ_Rodriquez
Located on the banks of the Mississippi River, Burlington is an affordable town with an accessible waterfront. Take in sweeping river views from the bluffs of Mosquito Park, or jump in a kayak or canoe from one of the many public boat ramps.
Are you in the market for a home in Burlington? Consider going through the mortgage preapproval process, which can help give you an edge.
Population: 23,565
Median Household Income: $55,274
Cost of Living: 80% of U.S. average
Average Rent Price: $750
Home Price-to-Income Ratio: 2.09
2. Waterloo
Photo credit: iStock/DenisTangneyJr
Explore the Cedar River in Waterloo both on land and water. There are calm areas for canoeing and kayaking, or you can opt for a power boat to get around. There’s also a thriving arts scene anchored by the nearby Cedar Rapids Museum of Art.
Population: 66,606
Median Household Income: $56,344
Cost of Living: 82% of U.S. average
Average Rent Price: $850
Home Price-to-Income Ratio: 2.47
3. Iowa Falls
Iowa Falls sits on the Iowa River with plenty of areas to explore by foot, car, canoe, or kayak. Fishing, hiking, camping, and paddling are all popular pursuits. One of the city’s best river vantage points is from the historic swinging bridge in Assembly Park.
Population: 5,002
Median Household Income: $53,051
Cost of Living: 74.1% of U.S. average
Average Rent Price: $1,100
Home Price-to-Income Ratio: 2.26
💡 Quick Tip: If you refinance your mortgage and shorten your loan term, you could save a substantial amount in interest over the lifetime of the loan.
The Takeaway
There are plenty of affordable options when searching for the best place to live in Iowa, including suburban areas close to busy cities and pretty river towns. Not certain Iowa is the spot? Explore a guide to the cost of living by state for more options.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
Browse Other States
FAQ
Where is the cheapest suburban place to live in Iowa?
There are many affordable suburbs to enjoy in Iowa. Clive, Tiffin, and Waukee are a few of the options to consider that provide a tranquil setting close to a major city.
Where is the nicest place to live in Iowa?
It depends what you’re looking for. There are plenty of bustling urban areas, like Des Moines and Davenport. But you may also enjoy a charming small town such as Tiffin or living close to the water in Iowa Falls.
How much money do you need to live comfortably in Iowa?
The amount of money you need to live comfortably in Iowa varies based on where you live and work. In Des Moines, in a family of four with one working adult and two children, the adult would need to earn an average of $38.82 per hour, or about $80,00 a year, according to the Massachusetts Institute of Technology Living Wage Calculator.
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.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. 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.
+Lock and Look program: Terms and conditions apply. Applies to conventional purchase loans only. Rate will lock for 91 calendar days at the time of preapproval. An executed purchase contract is required within 60 days of your initial rate lock. If current market pricing improves by 0.25 percentage points or more from the original locked rate, you may request your loan officer to review your loan application to determine if you qualify for a one-time float down. SoFi reserves the right to change or terminate this offer at any time with or without notice to you.
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.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Qualifying for the reward requires using a real estate agent that participates in HomeStory’s broker to broker agreement to complete the real estate buy and/or sell transaction. You retain the right to negotiate buyer and or seller representation agreements. Upon successful close of the transaction, the Real Estate Agent pays a fee to HomeStory Real Estate Services. All Agents have been independently vetted by HomeStory to meet performance expectations required to participate in the program. If you are currently working with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®. A reward is not available where prohibited by state law, including Alaska, Iowa, Louisiana and Missouri. A reduced agent commission may be available for sellers in lieu of the reward in Mississippi, New Jersey, Oklahoma, and Oregon and should be discussed with the agent upon enrollment. No reward will be available for buyers in Mississippi, Oklahoma, and Oregon. A commission credit may be available for buyers in lieu of the reward in New Jersey and must be discussed with the agent upon enrollment and included in a Buyer Agency Agreement with Rebate Provision. Rewards in Kansas and Tennessee are required to be delivered by gift card.
HomeStory will issue the reward using the payment option you select and will be sent to the client enrolled in the program within 45 days of HomeStory Real Estate Services receipt of settlement statements and any other documentation reasonably required to calculate the applicable reward amount. Real estate agent fees and commissions still apply. Short sale transactions do not qualify for the reward. Depending on state regulations highlighted above, reward amount is based on sale price of the home purchased and/or sold and cannot exceed $9,500 per buy or sell transaction. Employer-sponsored relocations may preclude participation in the reward program offering. SoFi is not responsible for the reward.
SoFi Bank, N.A. (NMLS #696891) does not perform any activity that is or could be construed as unlicensed real estate activity, and SoFi is not licensed as a real estate broker. Agents of SoFi are not authorized to perform real estate activity.
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SOHL-Q125-094
Arizona: The Best Affordable Places to Live in 2025
Best Affordable Places to Live in Arizona in 2025
(Last Updated – 03/2025)
With a statewide cost of living that’s 111.5% of the national average, Arizona may not be what everyone would call a cheap place to live, but it can be a relatively affordable piece of southwestern paradise — especially when you consider that the average is driven up by expensive towns like Sedona. There are plenty of less costly places to live in the Grand Canyon State, and residents can enjoy year-round sun and sprawling desert vistas.
Plus, with a top marginal state income tax rate of just 2.5%, Arizona is one of the least-taxed states in the southwest (outside of neighboring Nevada, which doesn’t have any state income tax at all).
In short, there are plenty of reasons to consider a move to this somewhat-undersung hero of a state. But which cities are the best place in Arizona to live?
Best Places to Live in Arizona
From the wild and wonderful communities in the heart of the state to the shores of Lake Havasu and its major cities, too, Arizona truly has something for everyone when it comes to affordable places to live.
Below, we’ve broken these out into several lists depending on your personal needs and life circumstances. In some cases, the same city appears on more than one list. What can we say? Some places in Arizona are just that awesome.
💡 Quick Tip: SoFi’s Lock and Look + feature allows you to lock in a low mortgage financing rate for 90 days while you search for the perfect place to call home.
Best Affordable Places to Live in Arizona
What are the cheapest places to live in Arizona? Glad you asked. Arizona’s statewide cost of living is attractive, but some cities and towns stand out. (Remember that if you are choosing from among several locations to make your new home, you can examine the cost of living by state for each.)
1. Tucson
Photo credit: iStock/DenisTangneyJr
Although there are more affordable (albeit much smaller) communities in Arizona, when it comes to bang for your buck, Tucson takes the cake. Offering a heady combination of cosmopolitan features, a large population, and easy access to some of the most beautiful wildernesses in the country — including Saguaro National Park — Tucson is our pick for those looking to live affordably in Arizona.
Population: 547,239
Median Household Income: $54,546
Cost of Living: 99% of U.S. average
Average Rent Price: $1,650
Home Price-to-Income Ratio: 6.0
2. Sierra Vista
Photo credit: iStock/CochiseVista
Just over an hour southeast of Tucson, Sierra Vista offers another, even more affordable southern Arizona option perfect for those who want all of the above — but with a slower pace of life. With a plethora of outdoor to-dos like Garden Canyon and the Coronado National Museum, coupled with just the right amount of city amenities, Sierra Vista is a hidden gem that’s easy on the eyes and the wallet. It could be a good bet for Arizona first-time homebuyers.
Population: 44,431
Median Household Income: $69,783
Cost of Living: 85% of U.S. average
Average Rent Price: $1,210
Home Price-to-Income Ratio: 4.13
Recommended: First-Time Homebuyer Guide
3. Phoenix
Photo credit: iStock/4kodiak
By far the most populous city in Arizona — not to mention its capital — Phoenix might be accused of urban sprawl, but what it really offers is a multiplex of communities that truly mean there’s something for everyone.
Population: 1,650,070
Median Household Income: $77,041
Cost of Living: 108% of U.S. average
Average Rent Price: $1,946
Home Price-to-Income Ratio: 5.34
Best Places to Live in Arizona for Families
If you’re raising a family, affordability is key — but so are other factors, like the quality of the local school system. Here are some of the most affordable cities in Arizona that are worth a closer look if you’ve got kids.
1. Gilbert
Photo credit: iStock/halbergman
Families looking at Gilbert might appreciate its well-ranked public school system and easy access to all the amenities greater Phoenix has to offer. It’s also one of the closest Phoenix communities to the airport, which is key when it’s time to visit the grandparents. To compete more effectively in the Gilbert market (or any market) as a homebuyer, think about going through the mortgage preapproval process before your search heats up.
Population: 275,411
Median Household Income: $121,351
Cost of Living: 114% of U.S. average
Average Rent Price: $2,486
Home Price-to-Income Ratio: 4.71
Recommended: Mortgage Prequalification vs. Preapproval
2. Peoria
Photo credit: iStock/halbergman
On the other end of the greater Phoenix area, Peoria offers the quintessential suburb experience with an outdoorsy bent. The city extends far enough north to include Lake Pleasant Regional Park, not to mention a stretch of Agua Fria riverfront.
Population: 198,750
Median Household Income: $93,403
Cost of Living: 96% of U.S. average
Average Rent Price: $2,284
Home Price-to-Income Ratio: 4.23
3. Tucson
Photo credit: iStock/DenisTangneyJr
Tucson makes the list yet again — for all the reasons we’ve named above, which are just as good with kids in tow. Families can enjoy outings to the area’s many beautiful wilderness areas while also taking advantage of in-town to-dos like the Pima Air and Space Museum and Tucson Botanical Gardens.
Considering a purchase in Tucson? Check out an online home loan help center to find out more about mortgage options.
Population: 547,239
Median Household Income: $54,546
Cost of Living: 99% of U.S. average
Average Rent Price: $1,650
Home Price-to-Income Ratio: 6.0
💡 Quick Tip: Generally, the lower your debt-to-income ratio, the better loan terms you’ll be offered. One way to improve your ratio is to increase your income (hello, side hustle!). Another way is to consolidate your debt and lower your monthly debt payments.
Best Places to Live in Arizona for Young Adults
For adults between ages 20 and 40, a great place to live is often about job opportunities, social opportunities — and, yes, affordability. Here are some Arizona cities that balance it all.
1. Tucson
Photo credit: iStock/DutcherAerials
Once again, Tucson makes the list — and with all its benefits, how could it not? The substantial population size means plenty of opportunities to mix, mingle, and network, and the proximity to outdoor spaces mean plenty of affordable first dates. Tucson’s median age is 35, and the city offers plenty of job opportunities in fields ranging from aerospace engineering to health care. And — again — it’s about as affordable as big cities come.
Population: 547,239
Median Household Income: $54,546
Cost of Living: 99% of U.S. average
Average Rent Price: $1,650
Home Price-to-Income Ratio: 6.0
2. Yuma
Photo credit: iStock/MattGush
With a cost of living about 11% lower than the U.S. average, Yuma is one of the most affordable cities in Arizona overall — and it has a large population base, which means plenty of opportunities to make friends. Almost always sunny and with lots of outdoor adventures awaiting, Yuma also boasts a growing art scene. Yuma is close to the Mexican border, and 62% of its residents are of Hispanic heritage.
Population: 100,858
Median Household Income: $62,546
Cost of Living: 89% of U.S. average
Average Rent Price: $1,600
Home Price-to-Income Ratio: 4.73
3. Bisbee
Photo credit: iStock/DenisTangneyJr
For young adults who are willing to live in a truly small town, Bisbee pays dividends — and not just because it’s affordable. A tiny, artsy city situated right along the Mexican border, Bisbee is a great place to live out your bohemian dreams. That said, you might need a remote job based somewhere bigger to make it work.
Population: 4,963
Median Household Income: $46,689
Cost of Living: 85% of U.S. average
Average Rent Price: $1,150
Home Price-to-Income Ratio: 4.65
Best Places to Live in Arizona for Retirees
Where better to live out one’s golden years than in a land of golden sands and sunsets? (And did we mention that Arizona, as a whole, doesn’t tax Social Security benefits?) Of course you could visit (some cities in Arizona see their population double between December and March). But why not settle down in one of these best places in Arizona for retirees?
1. Sierra Vista
Photo credit: iStock/Cheri Alguire
With southerly climes staying warm all year long — no shoveling — and an easy proximity to the bigger-city resources of Tucson, Sierra Vista is the perfect locale for seniors. Sierra Vista offers a sleepier lifestyle and lower prices than its bigger-city cousin, and almost a quarter its population is aged 65 or over.
Population: 44,431
Median Household Income: $69,783
Cost of Living: 85% of U.S. average
Average Rent Price: $1,210
Home Price-to-Income Ratio: 4.13
Recommended: Refinance Your Mortgage and Save
2. Casa Grande
Photo credit: iStock/MattGush
For Phoenix-area retirees looking to get some distance from the hustle and bustle — or those from anywhere just looking for an affordable, sunshiney place to live — Casa Grande is an excellent pick for a retirement option near Arizona’s capital. Plus, it’s home to the well-rated Banner Casa Grande Medical Center and Hospital.
Population: 63,743
Median Household Income: $66,354
Cost of Living: 103% of U.S. average
Average Rent Price: $1,795
Home Price-to-Income Ratio: 5.5
3. Lake Havasu City
Photo credit: iStock/DenisTangneyJr
Why not retire where others vacation? Lake Havasu City offers retirees the opportunity to enjoy the waterfront every day of their golden years, if they like, and it’s a whole lot cheaper than moving to Malibu (though you might fall for a pricier property here that could require a jumbo mortgage loan). Look north of Lake Havasu, in Bullhead City, for less costly lake-adjacent lodgings and a noticeably lower cost of living.
Population: 59,257
Median Household Income: $66,264
Cost of Living: 95% of U.S. average
Average Rent Price: $1,975
Home Price-to-Income Ratio: 7.76
Best Places to Live in Arizona Near the Mountains
Arizona’s beautiful in so many different ways, just about everywhere you go. But some people get so caught up in its canyons that they forget about its stunning mountains — which are also home to plenty of wonderful, affordable communities to choose from.
1. Payson
Photo credit: iStock/Danielle Leonard
The perfect option for people who want to live within a stone’s throw of a big city — but far enough away to see the stars at night — Payson is just an hour and a half from the heart of Phoenix, but totally surrounded by untouched wildernesses. The vast expanse of Tonto National Forest is just one option; Payson is also close to several gorgeous mountain ranges.
Population: 16,731
Median Household Income: $65,175
Cost of Living: 103% of U.S. average
Average Rent Price: $2,100
Home Price-to-Income Ratio: 6.66
2. Bisbee
Photo credit: iStock/DenisTangneyJr
Located right alongside the Mule Mountain range, Bisbee offers a smaller and more laidback opportunity to enjoy an outdoorsy life with a small but mighty home base — in a community of only 5,000 or so, you’ll be sure to know your neighbors. If you need bigger city resources, Sierra Vista is just a half hour away.
Population: 4,963
Median Household Income: $46,689
Cost of Living: 85% of U.S. average
Average Rent Price: $1,150
Home Price-to-Income Ratio: 4.65
Recommended: Tips to Qualify for a Mortgage
3. Douglas
Photo credit: iStock/JeffGoulden
A border town just across the way from Mexico’s Agua Prieta, Douglas boasts the beautiful view of the Chiricahua Mountains to the northeast. And with median rental prices sitting at just under $800, this is by far one of the most affordable communities on the list. If you decide you’d like to buy in Douglas, it can be a smart move to study up on the different types of home mortgages.
Population: 15,638
Median Household Income: $39,350
Cost of Living: 79% of U.S. average
Median Rent Price: $775
Home Price-to-Income Ratio: 4.13
The Takeaway
Overall, you might prepare to pay more to live in the beautiful southwestern state of Arizona as its cost of living is 111.5% of the U.S. average. But there are affordable options for families, young professionals, retirees, and nature lovers across the state. Relatively low income tax rates and sunny days make the Copper State well worth the move for many.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
Browse Other States
FAQ
Where is the cheapest and nicest place to live in Arizona?
While “nicest” is subjective, Bisbee and Douglas are among the towns in Arizona that offer an affordable cost of living.
How much money do you need to live comfortably in Arizona?
Everyone has their own definition of living comfortably, but a living wage in Arizona could range from $50,794 for a single adult to $108,1000 for two adults (one working) with two children.
Are Arizona home prices coming down?
On average, home prices in Arizona rose 4.6% year over year as of January 2025, according to Redfin. However, in some communities, Arizona home prices are falling. The housing market is a dynamic ecosystem that constantly changes, so check in the specific area you’re considering for an up-to-the-minute view of what’s going on.
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.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. 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.
+Lock and Look program: Terms and conditions apply. Applies to conventional purchase loans only. Rate will lock for 91 calendar days at the time of preapproval. An executed purchase contract is required within 60 days of your initial rate lock. If current market pricing improves by 0.25 percentage points or more from the original locked rate, you may request your loan officer to review your loan application to determine if you qualify for a one-time float down. SoFi reserves the right to change or terminate this offer at any time with or without notice to you.
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.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
SOHL-Q125-082
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