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Earn more with a welcome bonus of up to $300†, and save more with no account fees3 or minimum balance requirements.
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How easy is it to open a SoFi Checking & Savings account?
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What will my APY be?
As long as you direct deposit your pay or add $5,000 every 30 days, you’ll earn 3.60% APY on your savings & Vaults balances and 0.50% APY on your checking balances.* If you do not have a direct deposit or $5,000 in deposits every 30 days, you’ll earn 1.00% APY on savings & Vaults balances and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. Additional information can be found at sofi.com/legal/banking-rate-sheet.
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Does the checking account come with a savings account?
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What interest rate can I earn with direct deposit?
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• Home equity loan rates vary based on factors like lender, prime rate, and economic conditions.
• Home equity loans allow homeowners to borrow against their home’s equity for large expenses like renovations or debt consolidation.
• Home equity loan interest rates are influenced by the borrower’s credit score, debt-to-income ratio, and loan-to-value ratio.
• Interest rates on home equity loans are typically fixed, while home equity line of credit rates are variable.
• Alternatives to home equity loans include HELOCs, HECMs, and cash-out refinances, each with its own features and eligibility requirements.
Introduction to Home Equity Loan Rates
A home equity loan allows you to get equity out of your home. It uses your home as collateral, so it will likely offer a lower interest rate than an unsecured personal loan. In this guide, we’ll run down all the facts you need to know about home equity loan rates in Utah. We’ll look at how rates are set and provide details on how you can qualify for the best available rate on a home equity loan.
A home equity loan is essentially a second mortgage, with your home as the collateral. You receive the funds in a lump sum and then repay them, with interest, in equal monthly installments over a period of 5 to 30 years. These loans generally have a fixed rate, and at least 20% equity in your home will likely be required.
The Source of Home Equity Loan Interest Rates
Home equity loan interest rates are very important, as they largely determine the overall cost of your loan. These rates are influenced by a variety of economic factors. Federal Reserve policy decisions affect lenders’ prime rates, which is the rate that a bank charges its most creditworthy customers.
How Interest Rates Impact Home Equity Loan Affordability
Understanding how interest rates affect your loan is crucial. The chart below shows how different loan amounts, interest rates, and loan terms influence monthly costs. It’s important to realize that while the difference each month between, say, a 7.00% and an 8.00% interest rate may not be staggering, the difference in the total cost of the loan can run to thousands — even tens of thousands — of dollars, depending on the size of the loan.
Loan Amount
Loan Term
Interest Rate
Monthly Payment
$100,000
20 years
8.00%
$836
7.00%
$775
10 years
8.00%
$1,213
7.00%
$1,161
$50,000
20 years
8.00%
$418
7.00%
$388
10 years
8.00%
$607
7.00%
$581
$25,000
20 years
8.00%
$209
7.00%
$194
10 years
8.00%
$303
7.00%
$290
Home Equity Loan Rate Trends
The prime rate is an important determinant of the interest rate you may be offered for a home equity loan in Utah, so it pays to keep tabs on where current rates are and how they stack up against historical rates. The average prime rate hit a low of 3.25% in 2020 and a high of 8.50% in 2023. The graphic below shows the history of the average over five-plus decades. As you will see, history shows that it doesn’t drift below 4.00% very often.
In Utah, as throughout the U.S., several factors beyond the prime rate come into play when determining home equity loan rates. Your credit score, home value, loan-to-value ratio, property location, and lender policies all have an impact on the rate you’re offered. These are important, so we’ll look at each factor individually.
Credit Score
You probably remember that when you got your home loan, your credit score was a critical part of the lender’s criteria. This is true with a home equity loan, as well. Lenders want to see a credit score of 680 or higher from a home equity loan applicant, although higher scores may get you a better rate.
Home Value
Lenders typically use independent appraisals to determine the value of your property before offering a loan. This appraised value of your home is key to determining exactly how much they will lend.
Loan-to-Value (LTV) Ratio
Once you know your home’s appraised value, you can figure out your LTV ratio. Your combined LTV ratio is calculated by dividing the remaining balance on your first mortgage plus the loan amount you’re seeking by the appraised value of the home. The maximum combined LTV lenders typically allow for home equity loans is around 85%.
Home Value Stability
Where you live in Utah is also important because movements of the local real estate market may affect your loan rate. If your home’s value is on the rise, lenders are more likely to greenlight a larger home equity loan, as an increasing property value helps lower their risk. But if values in your area are falling, lenders may offer smaller home equity loans.
Property Location
Where your property is located also impacts your interest rate in another way. If your home is in an area that is at a higher risk for natural disasters, you may be offered a higher rate, reflecting the fact that the lender is taking on more risk by lending in these areas. High-risk areas are those that are more likely to experience hurricanes, floods, tornados, or wildfires, for example.
Lender Policies
Each lender has its own policies that might impact the interest rate you’re offered. This is why it’s a good idea to shop around and compare interest rates, fees, and closing costs. By doing your research and comparing your options, you might be able to find better terms and save money.
How to Qualify for the Lowest Rates
To qualify for the lowest interest rates available, take these steps before you file your first home equity loan application.
Build a Strong Credit Score
A higher credit score can lead to better rates on home equity loans. Making timely payments is important, of course, but you should also take the time to check your credit report and correct any inaccuracies (they do happen). And avoid using the max credit line on all your credit accounts.
Manage Debt-to-Income Ratio
Your debt-to-income (DTI) ratio is a significant factor when applying for a home equity loan. This ratio, which compares your monthly gross income to your monthly debt obligations, is a key indicator of your financial health. In Utah, lenders typically look for a DTI ratio below 36%, although some will go as high as 50% for home equity loans. You can figure out your DTI by adding up your monthly debts (student loan payment, car loan payment, etc.) and dividing by your gross monthly income.
Obtain Adequate Property Insurance
Full property insurance coverage is a must for home equity loans, as it protects you and your lender.
Maintain Sufficient Home Equity
If you’re eyeing a home equity loan in Utah, remember that you need to keep at least 20% equity in your property to qualify. This equity acts as a safety net for both you and the lender, ensuring that you’re not overleveraging your home.
Fixed vs. Variable Interest Rates
As noted above, home equity loans typically feature fixed interest rates. This means that the interest rate remains constant throughout the loan’s duration, ensuring predictable monthly payments. While fixed interest rates offer stability, they may result in higher initial rates compared to variable rates, which can start lower but fluctuate over time.
Tools & Calculators
Online tools and calculators can help you determine your eligibility for a home equity loan or home equity line of credit in Utah, learn your borrowing capacity, and determine what your monthly payments might be. Here are three calculators that take some of the stress out of the borrowing process:
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.
Closing Costs and Fees
Closing costs for a home equity loan can range from 2% to 5% of the loan amount. Common closing costs include an appraisal fee, credit report fee, document preparation fee, and title insurance fee, but each lender has its own fee schedule. That’s why it’s important to compare fees when you’re comparing interest rates on loan offers.
Tax Deductibility of Home Equity Loan Interest
If you use your home equity loan to build or substantially improve a home, the interest you pay could be deductible. Joint filers can claim as a deduction interest on up to $750,000 of a home equity loan, while single filers can claim interest on up to $375,000 of a loan. Just remember, you’ll need to itemize your deductions to claim this benefit. This means you’ll need to save the receipts from your renovations with your tax documents.
Alternatives to Home Equity Loans
In Utah, homeowners have alternatives to traditional home equity loans. These different types of home equity loans include a home equity line of credit (HELOC), home equity conversion mortgage (HECM), and cash-out refinance. They are all different so make sure you study the details:
Home Equity Line of Credit (HELOC)
Qualifying for a home equity line of credit (HELOC) is similar to getting a home equity loan, but in actual use, a HELOC feels more like a credit card. You get a lender’s permission to borrow up to a certain limit, but you only pay interest on the portion of that credit line you actually use. As you consider the HELOC vs. home equity loan decision, it’s worth noting that the HELOC’s interest rate is usually variable and so can increase (or decrease) with time.
Home Equity Conversion Mortgage (HECM)
A home equity conversion mortgage (HECM) is a government-insured reverse mortgage program. Homeowners who are 62 years of age or older can withdraw some of the equity in their home as a lump sum, fixed monthly payments, a line of credit, or a combination of these. Unlike a home equity loan, HECMs do not require borrowers to make monthly mortgage payments. They repay the loan when they leave the home. (While SoFi does not offer HECMs at this time, we do offer home equity loans and HELOCs.)
Cash-Out Refinance
A cash-out refinance is a special type of mortgage refinance. With a cash-out refi, you get a new mortgage that’s bigger than your old one. You’ll then pay off the old loan and be left with extra cash. Considering a cash-out refinance vs. a home equity line of credit? One thing to remember is that a cash-out refi leaves you with one monthly payment instead of two, which some borrowers find attractive. However, if your existing mortgage rate is nicely below current rates in Utah, you may find that doing a refinance won’t save you money on interest charges. Use a mortgage calculator to run the numbers before signing on.
The Takeaway
Understanding Utah home equity loan rates and what influences them is key to making smart financial decisions and making the most of your hard-earned home equity. By shopping around, cultivating a good credit score, and keeping your debt-to-income ratio in check, you can improve your chances of getting the best rate available to you.
Unlock your home’s value with a home equity loan from SoFi.
What would the monthly payment be on a $50,000 home equity loan?
The monthly payment on a $50,000 home equity loan will depend on your interest rate and repayment term. Plug those numbers into a home equity loan calculator to get the exact payment amount.
What would a $100,000 HELOC look like in monthly payments?
Having a $100,000 home equity line of credit (HELOC) doesn’t mean that you have borrowed $100,000. A HELOC is a line of credit. So if you borrow $30,000 against that credit line, your monthly payment at 8.00% (with a 10-year term) could be $364. But if you use the full $100,000, then your monthly payment would be $1,213.
What is the monthly payment for a $25,000 home equity loan?
When you’re looking at a $25,000 home equity loan, it’s important to understand that the interest rate and loan term can impact your monthly payments. The monthly payment on a $25,000 home equity loan could run from $150 to around $500 depending on your interest rate and loan term.
Wondering what the payment would be on a $30,000 home equity loan?
Borrowing $30,000 with a 20-year term at a rate of 7.50% would equal a monthly payment of $242. Changing the interest rate or loan term will also change the monthly payment amount.
What might disqualify you from securing a home equity loan?
A history of bad credit, not enough equity in your home, a high debt-to-income ratio, or lacking enough property insurance can all lead to being disqualified for a home equity loan.
What are the benefits of a HELOC?
A home equity line of credit (HELOC) is an attractive financial tool for a number of reasons. It offers a lower interest rate than most credit cards, and the convenience of only paying interest on the amount of the credit line that you use. These benefits make a HELOC a good option for people who want to have financial flexibility and a cost-effective way to borrow money.
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.
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. 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. Checking Your Rates: To check the rates and terms you may 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.
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 .
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
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.
This content is provided for informational and educational purposes only and should not be construed as financial advice.
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SoFi members have earned $1B in interest on savings, paid down $33B in credit card debt, borrowed $117B to fund their ambitions through September 30, 2024
SoFi Technologies, Inc. (NASDAQ: SOFI), a member-centric, one-stop shop for digital financial services that helps members borrow, save, spend, invest and protect their money, announced today that it now serves more than 10 million members across its suite of products and services. In 2024 to-date, total members increased by nearly 2.5 million. The company’s member base has grown more than 9x in less than five years.
SoFi’s 10 million members have made meaningful strides on their path to financial independence. Through September 30, 2024 they have collectively earned 12.5 billion rewards points, paid down $33 billion in credit card debt, borrowed $117 billion to fund their ambitions – including $44 billion in refinanced student loans and $9 billion in funded home loans – and earned more than $1 billion in interest on savings.
“Hitting the 10 million member mark is more than just a number,” said Anthony Noto, CEO of SoFi. “This milestone represents the tangible ways we’ve helped our members get their money right on their path to financial independence – whether that’s paying down debt, buying their first home, or making investments for the future. As for SoFi, this is only the beginning – we’re looking forward to building on our track record of product innovation to serve even more people in the years ahead. The best is yet to come.”
SoFi’s product innovation continues to offer members a comprehensive suite of products and services, while also paving the way for future growth. In 2024, members have taken advantage of new products that help them get their money right, like the SoFi robo-advisor platform, expanded access to alternative assets, early access to in-demand IPOs, unique investment opportunities (including interval funds, private credit, private real estate and private venture), expanded money movement options for members who bank with SoFi Money, and new SoFi Credit Card offerings to meet their spending and borrowing needs1.
Today’s milestone underscores SoFi’s role in shaping the future of financial services through member-centric innovation. With 10 million members and counting, SoFi remains committed to delivering the resources, rewards, and community its members need to succeed.
About SoFi
SoFi (NASDAQ: SOFI) is a member-centric, one-stop shop for digital financial services on a mission to help people achieve financial independence to realize their ambitions. The company’s full suite of financial products and services helps its 10 million SoFi members borrow, save, spend, invest, and protect their money better by giving them fast access to the tools they need to get their money right, all in one app. SoFi also equips members with the resources they need to get ahead – like credentialed financial planners, exclusive experiences and events, and a thriving community – on their path to financial independence.
SoFi innovates across three business segments: Lending, Financial Services – which includes SoFi Checking and Savings, SoFi Invest, SoFi Credit Card, SoFi Protect, and SoFi Insights – and Technology Platform, which offers the only end-to-end vertically integrated financial technology stack. SoFi Bank, N.A., an affiliate of SoFi, is a nationally chartered bank, regulated by the OCC and FDIC and SoFi is a bank holding company regulated by the Federal Reserve. The company is also the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams. For more information, visit SoFi.com or download our iOS and Android apps.
Forward-Looking Statements Involving Known and Unknown Risks and Uncertainties
This includes forward-looking statements, including statements regarding expectations with respect to future growth, product innovation and SoFi’s ability to continue to grow its members and services. Forward-looking statements represent SoFi’s current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements, and there can be no assurance that future developments affecting SoFi will be those that it has anticipated. Among those risks and uncertainties are market conditions and competition, including market interest rates, SoFi’s ability to satisfy evolving member and technology platform client preferences or to keep pace with market trends, and risks relating to SoFi’s business, including those described in periodic reports that SoFi files from time to time with the Securities and Exchange Commission (the “SEC”). For additional information on these and other factors that could affect SoFi’s actual results, see the risk factors set forth in SoFi’s filings with the SEC, including the most recent Quarterly Report on Form 10-Q filed with the SEC on November 7, 2024. The forward-looking statements included here speak only as of the date of this release, and SoFi does not undertake to update the statements included in this release for subsequent developments, except as may be required by law.
DISCLOSURES
10 million members: as of December 12, 2024. All other product statistics are since inception and calculated as of September 30, 2024.
Interest earned is from SoFi Checking and Savings and SoFi Money® accounts from June 19, 2018 through September 30, 2024.
$117 billion borrowed toward ambitions reflects the sum of all student loans, personal loans, and mortgage loans processed by SoFi.
SoFi Checking and Savings and SoFi Credit Cards are products offered by SoFi Bank, N.A. Member FDIC. Loans are originated by SoFi Bank, N.A., NMLS #696891 (www.nmlsconsumeraccess.org). Equal Housing Lender. SoFi Money® is a cash management account, which is a brokerage product, Brokerage products are offered through SoFi Securities LLC, member FINRA/SIPC. Advisory services are offered through SoFi Wealth LLC, an SEC-registered investment adviser.
Information as of December 2024 and is subject to change. MB24-2164679
INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE
1Investing in alternative investments and/or strategies may not be suitable for all investors and involves unique risks, including the risk of loss. These risks include those associated with commodities, real estate, leverage, selling securities short, the use of derivatives, potential adverse market forces, regulatory changes, and potential illiquidity. An investor should consider their individual circumstances and any investment information, such as a prospectus, prior to investing. This information should not be construed as a recommendation to buy, sell, or hold any security, nor is a recommendation or endorsement of any investment strategy.
By Erik Carlson |
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Comments Off on DM – PL Pagaya Bounce
Low fixed rates. Personal loans made easy.
Compared with high-interest debt, a SoFi Personal Loan is simply better. âś“ Low fixed rates. âś“ Flexible terms. âś“ Get $5K to $50KÂą as soon as the same day you’re approved.*
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SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan Overall. Come see why.
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Compared to high-interest credit cards, a SoFi Personal Loan is a better way to pay and save. Borrow $5K-$50K and consolidate your debt into one manageable monthly payment.
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