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Learn how to set up direct deposit with SoFi. And for a limited time, get up to a $300 cash bonus when you set up an eligible direct deposit.1 Terms Apply.
Cha-ching! Get a $50 or $300 bonus deposited in your bank account when you set up an eligible direct deposit of $1,000 or more.1 Terms apply.
Up to 3.60% APY.
Members with eligible direct deposit can earn up to 3.60% APY on their savings and Vault balances, and 0.50% on their checking balances.4 Terms apply.
{/* Three ways to set up direct deposit */}
Three ways to set up direct deposit.
What do you need to set up direct deposit? With SoFi, you have three different options to get started:
Most Popular! Use your account and routing numbers.
If your employer has an HR portal that allows you to set up direct deposit yourself, you can access your SoFi Checking and Savings account and routing numbers here.
Connect to your SoFi Checking and Savings account online.
Once you’re logged in online or on the SoFi app, you can easily connect your SoFi account to your employer’s payroll systems.
{/*FAQs*/}
FAQs
What is direct deposit? Direct deposit is a form of electronic payment. It eliminates the need for a physical deposit, like a paper check. Instead you receive the money directly into your checking and savings account.
Direct deposit is by far the most common way to get paid in America. In fact, 82% of U.S. workers get their paychecks electronically as a direct deposit, according to the National Automated Clearing House Association.
How do I find my account and routing numbers?
To access your account and routing numbers, log in to your account or go to the Banking tab of your SoFi mobile app and tap “More.”
Many employers allow you to change your own direct deposit settings by inputting your account and routing numbers into their HR portal.
When will I receive my direct deposit bonus?
You’ll receive your payout within seven business days following the 25-day promotional period. See full terms below.
How long does it take SoFi to receive a direct deposit?
On average, it takes two to four weeks for a direct deposit to hit.
What interest rate can I earn with direct deposit?
You can earn 3.60% APY (annual percentage yield) on savings (including Vaults) balances, and 0.50% APY on your checking balances with direct deposit. That’s 9x the national average savings account rate!9
Members without direct deposit will earn 1.00% on savings balances and 0.50% on checking balances.
What is considered a qualifying direct deposit?
A qualifying direct deposit is any recurring ACH deposit from your employer, payroll provider, benefits provider, or certain other government entities such as Social Security. Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g. IRS tax refunds), do not constitute Direct Deposit activity.
How do I know if my direct deposit is set up correctly?
It typically takes 1 to 2 pay periods for your direct deposit to become active. After this time frame, you’ll know your direct deposit works when you receive funds on or before your expected payday.
How secure is direct deposit?
Because direct deposit happens digitally, it’s more secure than paper transactions. Gone are the days of paper checks getting lost in the mail, stolen, or fraudulently cashed. SoFi bank deposits are also insured by the FDIC up to $250,000 per individual and $500,000 per joint account. Plus, SoFi Checking and Savings members can access additional FDIC insurance up to $2M⁸ by enrolling in the SoFi Insured Deposit Program.
By Keith Wagstaff |
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Comments Off on Do You Ignore Your Bank Balance? You May Be ‘Money Avoidant’
Some people, especially those with money problems, try to forget about money altogether. They might leave their bills and credit card statements unopened, ignore their bank balances, or resist addressing their finances at all — whether it’s mounting debt, their credit score, or retirement or college funds.
This is called “money avoidance,” and avoiding something usually doesn’t make it better.
If you can relate to this, take heart. There are ways to fight these tendencies, starting with understanding the reasons behind your behavior. The first step is to keep reading.
The Prevalence of Money Avoidance
First of all, money avoidance is more common than you might think, so don’t feel alone. More than two in five Americans surveyed by MarketWatch Guides this year reported that they avoided looking at their checking account balance out of fear and tend to ignore a financial problem until it becomes a crisis.
And 28% of both Gen Zers and millennials surveyed by Credit Karma last year said they often or always feel a sense of financial dissociation. (Apparently it’s more common with younger generations, since just 4% of older Americans said the same.)
The Theory of Money Scripts
If you’re wondering what it is that makes you or someone you know prone to money avoidance, check this out.
According to research by Brad T. Klontz, a financial psychologist and professor at Kansas State University, there are four main money “scripts,” or belief systems, that are typically developed during childhood, adopted unconsciously, and passed on by our parents. Money avoidance, where money is seen as a source of fear, anxiety or disgust, is one. The others are money worship, the belief that money can solve all problems, money status, which can lead people to overspend, and money vigilance, which can make it hard to enjoy wealth.
The Dangers of Being Money Avoidant
Money avoiders may have very conflicting views of money, believing that money is bad and linked to greed but at the same time placing too much value on it by thinking it will improve their self-worth or social status, according to Klontz and his colleagues.
Their research found that money avoiders often have less money, struggle to stick to a budget, and are at a higher risk of overspending and compulsive buying. They may also be financially dependent on others, or may even sabotage their own finances (perhaps giving money away) in order to have as little money as possible.
The Vicious Cycle
It’s easier to change your patterns if you recognize your money script and when it may be unrealistic or damaging to your financial health, Klontz and his colleagues said. It’s also best to acknowledge if and how shame and anxiety surrounding your finances may be hurting you.
“Many people feel embarrassed about their debt, ashamed that they let bank statements pile up unread,” the American Psychological Association writes on its website. “But that shame keeps you stuck. Try to move past the self-blame so you can take some concrete steps toward financial health.”
The same can be said about anxiety. While it’s natural to want to avoid unpleasant thoughts or situations, avoiding things can actually make you more rather than less anxious. People who avoid thinking about money can get into more financial trouble, which can result in more stress, which can lead to more avoidance and so on in a vicious cycle.
Steps to Fight Money Avoidance
Klontz and the APA have some basic recommendations for people who are money avoidant.
1. Consider whether your money script is unhealthy. When you were a child, maybe your parents or grandparents told you that “rich people are greedy” or that it’s “not okay to have more than you need.” Recognizing and challenging these messages can go a long way to helping you face your finances. It may end up being very freeing too.
2. Be kind to yourself, and you’ll probably find it easier to make progress.
3. Develop a plan for spending, rather than cutting back. In other words, instead of thinking of your budget like a diet, determine what you want to spend any extra money on. This will help you decide what isn’t a priority and help keep your spending in line.
4. Take things out of your control by making as much as you can automatic. Have a set amount of your paycheck automatically deposited into your savings or retirement account every pay period. Set up email or text alerts to remind you when bills are due. Use software or apps to track spending and help create budgets with as little stress as possible. (One option is SoFi Relay, which has a budget planner that can categorize spending and spot upcoming bills.)
5. Consider getting help. A coach or even mental health professional may be able to help you challenge your money script and change some of your ingrained behaviors. Perhaps they can even help you come up with a plan that plays to your strengths and works around your anxiety.
Ultimately, you shouldn’t feel ashamed or hopeless if you’ve been avoiding your money situation. If how you feel about money isn’t serving you, there are things you can do to reprogram your belief system — and your patterns. Just take it one step at a time and have faith that you can get back on track. And remember, once you’ve got financially healthy habits, all sorts of doors can open.
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.
By Mario Ismailanji |
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Comments Off on Week Ahead on Wall Street: Winter Blackout
To Cut or Not to Cut
The Federal Reserve is approaching a critical inflection point in its monetary policy journey. Here’s why: Fed officials are increasingly indicating that interest rates may be near the upper end of the so-called “neutral rate” (i.e. the level at which monetary policy is neither stimulating nor restraining economic activity). And that means the possibility that central bankers will slow the pace of rate cuts. It could even mean pausing rate cuts altogether.
But for the upcoming December meeting next week, the stars seem to be aligned for another rate cut (following one in September, and one in November), despite some recent strengthening in jobs data. Perhaps the only thing that could knock them off course is this week’s inflation data, if it surprises to the upside.
Complicating matters for the market, the Fed has entered its communication blackout period over the weekend (when no official makes public comments until the next policy announcement). That means that investors will have to parse through the data and infer what the central bank’s reaction could be without any direct guidance.
But it’s not just about this meeting. If you recall, it took a while for Fed officials to gain the confidence to lower interest rates, so if they were to lose confidence it could take a long time for them to get it back. This could lead to some turmoil for investors.
Economic and Earnings Calendar
Monday
• October Wholesale Inventories and Sales: Wholesalers often operate as an intermediary between manufacturers and retailers, serving as a key part of the goods supply chain.
• November New York Fed Survey of Consumer Expectations: This is a measure of peoples’ expectations for inflation, jobs prospects, earnings growth, and more.
• Earnings: Oracle
Tuesday
• November NFIB Small Business Optimism: This measures how small business owners feel about current and future economic conditions.
• 3Q Productivity and Unit Labor Costs: These measures provide a breakdown of how productive workers were per hour of work and at what cost.
• Earnings: AutoZone
Wednesday
• November Consumer Price Index: The CPI is one of the most popular indicators for tracking consumer price trends and is a marquee release for market watchers.
• Weekly Mortgage Applications: Mortgage activity gives insight on demand conditions in the housing market.
• Earnings: Adobe, Nordson
Thursday
• November Producer Price Index: The PPI tracks price trends that producers face and is down significantly from its peak earlier in the cycle.
• Weekly Jobless Claims: This high frequency labor market data gives insight into filings for unemployment benefits. Jobless claims have continued to show a labor market that remains strong despite having cooled.
• Earnings: Broadcom, Costco
Friday
• November Import/Export Price Indexes: These indexes track the changes in the prices of nonmilitary goods and services traded between the U.S. and the rest of the world.
• Earnings: Lennar
Looking for more stories like this? Check out On the Money — SoFi’s one-stop-shop for news, trends, and tips!
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.
• Mortgage rates in Florida have seen significant fluctuations, peaking at 7.96% in 2000 and dropping to 5.78% by 2003, with rates staying below historical highs in recent years.
• Rates are influenced by economic factors like the federal funds rate, inflation, and unemployment, along with consumer factors such as credit score and down payment.
• Fixed Rate Mortgages, Adjustable Rate Mortgages, FHA Loans, VA Loans, USDA Loans, and Jumbo Loans are various mortgage options available in Florida.
• To secure a competitive mortgage rate in Florida, one should pay off high-interest debt, save for a larger down payment, check credit reports for errors, and compare rates from multiple lenders.
• Closing costs in Florida, ranging from 3% to 6% of the purchase price, cover fees such as appraisal, attorney costs, and title insurance.
Introduction to Mortgage Rates
Mortgage rates are calculated using a complex combination of factors that include the state of the economy and the borrower’s financial status. State interest rates generally follow national trends, but there can be variations due to local economic conditions and housing market dynamics. Florida’s mortgage rates, for instance, are influenced by the state’s job market, cost of living, and housing supply.
Where Do Mortgage Rates Come From?
The Federal Reserve, aka the Fed, sets the short-term interest rates that banks use. Although home loan rates aren’t directly tied to Fed rates, they follow the same economic trends. So when the Fed’s interest rate is high, chances are mortgage rates will be too.
Other mortgage rate influencers include the bond market, inflation, and the unemployment rate. We’ll get into those more below.
How Interest Rates Affect Home Affordability
Mortgage rates have a bigger impact on home affordability than you may realize. Consider the national median home price of $412,300 for Q2 2024. With a 30-year fixed mortgage at 3.00%, the monthly payment is approximately $1,390. However, if the interest rate increases to 6.00%, the monthly payment jumps to $1,977. Such an increase — more than 40% — can affect affordability for many buyers.
Should Homebuyers Wait for Interest Rates to Drop?
The burning question, especially if you’re buying your first home, is: Should I jump in now or wait? All else being equal, the answer is probably don’t wait. Although mortgage rates have been higher than they were during the pandemic, they’re actually close to the 50-year average. And when rates do drop, the housing market will be flooded by buyers who have been sitting on the sidelines.
While it’s always tempting to wait for lower rates, your personal circumstances are more important. If you’re ready financially and need a new home, higher interest rates shouldn’t deter you. After all, a mortgage refinance could still lower your rate later.
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$9,500‡ cash back when you close.
Pair up with a local real estate agent through HomeStory and unlock up to $9,500 cash back at closing.‡ Average cash back received is $1,700.
Understanding historical mortgage rate trends can provide valuable insights into the future. In Florida, mortgage rates have experienced significant fluctuations over the past two decades. From a high of 7.96% in 2000, rates steadily declined to 5.78% by 2003. While rates have risen in recent years, they remain below historical highs. Experts predict that Florida mortgage rates will likely stay above historical lows for the foreseeable future.
Below you’ll find the average annual interest rate for Florida and the United States for 2000 through 2018. (The FHFA stopped reporting the data in 2018.)
Historical Interest Rates in Florida
Year
Florida Rate
U.S. Rate
2000
7.96
7.86
2001
7.03
6.94
2002
6.53
6.44
2003
5.78
5.67
2004
5.75
5.68
2005
5.94
5.85
2006
6.70
6.54
2007
6.55
6.42
2008
6.17
6.06
2009
5.11
5.05
2010
4.87
4.81
2011
4.59
4.56
2012
3.67
3.65
2013
3.86
3.84
2014
4.19
4.13
2015
3.96
3.88
2016
3.77
3.73
2017
4.10
4.03
2018
4.62
4.56
Source: Federal House Finance Agency
Historical U.S. Mortgage Rates
Factors Affecting Mortgage Rates in Florida
As mentioned above, many factors influence mortgage rates in Florida and nationwide. Some of those are economic, but others are entirely within the homebuyer’s control. Here’s how they break down:
Economic Factors
• The Fed: The federal funds rate serves as a benchmark for other interest rates, including mortgage rates.
• Inflation: When inflation rises, the purchasing power of money decreases, making it more expensive for lenders to lend money. As a result, they may increase interest rates to compensate.
• Unemployment rate: Lower unemployment can result in higher mortgage rates. A low unemployment rate indicates a strong economy, which typically leads to increased demand for housing. This increased demand puts upward pressure on home prices and, not surprisingly, mortgage interest rates.
Consumer Factors
• Credit score: A higher credit score generally results in a lower mortgage interest rate. Lenders view borrowers with higher credit scores as less risky, making them more likely to offer favorable rates.
• Down payment: Increasing your down payment may reduce your mortgage rate. A larger down payment lowers the loan-to-value ratio (LTV), the portion of the home’s value financed by the loan. A lower LTV reduces the lender’s risk and may result in a lower interest rate.
• Income and assets: A steady income is important to lenders, who will check your employment history as well as your salary. Assets like investments and emergency savings also reassure lenders that you could still pay your mortgage in the case of a job loss or other financial setback.
• Type of mortgage loan: Certain types of mortgages tend to have lower rates. For instance, adjustable rate mortgages typically offer lower initial rates than fixed-rate mortgages. Some government-backed loans, like VA mortgages, can also have lower rates. And a shorter loan term usually comes with a lower rate than longer terms.
Mortgage Options for First-Time Homebuyers in Florida
Florida offers a variety of home loan options tailored to different homebuyers. Some options can make it easier for first-time buyers to enter the real estate market. To help you decide which mortgage is the right choice for your situation, we’ll dive into six of the leading types.
Fixed Rate Mortgage
As the name suggests, a fixed-rate mortgage has an interest rate that is fixed across the lifetime of the loan. Fixed-rate mortgages can be 10,15, 20, or 30 years. As we note above, shorter terms usually have lower interest rates than 30-year mortgages.
With a fixed-rate mortgage, as long as you make all your payments on time, your payment will never change. So as rents continue to increase, your fundamental housing cost stays the same.
Adjustable Rate Mortgage
With an adjustable rate mortgage, also known as an ARM, the interest rate can change periodically over the life of the loan. That means your monthly payment can also increase or decrease.
An ARM is labeled with two numbers, such as a 5/1 ARM. The first is the number of the years in the introductory period (5, 7, and 10 year ARMS are the most common). The second is the period when the interest rate will reset. So a 5/1 ARM has a 5-year introductory period, followed by one adjustment per year. A 7/6 ARM has a 7-year introductory period, followed by interest rate adjustments every 6 months.
FHA Loan
Backed by the Federal Housing Administration (FHA), these mortgages are designed to make homeownership more accessible for first-time buyers. They typically have more lenient credit and income requirements compared to conventional loans. FHA loans also allow for lower down payments, with a minimum of 3.5% for qualified borrowers. However, it’s worth noting that FHA loans often come with higher closing costs compared to conventional loans.
VA Loan
VA loans are available to veterans, active-duty military members, and certain reserve and National Guard members. These loans offer no down payment requirement, no private mortgage insurance, and typically lower interest rates compared to conventional loans. VA loans also have less stringent credit and income requirements.
USDA Loan
USDA loans are designed for low-income borrowers looking to purchase a home in a rural area. These loans are backed by the U.S. Department of Agriculture (USDA). Eligibility requirements include income limits and property location restrictions. USDA loans offer $0 down payment requirements and favorable terms.
Jumbo Loan
You might not be aware that in 2026 conventional mortgage loans have a cap of $832,750 for a single-family home. Monroe County, Florida, has a higher cap of $990,150. Higher-priced homes require what’s called a jumbo loan, also known as a nonconforming loan. Jumbo loans may have slightly higher interest rates compared to conforming loans, and tougher qualifying standards.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Popular Places to Get a Mortgage in Florida
Securing a mortgage often depends on choosing the right location, where the cost of living and home prices are affordable. The cost of living refers to how much money it takes to maintain a basic standard of living in a given place.
The Cost of Living Index (COLI) ranks all 50 states against the overall average cost of living in the U.S. Florida comes in at number 36, with an index of 103.1, a little over the national average. Florida housing comes in a bit higher, with an index of 108.4.
The average monthly expenses for one person nationwide comes to $3,405 per month. Based on the COLI, Florida’s statewide average is a bit higher.
Least Expensive Locations
For those seeking the most affordable housing options, several cities in Florida offer median home prices below the state average, as of Q3 2024:
• Deltona, $313,018. Up 4.1%.
• Gainesville, $302,416. Up 2.6%. Gainesville has a booming job market in education, healthcare, and technology.
• Jacksonville, $301,690. Up 1.0%. This city of 1 million has the second lowest cost of living in the state.
• Lakeland, $324,803. Up 1.6%.
• Lake City, $259,446. Up 5.3%.
• Palm Bay, $314,431 median home price. Up 0.5% over the past year.
• Panama City, $283.600. Up 1.3%.
• Pensacola, $268,099. Up 1.6%. Pensacola offers a cost of living 13% lower than the national average.
Most Expensive Locations
Florida also has several cities with higher median home prices, catering to those seeking luxury real estate. The median single-family home sale price in Florida was $420,600 in March 2024, reflecting a year-over-year increase of 3.1%. Florida’s single-family housing inventory was 40.5% higher year-over-year in March 2024.
Miami Beach is one of the most expensive cities in Florida, with median home prices exceeding $530,000. Naples is known for its high real estate prices, with home prices often surpassing $600,000.
A competitive mortgage rate is crucial for saving money over the life of a loan. Even half a percentage point can translate to many thousands of dollars. For example, a $320,000 mortgage at 6.00% will cost you $370,683 in interest over 30 years. For the same mortgage amount at 6.50%, you’ll pay $408,140 – an additional $37,457.
First, you’ll want to do a little financial housekeeping:
• Pay off high interest debt. Pay down credit cards as much as you can. This will lower your debt-to-income ratio. Mortgage lenders like to see a DTI ratio of 36% or under.
• Save for a larger down payment. Remember, a higher down payment can help you secure a lower interest rate. Down payments of less than 20% are also subject to private mortgage insurance, which can cost between 0.5% and 1.5% of the loan amount annually.
• Check your credit report for errors. Review your credit history, correct any errors, and dispute anything that doesn’t look familiar. You can get a free credit report at AnnualCreditReport.com.
Once you’ve aligned your proverbial ducks, here are two additional tips to help you secure the best possible rate:
Compare Interest Rates and Fees
Take the time to compare interest rates and fees from multiple lenders. And be sure to ask about any upfront costs or closing fees associated with the loan.
Homebuyers can compare the latest mortgage rates in Florida by using a mortgage rate comparison tool. Just enter your home location, property value, and loan amount. Then filter the results by loan type, such as 30-year fixed, 15-year fixed, or 5-year ARM.
How to Get Preapproved
Getting preapproved for a mortgage strengthens your position as a buyer and allows you to move quickly when you find the right property. If you’re worried about interest rates rising, you can pay a fee to the lender to lock in your rate for up to 90 days.
You’ll fill out a thorough application and provide documentation. The mortgage preapproval process can take 10 days or more, but the work is well worth it.
Florida Mortgage Resources: Assistance for Homebuyers
Florida offers various resources and programs to assist homebuyers, particularly first-time buyers and those with limited financial resources.
First-Time Homebuyer Programs
The Florida Housing Finance Corporation provides programs tailored to first-time homebuyers, including down payment assistance programs and closing cost assistance.
SoFi provides online tools and calculators to help homebuyers estimate their monthly mortgage payments, resources to determine their eligibility for assistance programs and compare different loan options. These resources can empower homebuyers to make informed decisions throughout the homebuying 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.
Refinancing Options in Florida: Exploring Your Possibilities
Refinancing a mortgage can be a strategic move to lower your interest rate, reduce your monthly payment, or access cash for home improvements. Florida offers various refinancing options, including the FHA Streamline Refinance, Interest-Rate Reduction Refinance Loan, and cash-out refinance.
Each option has its own benefits and requirements, so it’s essential to consult with a mortgage professional to determine the best refinancing strategy for your situation.
Closing Costs and Fees in Florida: What to Expect
Closing costs associated with purchasing a home in Florida can range from 3% to 6% of the purchase price. For a $300,000 mortgage to buy a $350,000 house, your closing costs could be between $9,000 and $18,000. It’s important to factor closing costs into your budget when planning for homeownership. Lenders are required to provide a loan estimate that outlines your estimated closing costs within three days of your application.
Closing costs can include any or all of the following:
• Abstract and recording fees
• Application fee
• Appraisal fee
• Attorney costs
• Credit reporting, underwriting, and origination fees
• Flood certification fee
• Home inspection fee
• Homeowners insurance
• Home warranty
• Mortgage points
• Prepaid interest
• Private mortgage insurance
• Title search and title insurance fees
The Takeaway
Florida’s mortgage landscape offers a range of options for homebuyers. By staying informed about current mortgage rates, exploring assistance programs, and carefully considering refinancing options, individuals can make strategic decisions that align with their financial goals and achieve successful homeownership in the Sunshine State.
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.
Simply put, a mortgage rate is the interest rate charged by a lender for borrowing money to purchase a home.
Will mortgage rates drop in Florida?
Predicting future interest rate movements is challenging, and there is no guarantee that mortgage rates will drop in Florida. However, state interest rates tend to follow national rates.
Will mortgage rates ever go back to normal?
The definition of normal interest rates varies over time. While current rates are higher than the rock-bottom rates we saw during the pandemic, they are close to the 50-year average, meaning they’re “normal” now.
Will Florida home prices ever drop?
Real estate market conditions, including home prices, are influenced by supply and demand, economic factors, and location-specific dynamics. Predicting future price movements with certainty is difficult.
Is it a good time to buy a house in Florida?
Whether it is a good time to buy a house in Florida depends on individual circumstances and market conditions. If you’re financially ready and need a new home – due to a growing family or relocation — then it’s a good time to buy.
How to lock in a mortgage rate?
To lock in a mortgage rate, you can get preapproved for a mortgage and request a rate lock from the lender. This will secure the current interest rate for a specified period, typically up to 90 days.
How do mortgage interest rates work?
Mortgage interest rates represent the cost of borrowing money from a lender to finance a home purchase. Fixed rates remain the same for the lifetime of the loan, while adjustable rate mortgages (ARMs) have rates that change on a regular basis. For a 5/1 ARM, there’s a five-year introductory period after which your rate changes (up or down) every year.
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.
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.
‡Up to $9,500 cash back: HomeStory Rewards is offered by HomeStory Real Estate Services, a licensed real estate broker. HomeStory Real Estate Services is not affiliated with SoFi Bank, N.A. (SoFi). SoFi is not responsible for the program provided by HomeStory Real Estate Services. Obtaining a mortgage from SoFi is optional and not required to participate in the program offered by HomeStory Real Estate Services. The borrower may arrange for financing with any lender. Rebate amount based on home sale price, see table for details.
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.
• Mortgage rates in Massachusetts tend to run just below the national average, at least in recent decades.
• Factors affecting mortgage rates include inflation, unemployment, Federal Reserve’s monetary policy, credit score, and down payment.
• Massachusetts offers various mortgage types: fixed-rate mortgages, adjustable-rate mortgages (ARMs), FHA loans, VA loans, USDA loans, and jumbo loans.
• Mortgage rates in Massachusetts follow seasonal patterns, with higher rates in spring/summer and lower rates in fall/winter.
• Tips for securing a competitive mortgage rate: compare interest rates, get preapproved, lock in your rate, explore assistance programs, and understand closing costs.
Introduction to Mortgage Rates
Mortgage interest rates play a huge role in determining the overall cost of a home. These rates are influenced by a multitude of factors, broadly categorized into two groups: the state of the economy and the borrower’s financial status.
Lenders consider a borrower’s credit score, income, assets, and the property’s value, among other factors, to determine the appropriate interest rate. Economic factors that impact mortgage rates include the Federal Reserve’s interest rate decisions, inflation, and the unemployment rate.
This comprehensive guide provides Massachusetts house hunters with valuable insights into mortgage rates, helping you navigate the complexities of the mortgage market and make well-informed decisions.
Where Do Mortgage Rates Come From?
The Federal Reserve, also known as the Fed, sets the short-term interest rates that banks use. These serve as a benchmark for home loan rates. When the Fed lowers its interest rate, mortgage rates tend to follow. Other economic conditions and market dynamics also play a role in shaping mortgage rates.
How Interest Rates Affect Home Affordability
Mortgage rates have a profound impact on home affordability, something often overlooked by homebuyers. Even seemingly small changes in interest rates can significantly influence the monthly mortgage payments and the overall cost of purchasing a home.
For instance, a difference of just one percentage point in the interest rate can translate into tens of thousands of dollars over the life of a 30-year mortgage. This highlights the importance of carefully considering interest rates when making home-buying decisions.
Should Homebuyers Wait for Interest Rates to Drop?
Many first-time homebuyers grapple with the dilemma of whether to purchase a home immediately or wait for interest rates to decrease. Here are a few considerations that can help you make an informed decision.
Waiting for interest rates to drop may seem like a prudent strategy, but remember that rates have been known to rise unexpectedly. Homebuyers should also consider the opportunity cost of delaying a purchase, as home prices may appreciate during the waiting period.
If you move forward with your home purchase and rates do drop, you can always turn to a mortgage refinance (more on that to come). This option provides flexibility and enables homebuyers to take advantage of favorable market conditions without having to wait for the ideal interest rate.
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Understanding historical mortgage rate trends in Massachusetts can provide valuable insight into potential future rate movements. While rates have experienced fluctuations over the years, they remain within reasonable ranges compared to historical highs.
Currently, mortgage rates in Massachusetts hover around the 50-year average, indicating a relatively stable market. However, it’s wise for homebuyers to stay informed about economic conditions and market trends. By monitoring mortgage rate trends and staying updated on economic news, homebuyers can better anticipate potential rate changes and plan accordingly.
Year
Utah Rate
U.S. Rate
2000
7.88
8.14
2001
6.93
7.03
2002
6.38
6.62
2003
5.55
5.83
2004
5.38
5.95
2005
5.62
6.00
2006
6.32
6.60
2007
6.30
6.44
2008
5.96
6.09
2009
4.86
5.06
2010
4.76
4.84
2011
4.44
4.66
2012
3.63
3.74
2013
3.71
3.92
2014
3.94
4.24
2015
3.71
3.91
2016
3.54
3.72
2017
3.86
4.03
2018
4.33
4.57
Source: Federal House Finance Agency
Historical U.S. Mortgage Rates
To provide a broader perspective, it is helpful to examine historical U.S. mortgage rates. Over the past few decades, rates have experienced periods of both stunning highs and unusual lows. By studying historical rate trends, homebuyers can gain a deeper understanding of the cyclical nature of mortgage rates and make more informed decisions about their home-buying timeline.
Factors Affecting Mortgage Rates in Massachusetts
Numerous factors influence mortgage rates in Massachusetts and across the country. As noted above, these factors can be broadly categorized into economic conditions and consumer-specific considerations.
While individuals have no control over larger economic forces, homebuyers do have control over a number of variables that influence the mortgage rates they’re offered.
Economic Factors
First, let’s take a closer look at the economic factors at work to determine mortgage rates:
• The Fed: The Fed’s decisions have an indirect impact on mortgage rates. When the Fed raises the federal funds rate, it becomes more expensive for banks to borrow money, leading to a potential increase in mortgage rates. Conversely, when the Fed lowers the federal funds rate, borrowing becomes cheaper, which can result in more favorable mortgage rates for homebuyers.
• Inflation: Inflation, measured by the Consumer Price Index (CPI), reflects the rate at which the prices of goods and services increase over time. When inflation rises, the purchasing power of money decreases, and consumers observe an escalation in the cost of living. But inflation also makes it more expensive for lenders to lend money. As a result, lenders may increase interest rates to compensate for the loss in purchasing power, leading to higher mortgage rates.
• Unemployment rate: The unemployment rate is a key indicator of the overall health of the economy. A low unemployment rate generally signifies a strong economy, which often leads to increased demand for housing. This increased demand can put upward pressure on home prices and, consequently, mortgage interest rates.
Consumer Factors
Here’s the best part. Consumer-specific factors also play a role in determining mortgage rates. These are the things that savvy individuals can change and improve.
• Credit score: A credit score is a numerical representation of your creditworthiness. It’s based on your payment history, credit utilization, and length of credit history, among other things. A higher credit score indicates a lower risk of default, making borrowers more attractive to lenders. As a result, individuals with higher credit scores typically qualify for lower mortgage interest rates.
• Down payment: The down payment is the upfront payment made by the homebuyer towards the purchase of a property. The median down payment for a house is 15%, according to the National Association of Realtors. But a 20% down payment — or even more — is the ideal. A larger down payment reduces the loan amount required from the lender, which lowers the risk for the lender. Consequently, borrowers who make a larger down payment often receive lower mortgage interest rates.
• Income and assets: Lenders carefully assess a borrower’s income and assets to determine their ability to repay the mortgage. A steady income and sufficient assets provide assurance to lenders that the borrower can meet their financial obligations. Borrowers with stable income and substantial assets are more likely to secure lower mortgage interest rates.
• Type of mortgage loan: The type of mortgage loan you choose can also impact the interest rate. For example, adjustable-rate mortgages (ARMs) typically offer lower initial rates compared to fixed-rate mortgages. Additionally, government-backed loans, such as VA loans, may have lower rates. And a shorter loan term generally comes with a lower interest rate than longer terms.
Types of Mortgages Available in Massachusetts
Massachusetts offers a diverse range of mortgage types to cater to the needs of different homebuyers.
Conventional loans are not backed by the government and typically offer competitive interest rates. They can be fixed-rate or adjustable-rate, and typically require a credit score of 620 or higher.
Fixed Rate Mortgage
A fixed-rate mortgage offers stability and predictability. With a fixed-rate mortgage, the interest rate remains the same for the entire loan term. This provides peace of mind to borrowers, as they can accurately budget their monthly mortgage payments without worrying about fluctuating interest rates.
Fixed-rate mortgages are available in various terms, ranging from 10 to 30 years. The choice of loan term impacts the monthly payment amount and the total interest paid over the life of the loan. Shorter loan terms generally result in higher monthly payments but lower total interest paid, while longer loan terms have lower monthly payments but higher total interest.
Adjustable Rate Mortgage
ARMs entice borrowers with lower initial interest rates compared to fixed-rate mortgages. This can be advantageous for homebuyers seeking a lower initial monthly payment. However, the interest rate can adjust periodically, potentially leading to higher monthly payments in the future.
The initial lower interest rate of ARMs can provide cost savings for homebuyers planning to sell their property before the fixed-rate period ends. However, you must carefully consider whether you could financially handle a higher interest rate and monthly payment.
FHA Loan
FHA loans, backed by the Federal Housing Administration, offer more relaxed credit and income requirements compared to conventional loans. This makes them an attractive option if you’re buying your first home or have less-than-perfect credit. FHA loans also allow for lower down payments, making homeownership more accessible.
VA Loans
VA loans are exclusively available to veterans, active-duty military members, certain members of the Reserve and National Guard, and their spouses. These loans provide competitive interest rates and do not require a down payment. Getting a Certificate of Eligibility (COE) is the first step to a VA loan.
USDA Loans
USDA loans, provided by the U.S. Department of Agriculture, cater to low-income borrowers seeking to purchase a home in a rural area. These loans offer competitive interest rates and do not require a down payment, making homeownership more attainable for eligible individuals.
Jumbo Loans
Conventional mortgage loans have a maximum loan amount, known as the conforming loan limit, set by the Federal Housing Finance Agency (FHFA). For 2026, the conforming loan limit for a single-family home in Massachusetts is $832,750, with the exception of Essex, Middlesex, Norfolk, Plymouth, and Suffolk counties, where the limit is $962,550, and Dukes and Nantucket counties, where the limit is $1,249,125.
Jumbo loans are designed for properties that exceed the conforming loan limit. These loans are offered by private lenders and typically carry higher interest rates compared to conventional loans due to the increased risk associated with larger loan amounts.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Popular Places to Get a Mortgage in Massachusetts
Various factors contribute to the attractiveness of a location for obtaining a mortgage, including cost of living, job opportunities, and housing market conditions.
The cost of living in Massachusetts is relatively high: 27.5% higher than the national average. Of course, costs do vary from town to town, as you’ll see below.
Least Expensive Locations
Certain Massachusetts locations offer relatively lower housing prices and more affordable cost of living, making them attractive options for homebuyers seeking value. Here are some of the least expensive locations in Massachusetts for obtaining a mortgage, along with the average home value:
Then there are areas where the average monthly expenses for one person, or a family, is much higher, with home prices to match. These are the most expensive locations in Massachusetts for obtaining a mortgage, with their average home value:
• Boston $750,816
• Cambridge $1,004,826
• Newton $1,456,147
• Wellesley $1,918,005
• Brookline $1,141,809
Tips for Securing a Competitive Mortgage Rate in Massachusetts
Obtaining a competitive mortgage rate can significantly impact the overall cost of homeownership: Even a slight difference in the interest rate can result in substantial savings over the long term. Therefore, homebuyers are advised to research and compare mortgage rates from multiple lenders to secure the best possible rate.
For instance, a difference of just 0.5% in the interest rate on a 30-year mortgage of $300,000 can amount to a difference of over $34,000 in total interest paid. This highlights the significance of securing a competitive mortgage rate.
Compare Interest Rates and Fees
You don’t have to settle for the first mortgage offer you receive — and you shouldn’t. Shop around and compare interest rates and fees from multiple lenders to ensure you are getting the best deal.
In addition to the interest rate, inquire about any upfront costs or closing fees associated with the loan. These fees can vary among lenders and can add to the overall cost of the mortgage.
How to Get Preapproved
Getting preapproved for a mortgage demonstrates to sellers that the homebuyer is a serious and qualified buyer. It also allows homebuyers to move swiftly when they find a suitable property, as they already have a clear understanding of their borrowing power.
Unlike prequalification, which can be completed online quickly, the mortgage preapproval process can take up to 10 days.
Massachusetts Mortgage Resources: Assistance for Homebuyers
Massachusetts offers a variety of resources and programs to assist homebuyers, including down payment assistance programs, affordable housing options, and counseling services to help homebuyers navigate the mortgage process.
First-Time Homebuyer Programs
Massachusetts provides several programs tailored to first-time homebuyers. To qualify as a first-time homebuyer, you must not have had an ownership interest in a principal residence within the last three years.
The My Mass Mortgage: ONE Mortgageprogram offers 30-year fixed-rate loans to low- and moderate-income first-time homebuyers. You can pay a 3% or 5% down payment, depending on the type of home you’re purchasing, and no private mortgage insurance is required. MassHousing Loan provides low-interest fixed-rate loans and mortgage payment protection; requirements include an income limit, minimum credit score, and homebuyer education.
Down Payment Assistance
Down payment assistance programs can help homebuyers overcome the challenge of saving for a down payment. MassHousing Down Payment Assistance offers up to $30,000 to cover your down payment.
Tools & Calculators
Online tools and calculators can help you estimate mortgage payments, compare loan options, and make informed financial decisions.
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.
Refinancing Options in Massachusetts: Exploring Your Possibilities
Refinancing a mortgage can help homeowners secure a lower interest rate, reduce their monthly payments, or access cash for other purposes.
• The FHA Streamline Refinance program allows homeowners with FHA-insured loans to refinance into current mortgage rates with minimal documentation and without the need for a new appraisal.
• The Interest-Rate Reduction Refinance Loan (IRRRL) is available to veterans and active-duty military members with VA loans. It allows borrowers to refinance into a lower interest rate without the need for a new appraisal.
Closing Costs and Fees in Massachusetts: What to Expect
Closing costs in Massachusetts typically range from 2% to 5% of the purchase price of the home. These costs include loan origination fees, appraisal fees, title insurance, and other administrative fees.
The specific closing costs associated with a home purchase in Massachusetts can vary depending on the property value and location. Higher-priced homes and properties in certain areas may incur higher closing costs.
The Takeaway
Massachusetts presents a diverse range of mortgage options, catering to the unique needs and financial situations of homebuyers: From fixed-rate to adjustable-rate mortgages, government-backed loans to conventional loans. By staying informed about current mortgage rates, exploring assistance programs, and carefully considering refinancing options, homebuyers in Massachusetts can make informed decisions that align with their financial goals and achieve successful homeownership.
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.
A mortgage rate is the interest rate charged on a mortgage loan. It determines the amount of interest paid over the life of the loan and significantly impacts the monthly mortgage payment.
Will mortgage rates drop in Massachusetts?
Predicting future interest rate movements is uncertain. While rates can fluctuate, there is no guarantee that they will drop significantly in the short term. Homebuyers should carefully consider their financial situation, housing needs, and long-term plans when deciding whether to wait for lower interest rates or proceed with a purchase at current rates.
Will mortgage rates ever go back to normal?
The definition of “normal” interest rates is subjective and influenced by historical trends and market conditions. Mortgage rates have fluctuated over time and can be affected by various economic factors. It is difficult to predict when or if rates will return to a specific level.
Will Massachusetts home prices ever drop?
Real estate markets are influenced by supply and demand, economic conditions, and local factors. Predicting future home price trends is complex and uncertain. While prices can fluctuate, there is no guarantee that they will drop significantly in the short term. Homebuyers should carefully consider their financial situation, housing needs, and long-term plans when making decisions about purchasing a home.
Is it a good time to buy a house in Massachusetts?
The decision of whether to buy a house depends on various personal and financial factors. There is no one-size-fits-all answer. Homebuyers should consider their financial stability, housing needs, long-term plans, and the local real estate market conditions when making a decision.
How to lock in a mortgage rate?
Borrowers can lock in a mortgage rate by paying a fee to the lender to secure the current rate for a specific period. This can protect borrowers from potential interest rate increases during the loan application process.
How do mortgage interest rates work?
Mortgage interest rates are determined by various factors, including the borrower’s credit score, the loan-to-value ratio (LTV), and prevailing market conditions. Lenders use these factors to assess the risk associated with a loan and set interest rates 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.
†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.
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.
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.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
‡Up to $9,500 cash back: HomeStory Rewards is offered by HomeStory Real Estate Services, a licensed real estate broker. HomeStory Real Estate Services is not affiliated with SoFi Bank, N.A. (SoFi). SoFi is not responsible for the program provided by HomeStory Real Estate Services. Obtaining a mortgage from SoFi is optional and not required to participate in the program offered by HomeStory Real Estate Services. The borrower may arrange for financing with any lender. Rebate amount based on home sale price, see table for details.
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.
