SoFi Blog

Tips and news—
for your financial moves.

Finding Purpose and Happiness at Work

Want to be Happy at Work? Here’s How to Find Purpose

Have you ever caught yourself thinking, “I’d be happy at work if only I got a promotion/made more money/did something I’m more passionate about”?

Or maybe you read stories about people who are getting paid to pursue their dreams and think, “Why can’t that be me?”

Well, if it’s any consolation, you’re certainly not alone. Total career happiness is hard to come by.

So what gives? Are some of us just doomed to be unhappy at work forever?

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How One Man Got Control of Student Loan Debt With Help From His Employer

Name: Joe Lakier

Locale: Brooklyn, NY

Alma Maters: Wayne State University Law School (JD); University of Florida (LLM)

By Day: Manager/Fraud Investigator at EY

SoFi Member Since: 2015

Total independence isn’t easy. But for Joe Lakier, a law school grad and solo backpacking junkie, self-sufficiency has always been essential. So when he found himself strapped with six figures worth of student loan debt, Joe sought a solution to free up his finances. See how SoFi partnered up with his company to make sure he was back in control.  

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Navigating a Niche Field: Member Josh Gould Shares His Secret Job Search Weapon

Name: Josh Gould
Locale: Brooklyn, NY
Alma Maters: Claremont McKenna College; Dartmouth/Tuck School of Business (MBA)
By Day: Business Development in the renewable energy field
SoFi Member Since: 2014

When your senior-level government job has a term limit, you have to start thinking about your next job while you’re still getting settled. Learn how SoFi member Josh Gould navigated his latest career move in the niche field of renewable energy—with a little help from an unexpected place.

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Paying Off Medical School Loans: What Every Doctor Needs to Know

Most people think that doctors have it pretty easy when it comes to paying off medical student loans. Sure, they rack up six figures worth of student debt—but their outsized salaries should help them decimate those loans in no time (not to mention set them up for life).

However, if you’re a doctor, you know the reality of having medical school loans is more complicated than people might think. For one thing, you don’t start making “student loan payoff money” until you’re out of residency, which—depending on your focus—can take 3, 4, 5, even 10 years. During that time you have to juggle a big student loan balance with a relatively small paycheck, learn the nuances of various medical school loan repayment programs, and stay on top of changing student loan legislation that can impact your payments or potential student loan forgiveness.

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Glossary – Jumbo Mortgages

What is a Jumbo Loan?

A jumbo loan is a mortgage that exceeds specific dollar amounts set by the Federal Housing Finance Agency. What’s considered a jumbo mortgage depends on where the property is located. For most places in the U.S., a mortgage on a 1-unit property is considered a jumbo loan if it exceeds $417,000. However, in places like Hawaii and in certain high-cost counties, jumbo loans may have even higher limits. For example, in San Francisco county, a loan is only considered “jumbo” if it exceeds $625,500 (even though the median house price is much higher than that).

Most lenders offer both fixed-rate and variable-rate jumbo loans.

Why do jumbo loans matter?

The main reason that jumbo loans even matter is because many lenders treat jumbo mortgages differently from non-jumbo loans (also called conforming loans). Compared to conforming loans, jumbo loans may have different:

  • Interest rates
  • Underwriting and credit guidelines
  • Minimum down payment requirements
  • Reserve requirements

All else being equal, this means that it may be harder to qualify for a jumbo loan from some lenders.

What about jumbo loans at SoFi?

With SoFi, there’s no such thing as a “jumbo loan.” We offer the same great rates and experience no matter how much or how little you need to borrow. Our goal is to accelerate your success.

  • SoFi offers 15-year fixed-rate, 30-year fixed-rate, and 7/1 adjustable-rate mortgages on primary residence or second homes
    If you’re shopping for a home, SoFi lets you put as little as 10% down with no PMI on loans up to $3 million.
  • If you’re refinancing, you can cash out up to 65% of your property’s value
    SoFi doesn’t charge any application, origination, or lender fees.

SEE WHAT WE CAN OFFER YOU TODAY

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