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Sep
02
2025

AGIQ

By | Uncategorized | Comments Off on AGIQ



AGIQ: Agentic AI ETF

Your Gateway to theNext Wave of AI Innovation.

Diversify your portfolio with the Agentic AI ETF (AGIQ) – investing in U.S. companies leading the way in autonomous
decision-making technologies. From AI-driven digital workflows to robotics and self-driving systems, AGIQ captures the next frontier of artificial intelligence



Why AGIQ?

Invest in the Future of Autonomous Intelligence


Autonomous Innovation

Agentic AI systems make autonomous decisions to complete complex tasks with little to no human input. They’re being deployed across industries and organizational functions to drive revenue, cut costs, and enhance customer experiences.


Thematic Focus

AGIQ invests in companies that enable agentic AI (such as hardware, semiconductors, and cloud computing) as well as those that benefit from its use. This includes areas like communications, cybersecurity, R&D, transportation, and industrial robotics.


High-Growth Potential

As awareness and corporate adoption of agentic AI grow, companies enabling or deploying it may see greater upside potential. While innovation can bring volatility, AGIQ offers targeted exposure to firms embracing the next evolution of AI.


Fund Objective.

The SoFi Agentic AI ETF (the “Fund”) seeks to track the performance, before fees and expenses, of the BITA US Agentic AI Select Index (the “Index”).


Fund details

as of February 5, 2026

Fund Ticker AGIQ
Exchange NYSE Arca
Inception Date 09/02/2025
Assets Under Management $9,927,939
Gross Expense Ratio 0.69%
Net Expense Ratio1 0.69%

Median 30-Day Spread 0.17%
Shares Outstanding 475,000
Minimum Initial Investment None
NAV $20.90
Premium / Discount 0.09%
Closing Price $20.92




Summary Prospectus




Statutory Prospectus




SAI

Top ten holdings


Holdings

as of 02/09/2026

Portfolio Weight Name
7.94% NVIDIA Corp
7.37% Teradyne Inc
7.06% Tesla Inc
6.41% Deere & Co
6.30% Baidu Inc
5.86% Rockwell Automation Inc
5.84% Palantir Technologies Inc
5.60% Arista Networks Inc
4.91% Thermo Fisher Scientific Inc
4.43% Intuitive Surgical Inc

Holdings are subject to change.

Performance

YTD 1m 3m 6m 1Y Inception
NAV Return (%)
Market Price (%)

Performance is historical and does not guarantee future results. Current performance may be lower or higher than quoted. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance data for the most recent month-end is available above. Returns less than one year are cumulative. Shares of any ETF are bought and sold at market price (not NAV) and may trade at a discount or premium to NAV. Shares are not individually redeemable from the Fund and may be only be acquired or redeemed from the fund in creation units. Brokerage commissions will reduce returns.

Ready to go?

Our ETFs give you simple, transparent access to sophisticated investment tools.



There’s always more to learn.


ARTICLE

Investing in growth funds


ARTICLE

Value vs. growth stocks


ARTICLE

How market capitalization impacts stock value



It’s time to start trading

stocks and ETFs.

But first, you’ll need to open a

SoFi Active Invest account.

Note: SoFi Invest, while an affiliate of SoFi ETFs, does not endorse or recommend the
purchase of these securities. Active Investing is a self-directed investment platform and investment
decisions are entirely your own.



Read more
Jun
30
2025

Current Home Equity Loan Rates in Memphis, TN Today

By | mortgage | Comments Off on Current Home Equity Loan Rates in Memphis, TN Today

MEMPHIS HOME EQUITY LOAN RATES TODAY

Current home equity loan

rates in Memphis, TN.



Disclaimer: The prime rate directly influences the rates on HELOCs and home equity loans.


View your rate

Turn your home equity into cash. Call us for a complimentary consultation or get prequalified online.

Compare home equity loan rates in Memphis.

Key Points

•   Home equity loans in Memphis use your home as collateral.

•   Your home equity loan rate in Memphis, TN will be based, in part, on your credit score, debt-to-income ratio, and loan-to-value ratio.

•   You can usually borrow up to 85% or even 90% of the equity you own in your home with a home equity loan.

•   Specialized online calculators can help you figure out what kind of loan and terms you may be able to get and what your monthly payments would look like.

•   Compare offers from multiple lenders to find the best rates and terms.

Introduction to Home Equity Loan Rates

Welcome to our comprehensive exploration of home equity loan rates in Memphis, TN.

First things first. What is a home equity loan? Basically, it’s a way you can leverage the money you’ve already invested in your home (your equity) to get a loan.

In this guide, we’ll help you navigate the intricacies of what influences home equity loan rates and how you can position yourself to secure the most favorable terms. From understanding the different types of home equity loans, including home equity lines of credit (HELOCs) and cash-out refinances, to realizing the importance of maintaining a healthy level of home equity, we’ll walk you through the essentials. We’ll also delve into the impact of interest rates on your monthly payments and overall financial landscape.

Whether you’re eyeing home improvements, paying off high-interest debt, or undertaking other significant expenses, we’re here to empower you to make savvy financial choices.

How Do Home Equity Loans Work?

A home equity loan is a second mortgage on your home that draws on the value you already own in your home to provide you with a lump sum of money that you can use for a variety of purposes.

You pay a home equity loan back in monthly installments over a period of five to 30 years, depending on the term you’ve opted for. Because your home secures the loan, the interest rates are typically lower than what you’d find with an unsecured personal loan. And with most home equity loans, you’ll enjoy the predictability of a fixed interest rate, which means your monthly payments will remain the same throughout the life of the loan.

If you’ve been wondering how to get equity out of your home, home equity loans can be a great option, as long as you’ve accumulated enough. To qualify for a home equity loan, you’ll generally need to have at least 20% equity in your home. In other words, your mortgage balance should be no more than 80% of your home’s market value.

The Origin of Home Equity Loan Interest Rates

Memphis home equity loan rates are determined by a number of factors, including both economic conditions and your specific financial profile.

The Federal Reserve’s policies can impact the lending market. Changes to the federal funds rate and the prime rate can lead to changes in home equity loan rates. For instance, if the prime rate increases, you can expect rates for different types of home equity loans, including home equity loans, to rise as well.

Your credit score and debt-to-income ratio can also affect the rate you’re offered. Additionally, the amount of your loan and the length of your repayment term may have an impact on your rate. Generally, larger loans and longer terms will have higher rates due to the increased risk.

How Interest Rates Impact Affordability

The interest rate you secure can have a profound impact on the overall affordability of your home equity loan. Even a seemingly small difference in percentage points can add up to substantial savings.

Let’s break it down by looking at the chart below, which shows a $75,000 home equity loan with a 20-year repayment term. At an interest rate of 8.00%, your monthly payment would be $627, and the total interest you’ll pay over the loan term would amount to $75,559. But if your rate is just a percentage point lower, at 7.00%, your monthly payment would drop to $581, with the total interest shrinking to $64,554. That’s $11,005 in extra interest that the lower rate could save you.

Interest Rate Monthly Payment Total Interest Paid
8.00% $627 $75,559
7.50% $604 $70,007
7.00% $581 $64,554


Fixed vs Adjustable Interest Rates

Home equity loans (unlike HELOCs, for instance) often come with fixed interest rates. That means that your monthly payment amounts don’t change throughout the duration of the loan. This predictability can be a real plus, but it’s worth noting that fixed rates might be a bit higher than the starting rates for adjustable rate loans.

Adjustable rates, however, are just that — after an initial, usually lower-rate, period, they can change based on the market. That creates the potential for higher payments down the line.

It’s important to weigh your financial situation and how comfortable you are with risk when deciding between the two. If you like the idea of a consistent payment, a fixed rate might be the way to go. But if you’re not bothered by the possibility of rate changes, an adjustable rate could work for you.

Home Equity Loan Rate Trends

Predicting the ebb and flow of interest rates is akin to forecasting the weather — there are an enormous number of factors at play.

Take the prime rate, for example. Its recent history demonstrates its variability. As you can see in the chart below, it plummeted to 3.25% in March of 2020 and soared to 8.50% in July, 2023.

Source: TradingView.com

Taking a longer historical perspective, below, we can see clearly that ups and downs in the prime rate have been the norm for decades.

Date Prime Rate
9/19/2024 8.00%
7/27/2023 8.50%
5/4/2023 8.25%
3/23/2023 8.00%
2/2/2023 7.75%
12/15/2022 7.50%
11/3/2022 7.00%
9/22/2022 6.25%
7/28/2022 5.50%
6/16/2022 4.75%
5/5/2022 4.00%
3/17/2022 3.50%
3/16/2020 3.25%
3/4/2020 4.25%
10/31/2019 4.75%
9/19/2019 5.00%
8/1/2019 5.25%
12/20/2018 5.50%
9/27/2018 5.25%

Source: St. Louis Fed

Fluctuations like these have an immediate impact on home equity loan rates in Memphis, TN, making it crucial to stay on top of current market conditions. While nobody can predict the future with absolute certainty, understanding past patterns may help you time your application to get a more favorable rate.

How to Qualify for the Lowest Rates

To be eligible for the most favorable home equity loan rates, you’ll want to present a solid financial picture. Lenders will generally scrutinize your credit score, debt-to-income ratio, and the loan-to-value ratio to determine your eligibility and the interest rate they will offer you. For instance, loan-to-value ratio compares the amount of your loan to the appraised value of your house, and, naturally, lenders want your house value to be higher, so they typically look for an LTV of 85% or less – which can be good to know as you assess how big a loan you can expect to get. Even if you haven’t decided yet on a HELOC vs. a home equity loan, the tactics are the same to secure the most competitive interest rates.

Maintain Sufficient Home Equity

To qualify for a home equity loan, you’ll need to keep at least 20% equity in your home.

Calculating how much equity you have is simple: Just subtract the mortgage balance you still owe from your home’s current value.

For example, if your mortgage balance is $400,000 and your home is now valued at $550,000, your equity would be $150,000.

Most lenders allow you to borrow up to 85% or sometimes 90% of your available equity, which means in this scenario, you could potentially access as much as $135,000. A home equity loan calculator can be a useful tool as y\\ou assess exactly how large a loan may be at your disposal.

Build a Strong Credit Score

Lenders in Memphis often look for a credit score of 680 or higher, with many favoring scores of 700 and above. A healthy credit history indicates your ongoing financial prudence – and can translate to more appealing home equity loan rates.

To strengthen your credit standing, maintaining a consistent payment record, keeping credit card balances under control, and not opening multiple new accounts in quick succession are key.

It’s also advisable to review your credit report regularly for inaccuracies and address any discrepancies. That can also contribute to a healthier score, potentially making you a more desirable candidate for a loan with a lower interest rate.

Manage Debt-to-Income Ratio

Next, let’s talk about your debt-to-income (DTI) ratio. It’s a big deal when it comes to getting a home equity loan. This ratio compares your monthly income to your monthly debt payments, including the one you’re hoping to add with your new home equity loan. Lenders typically look for a DTI below 50%, but if you really want to impress them, aim for 36% or lower.

To get your ratio in a good place, consider paying down some of your existing debts, finding ways to increase your income, or even a bit of both strategies. A lower DTI can significantly boost your chances of getting the home equity loan you want, with terms that work for you.

Obtain Adequate Property Insurance

Property insurance is a necessity when you’re applying for a home equity loan, especially if your home is in a flood or disaster-prone area. This insurance is a safety net for both you and the lender, ensuring that your property is financially protected in case of damage.

It’s crucial to have comprehensive coverage that meets all of your lender’s requirements. This may include flood insurance, depending on your home’s location. Having the right property insurance not only makes you more likely to secure a loan, but also may help give you peace of mind, knowing that your home is protected against the unexpected.


Tools & Calculators

Using online tools and calculators can help you make the best decision for your home equity loan.

For example, a mortgage payment calculator can help you estimate your monthly payments based on the loan’s amount, interest rate, and repayment term. Using one lets you find out easily that, if you were to borrow $75,000 at 8.00% interest for 20 years, you could expect to pay around $627 per month.

To take another example, a loan comparison tool can help you compare different lenders and the home equity loan rates they offer so that you can find the best deal for your financial situation.

Run the numbers on your home equity loan.

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

You can expect closing costs for home equity loans to hover between 2% and 5% of the loan amount.

Common fees include appraisal fees ($300-$500), credit report fees ($30-$50 or more), and title insurance (0.5%-1.0% of the loan amount). Loan origination fees can vary from 0.5% to 1.0% of the loan amount. Title search fees generally range from $75 to $250 or more, and document preparation can vary from $100 to $500; be billed on an hourly basis if an attorney is involved; or be built into the origination fee.

While no-closing-cost home equity loans may be an option, they often come with higher interest rates.

By shopping around and comparing multiple lenders, you can find the most cost-effective choice for you.

Tax Deductibility of Home Equity Loan Interest

Here’s another possible benefit of home equity loans to factor into your considerations.

The interest on your home equity loan may be tax deductible if you’re taking out the loan in order to buy, build, or improve your home. For single filers, interest is deductible on the first $375,000 of loan debt. Spouses filing together can deduct the interest on up to $750,000 of debt. But you will need to itemize to claim this deduction.

And also note: This tax break currently runs through 2025. It may be extended beyond that, though, so consult your tax advisor to get the most up-to-date advice.

Alternatives to Home Equity Loans

For homeowners looking for financial flexibility, there are a few alternatives to home equity loans to consider. Home equity lines of credit (HELOCs) and cash-out refinances are two common options that also let you draw on the equity in your home to access cash.

HELOCs offer a flexible way to borrow, with variable interest rates. They have a draw period, during which you can pull out funds as you need them, followed by a repayment period.

A cash-out refinance is a type of mortgage refinance that replaces your current mortgage with a new one, allowing you to borrow more than you owe and keep the difference.

Either option can be a smart way to tap into your home’s equity, but it’s important to compare the terms and costs of each to find the right fit for your financial goals and situation.

Home Equity Line of Credit (HELOC)

What is a home equity line of credit? A home equity line of credit (HELOC) is like a credit card in that it allows you to borrow up to a certain limit and pay interest only on the amount you actually borrow. Generally, you have a “draw period” during which you can take out funds and pay only the interest for what you borrow. After that comes a repayment period, during which you’re paying back principal and interest. The interest rate on a HELOC is typically variable, meaning it can fluctuate with the market. This could result in your costs rising if interest rates go up.

To qualify for a HELOC, you typically need a credit score of at least 680, but 700 or more is preferable. You should also have a debt-to-income (DTI) ratio of less than 50%, but ideally less than 36%. HELOCs can be particularly useful for ongoing expenses and can provide access to up to as much as 90% of your home equity.

If you want to figure out how much the monthly payments for a HELOC would cost, you might consider using a HELOC monthly payment calculator.

And if you’d like to calculate how much interest you’d have to pay during the “draw” period of a HELOC, try a HELOC interest-only calculator.

Cash-Out Refinance

A cash-out refinance is a strategic move: You take out a new mortgage, pay off your existing home loan, and pocket the difference in cash. The amount you can receive is based on your home equity, with most lenders allowing borrowing up to 80% of your home’s value.

If you’re weighing the benefits of a cash-out refinance vs. a home equity line of credit, note that the requirements for borrowing are likely to be different. It’s generally easier to qualify for a cash-out refi than for a home equity loan or HELOC. Cash-out refinances typically require a minimum credit score of 620 and a DTI ratio of 43% or less. They can have either fixed or variable interest rates, with variable rates sometimes offering more equity access.

Unlike a home equity loan, a cash-out refi results in a single monthly payment, which can make it easier to manage.

The Takeaway

As you think about whether a home equity loan makes sense for you, keep in mind that a strong credit score and a balanced debt-to-income ratio are your best friends when it comes to securing the most favorable home equity loan rates in Memphis, Tennessee. Don’t forget to have your property insurance in order, too, keep an eye on interest trends, and be sure you understand the nitty-gritty of closing costs and fees. Lastly, consider the versatility of HELOCs and cash-out refinances — one of these alternatives might just be a good fit for your financial needs and aspirations.

SoFi now offers home equity loans. Access up to 85%, or $750,000, of your home’s equity. Enjoy lower interest rates than most other types of loans. Cover big purchases, fund home renovations, or consolidate high-interest debt. You can complete an application in minutes.

Unlock your home’s value with a home equity loan from SoFi.

View your rate

FAQ

What can you use a home equity loan for?

Financing big purchases, paying for home renovations, and consolidating high-interest debt are all goals that may warrant taking out a home equity loan. You receive the loan as a lump sum, and the interest rate is typically fixed, so you know what your monthly payments will be. However, your home is the collateral for the loan, so if you don’t make your payments, you could lose your home to foreclosure. Be sure to assess your financial situation and compare offers from multiple lenders to get the best home equity loan rates.

What’s the monthly payment on a $50,000 home equity loan?

The interest rate and term of the home equity loan determine exactly what the monthly payment will be. For instance, if your fixed-rate $50,000 home equity loan has a 6.00% rate over a 15-year term, you’d be looking at around $422 each month. If the rate were to be just two percentage points higher, at 8.00%, your monthly payment would increase to $478. These figures underscore the importance of securing a competitive rate to make sure your monthly payments are comfortably within reach. Lenders in Memphis typically weigh your credit score, debt-to-income ratio, and loan-to-value ratio when determining the rate you’re offered.

Let’s say you’re considering a $30,000 home equity loan — what’s the monthly payment?

What the monthly payment on a $30,000 home equity loan would be depends on the interest rate and the term of the loan. For example, at a rate of 6.00% over a 15-year term, the monthly payment would be approximately $253. If the interest rate is 8.00%, the monthly payment would rise to $287. As you see, your home equity loan rate has an impact on your monthly financial obligations, so it’s worth shopping around to find a good one.

What are the benefits of a home equity loan?

Home equity loans can offer you a variety of benefits, including a lump sum payment with a fixed interest rate, which can ensure that your monthly payments remain stable and predictable. These loans are often suited to large, one-time expenses such as home renovations or consolidating high-interest debt. Additionally, home equity loan rates are typically lower than those of unsecured loans, making them a cost-effective option when you need money. However, it’s important to consider the risks carefully, including the possibility of foreclosure if you don’t make your payments on time.

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.

SOHL-Q324-287

Browse other Tennessee home guides.

Browse home equity loan rates by state guides.

More home equity resources.

Turn your home equity into cash. Call us for a complimentary consultation or get prequalified online.

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Jun
30
2025

Current Home Equity Loan Rates in Pittsburgh, PA Today

By | mortgage | Comments Off on Current Home Equity Loan Rates in Pittsburgh, PA Today

PITTSBURGH HOME EQUITY LOAN RATES TODAY

Current home equity loan

rates in Pittsburgh, PA.



Disclaimer: The prime rate directly influences the rates on HELOCs and home equity loans.


View your rate

Turn your home equity into cash. Call us for a complimentary consultation or get prequalified online.

Compare home equity loan rates in Pittsburgh.

Key Points

•   Home equity loan rates in Pittsburgh are influenced by economic factors as well as by your credit score, debt-to-income ratio, and loan-to-value ratio.

•   Comparing rates from different lenders can help you find the best deal available to you.

•   A mere 1 percentage point hike in rates – from 7.00% to 8.00% – could mean an extra $11,005 in interest over a 20-year $75,000 loan.

•   To secure the most competitive home equity loan rates in PIttsburgh, PA, target a credit score of 700+ and a DTI ratio under 36%.

•   Through 2025, part or all of the interest on a home equity loan might be tax-deductible if you use it for home improvements.

Introduction to Home Equity Loan Rates

What is a home equity loan? First and foremost, it’s a great way for many homeowners to access the value that they’ve built in their homes when they need cash.

In this article we’ll cover everything you need to know about home equity loans. We’ll discuss the factors that affect loan rates and provide tips for getting the best rate possible. We’ll even explain the different types of home equity loans, including home equity lines of credit (HELOCs) and cash-out refinances, so you’ll be aware of the alternatives and their pros and cons.

Whether you’re planning a home renovation, consolidating high-interest debt, or making a major purchase, understanding Pittsburgh home equity loan rates can help you make smart financial decisions and set you up for a successful economic future.

How Do Home Equity Loans Work?

A home equity loan is akin to a second mortgage. It allows you to tap into your home’s equity to receive a lump sum, which you then repay, usually in fixed monthly installments over a period of five to 30 years. The loan is secured by your home, which often means lower interest rates than you’d get with unsecured personal loans.

One important caveat: In order to draw on the equity in your home, you have to have equity in your home. You can still be paying off your mortgage, but the money you owe should not be more than the house is worth. Typically, lenders want you to have a minimum of 20% equity in your home to qualify.

But if you’ve been paying your mortgage diligently and now you’re wondering how to get equity out of your home, home equity loans can be a great option.

The Origin of Home Equity Loan Interest Rates

Multiple factors determine the home equity loan rates in and near Pittsburgh, PA, including both big-picture economic conditions and your individual financial profile.

Federal Reserve policies affect lenders’ base rates and thus the rates they charge borrowers. Increases in the federal funds rate and the prime rate, for instance, lead to rises in home equity loan rates as well.

Your credit score and debt-to-income ratio typically also influence what rate you’re offered. Additionally, the amount of your loan and the length of your repayment term may have an impact on your rate. Generally, larger loans and longer terms will have higher rates due to the increased risk for lenders.

How Interest Rates Impact Affordability

Your interest rate is a major player when it comes to how affordable a home equity loan will be.

Let’s break it down by looking at the chart below, which shows a $75,000 home equity loan with a 20-year repayment term at several different interest rates.

With an 8.00% interest rate, your monthly payment would be $627, and the total interest you’d pay over the duration of the loan’s term would add up to $75,559. But with a rate just a percentage point lower, at 7.00%, your monthly payment would be $581, and the total interest would drop to $64,554. That means that the lower rate could ultimately save you $11,005 in extra interest.

Interest Rate Monthly Payment Total Interest Paid
8.00% $627 $75,559
7.50% $604 $70,007
7.00% $581 $64,554


Fixed vs Adjustable Interest Rates

Home equity loans, unlike HELOCs, for instance, often have fixed interest rates, which means your monthly payments will stay the same for the entire length of the loan. While fixed rates may start off higher than adjustable rates, their stability may give you peace of mind since you’ll know that your payments won’t suddenly spike.

On the other hand, adjustable rates might seem more attractive at first, but after a defined period, the rates “adjust” to follow a market index, which may be higher than the initial rate. And since the rates can change quite a bit over the life of the loan, your payments may feel unpredictable.

When deciding between the two kinds of rates, think carefully about your financial goals, how flexible your budget can be, and how much risk you’re comfortable with.

Home Equity Loan Rate Trends

Interest rates can be a bit like the weather – almost always variable and hard to predict. But if you look at recent history, you may be able to get a good sense of what you can expect. The prime rate, which banks use to set home equity loan rates, has been all over the place in recent years. In March of 2020, curing the Covid-19 pandemic, it hit a low of 3.25%, but by July, 2023, it had shot up to 8.50%, as you can see in the chart below.

Source: TradingView.com

Looking at the prime rate over the longer term, below, we can see how much ups and downs have defined the landscape over time.

Date Prime Rate
9/19/2024 8.00%
7/27/2023 8.50%
5/4/2023 8.25%
3/23/2023 8.00%
2/2/2023 7.75%
12/15/2022 7.50%
11/3/2022 7.00%
9/22/2022 6.25%
7/28/2022 5.50%
6/16/2022 4.75%
5/5/2022 4.00%
3/17/2022 3.50%
3/16/2020 3.25%
3/4/2020 4.25%
10/31/2019 4.75%
9/19/2019 5.00%
8/1/2019 5.25%
12/20/2018 5.50%
9/27/2018 5.25%

Source: St. Louis Fed

The fluctuating prime rate has a direct impact on the rates offered for home equity loans in Pittsburgh, so it can be useful to be aware of its movements. While the future is always full of surprises, knowing past patterns may help you time your application to get a more competitive rate.

How to Qualify for the Lowest Rates

To be offered the most favorable home equity loan interest rates in and near Pittsburgh, PA, you’ll need to present yourself as a responsible, low-risk borrower. That means that you’ll want to focus on keeping your debt-to-income ratio below 36%, ensuring that you have at least 20% equity in your home, and strengthening your credit. Aim for a credit score of 700 or higher to be in the running for the best rates. Even if you haven’t decided yet on a HELOC vs. a home equity loan or even a cash-out refi, these tactics should help you secure the most competitive interest rates.

Maintain Sufficient Home Equity

To be eligible for a home equity loan, it’s crucial to maintain a minimum of 20% equity in your home.

Calculating how much equity you have in your home is simple: Just subtract your current mortgage balance from your home’s market value.

For instance, if your mortgage balance is $400,000 and your home is valued at $550,000, your equity would be $150,000.

Many lenders will loan you up to 85% or even 90% of your available equity, meaning that in this example, you could potentially receive as much as $135,000. A home equity loan calculator can help you estimate how large a loan you may be able to access.

Making timely mortgage payments and investing in home improvements are great ways to build equity so you can meet this requirement.

Build a Strong Credit Score

When it comes to home equity loans, lenders often look for a credit score of 680 or higher, with many favoring 700 or more. A robust credit score is a testament to your financial responsibility and can lead lenders to offer you more attractive loan rates.

To bolster your credit score, concentrate on making payments on time, maintaining low credit card balances, and steering clear of new debt. And don’t forget to check your credit report regularly for inaccuracies – and reporting and disputing any that appear.

Manage Debt-to-Income Ratio

Your debt-to-income (DTI) ratio – how much you owe in various payments each month compared to how much money you have coming in – is a critical factor in determining your loan eligibility. The DTI ratio lenders require for a home equity loan is typically below 50%, and ideally below 36%.

Since it indicates that your debt is under control, a lower DTI ratio suggests a better ability to manage monthly payments, which can convince lenders to offer you more competitive home equity loan rates.

The two most direct ways to improve your DTI ratio are paying down your existing debts or increasing your regular monthly income, whether it’s through a side hustle or getting a raise.

Obtain Adequate Property Insurance

When you’re looking to secure a home equity loan, property insurance is a must, particularly if you’re living in a flood-prone area. This insurance not only safeguards your home’s worth in the event of damage, but also the lender’s investment. That’s why having the right coverage can work in your favor, potentially getting you better loan terms. Let that knowledge provide you with the incentive to make sure your policy is up to snuff and covers both the full value of your home and any unique risks in your locale.


Tools & Calculators

Online tools and calculators can help you estimate monthly payments and maximum loan amounts, and when you’re searching for the right home equity loan, they’re invaluable.

For example, our calculators can help you quickly evaluate the potential benefits of a home equity loan. You can see how your home’s value, your current mortgage balance, and your desired loan amount would all factor into your loan options. You can also use these online tools to compare different lenders and the home equity loan rates they offer. And you can input your financial information and find out how different loan terms and interest rates will affect your monthly payments and total interest paid.

Run the numbers on your home equity loan.

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 home equity loans typically range between 2% and 5% of the loan amount.

These costs may include appraisal, credit report, document preparation, origination, notary, title search, and title insurance fees. Loan origination fees are usually 0.5% to 1% of the loan amount; title insurance can also run from 0.5% to 1% of the loan amount; and title searches cost $75-$250 or more. Appraisals average $300-$500, and credit reports for lenders are $30-$50 or more. Document preparation can vary from $100-$500, be paid by an hourly rate if an attorney is involved, or be folded into the appraisal fee.

No-closing-cost options exist but may have higher rates. Compare lenders to find the best terms.

Tax Deductibility of Home Equity Loan Interest

Here’s a tip:The interest on your home equity loan might be tax-deductible if it’s used to buy, build, or improve your home. For single filers, interest is deductible on the first $375,000 of loan debt. Spouses filing together can deduct the interest on up to $750,000 of debt. But you will have to itemize if you want to to claim this deduction.

This deduction is currently set to run through 2025 but could be extended, so it’s a good idea (as it always is) to check with a qualified tax advisor to get the latest information and advice.

Alternatives to Home Equity Loans

If a home equity loan doesn’t quite seem like what you’re looking for, there are a couple of other options that might be a better fit. You could consider a home equity line of credit (HELOC) or a cash-out refinance. Each of these options also allows you to tap into your home’s equity, but they have different features and requirements. A HELOC, for example, gives you a revolving line of credit with variable interest rates, which can be great for ongoing expenses. A cash-out refinance, on the other hand, replaces your current mortgage with a new one for more than you currently owe, giving you a lump sum of cash.

Home Equity Line of Credit (HELOC)

What is a home equity line of credit? A HELOC is a flexible loan option for homeowners. With a HELOC, you pay interest only on the amount you borrow. During the initial “draw” period, you can use the funds (up to a set limit), and then, during the repayment period, you make payments on the money you’ve pulled out plus interest. It’s important to realize that the interest rate is variable, which means it can fluctuate, and your payments may change.

To qualify for a HELOC, you’ll generally need a credit score of 680 or higher (700 is even better) and a debt-to-income ratio of 50% or less (36% or less is ideal). A HELOC can be a good option if you’re not sure how much you need to borrow or if you need to borrow money over time.

If you’re wondering how much the monthly payments for a HELOC would cost, you might consider using a HELOC monthly payment calculator.

And if you’d like to calculate how much interest you’d have to pay during the “draw” period of a HELOC, try a HELOC interest-only calculator.

Cash-Out Refinance

A cash-out refinance is a type of mortgage refinance that replaces your existing mortgage with one that’s for more than you owe, providing you with a cash payout based on your home equity

If you’re evaluating the benefits of a cash-out refinance vs. a home equity line of credit, it’s worth noting that the requirements tend to be different. It’s usually easier to qualify for a cash-out refi than for a home equity loan or HELOC. While lenders can have different standards, cash-out refinances often require a minimum credit score of 620 and a DTI ratio of 43% or less. Cash-out refinances can have either fixed or variable interest rates.

The Takeaway

To get the best home equity loan rates in Pittsburgh, you’ll want to work on building your credit, managing your debt-to-income ratio, and securing property insurance. You can use online tools to estimate your payments and the amount you can borrow, but be sure to factor in closing costs as well as you make your decision. If a home equity loan isn’t the best fit for you, a HELOCs\ or a cash-out refinance could also be an option, so be sure to weigh the benefits and risks of each to find the one that works best for your financial goals and situation.

SoFi now offers home equity loans. Access up to 85%, or $750,000, of your home’s equity. Enjoy lower interest rates than most other types of loans. Cover big purchases, fund home renovations, or consolidate high-interest debt. You can complete an application in minutes.

Unlock your home’s value with a home equity loan from SoFi.

View your rate

FAQ

What are the common uses of a home equity loan?

A home equity loan is a versatile tool with many uses. Some of the most popular reasons people get them are to finance major expenses, to pay for home improvements, and to consolidate high-interest debt. Just remember to use the funds wisely and make sure the loan fits into your bigger financial picture.

Are you wondering what your monthly payments might look like on a $50,000 loan?

The amount of your monthly payment for a $50,000 home equity loan can vary depending on the interest rate and the loan term. For example, if you got your loan at 7.00% interest over 15 years, your monthly payment would be about $449. At a 9.00% interest over 15 years, the payment would be around $507. A loan calculator can help you figure out what your monthly payments would be with different variables.

What might prevent you from getting a home equity loan?

There are a number of factors that could stop you from securing a home equity loan. First of all, lenders typically require a minimum credit score, generally around 680 or more, so having a lower one could disqualify you. A high debt-to-income (DTI) ratio – usually above 50% – might also nix your loan. And having less than 20% equity in your home could be a red flag for lenders as well. Potential lenders will also look at how stable your home’s value is and how good your property insurance is. Qualifications can vary by lender, but these are some of the most common disqualifiers.

What are the benefits of a home equity loan?

Home equity loans often come with fixed interest rates and therefore have predictable monthly payments, which can make budgeting easier. They usually have lower rates than unsecured personal loans, making them a cost-effective option for significant one-time expenses like home improvements or debt consolidation. Just be sure to balance these benefits with the potential risks, such as the threat of foreclosure if you fall behind on payments.

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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.

SOHL-Q324-284

Browse other Pennsylvania home guides.

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May
14
2025

Private Student Loans Glossary

By | Uncategorized | Comments Off on Private Student Loans Glossary

Private Student Loans Glossary: Learn The Basics

Understanding student loan terminology is essential for navigating the borrowing process with confidence. This guide breaks down key terms to help you better understand how student loans work.

Private Student Loan Terminology

This easy-to-reference glossary is designed to help you better understand your private student loan agreement—from interest rates and repayment terms to cosigners and disbursements—so you can borrow with confidence.

  • Cosigner

    Cosigner


    Definition:

    A cosigner is someone—usually a parent or close relative—who agrees to take equal responsibility for repaying a private student loan if the primary borrower cannot. Their credit history and income are considered during the loan approval process.

    Example:

    If you don’t have a long credit history or steady income, a cosigner with good credit can help you qualify for a lower interest rate. If you miss a payment, the lender will expect the cosigner to pay.

    Questions to ask:

    • Do I need a cosigner to qualify for a loan?

    • Who would be willing and able to cosign with me?

    • How would this loan affect their credit and financial responsibilities?

    • Can the cosigner be released from the loan later?

    • Would adding a cosigner help me obtain a better interest rate on the loan?

    How to prepare:

    • Check your credit score and eligibility to see if a cosigner is necessary.

    • Talk openly with your potential cosigner about repayment plans and risks.

    • Review the lender’s cosigner release policy, if available.

    • Make a plan to stay on top of payments to protect both credit profiles..


  • Interest Rate

    Interest Rate


    Definition:

    The interest rate is the percentage charged by the lender on the amount you borrow. Private student loans can have fixed or variable interest rates, and the rate you receive depends on your creditworthiness (or your cosigner’s).

    Example:

    A fixed rate stays the same throughout the life of the loan, providing predictable monthly payments. A variable rate, on the other hand, can fluctuate based on market conditions. While variable rates can change over time, they may currently start higher than fixed rates depending on the market.

    Questions to ask:

    • Is the interest rate fixed or variable?

    • What is the current market trend for interest rates?

    • How does my credit (or my cosigner’s) impact the rate I’m offered?

    • What’s the total interest I’ll pay over the life of the loan?

    How to prepare:

    • Compare interest rates from multiple lenders.

    • Use a student loan calculator to estimate total repayment under different rate scenarios.

    • Decide whether a fixed or variable rate works best for your financial situation.

    • Consider how long you’ll take to repay the loan and how rate changes could affect you.


  • APR (Annual Percentage Rate)

    APR (Annual Percentage Rate)


    Definition:

    APR includes the interest rate and most loan fees, giving you a clearer picture of the total cost of borrowing. It’s the best number to compare across lenders because it reflects what you’ll actually pay over time.

    Example:

    Two loans may offer the same interest rate, but if one has an origination fee, its APR will be higher. That means you could end up paying more overall despite a similar monthly payment.

    Questions to ask:

    • What is the APR, and how does it compare to just the interest rate?

    • Are there any hidden fees (e.g., origination or late fees)?

    • How does the APR affect my total repayment amount?

    • Am I comparing “apples to apples” when looking at different loan offers?

    How to prepare:

    • Read the full loan disclosure to understand what’s included in the APR.

    • Use lender comparison tools that list both the interest rate and APR.

    • Ask the lender directly if any fees are not reflected in the APR.

    • Compare multiple lenders before choosing a loan.


  • Repayment Term

    Repayment Term


    Definition:

    The repayment term is the length of time you have to pay back your loan—typically ranging from 5 to 15 years for private student loans. It affects both your monthly payments and the total cost of the loan.

    Example:

    A 5-year loan term will usually mean higher monthly payments but less total interest paid. A 15-year term may lower your monthly payment but result in paying more interest over time.

    Questions to ask:

    • What repayment term options does this lender offer?

    • How will different terms impact my monthly payment and total interest?

    • Am I comfortable with higher monthly payments to save on interest?

    • Can I change my repayment plan later?

    How to prepare:

    • Estimate your post-graduation income and budget.

    • Use a loan calculator to see how different terms affect payments and costs.

    • Decide what balance of affordability vs. long-term savings works for you.

    • Ask your lender about flexibility in adjusting repayment terms if needed.


  • Deferment

    Deferment


    Definition:

    Deferment is a temporary pause on loan payments, usually offered while you’re enrolled at least half-time in school. Interest may or may not accrue during this period, depending on the lender.

    Example:

    If you’re in school and your lender offers in-school deferment, you may not need to make payments until six months after graduation. However, if interest accrues during deferment, your total loan balance could grow.

    Questions to ask:

    • Does this loan offer in-school or post-graduation deferment?

    • Will interest accrue while payments are paused?

    • Are there other options if I return to school or face financial hardship?

    • How does deferment affect my repayment timeline and total cost?

    How to prepare:

    • Confirm the deferment policy before borrowing.

    • Ask whether you can make interest-only payments while in school.

    • Track how much interest accrues during deferment, if any.

    • Make a plan to resume full payments when deferment ends.


Managing Your Student Loans

Whether you’re preparing for college, covering education costs, or planning your repayment strategy, having the right tools and resources can help you make informed decisions about private student loans. Explore these helpful articles to get started.

Know these finance terms like a pro.







Capitalization

When unpaid interest is added to your loan’s principal balance, increasing the total amount you owe.

Learn more: Understanding Capitalized Interest on Student Loans

Grace Period

A set time after you graduate or drop below half-time enrollment when you’re not required to make loan payments.

Learn more: Student Loan Grace Period: How Long Is It?

Principal

The amount of money you originally borrowed on your student loan, before interest and fees are added.

Learn more: Why Your Student Loan Balance Never Seems to Decrease

Disbursement

The release of loan funds to your school (or to you), usually in scheduled payments aligned with your academic terms.

Learn more: How Student Loans Are Disbursed and When It Happens

Fixed Interest Rate

An interest rate that stays the same for the life of your loan, providing predictable monthly payments.

Learn more: Choosing Between Variable And Fixed Rate Student Loans

Variable Interest Rate

An interest rate that can change over time based on market conditions, potentially increasing or decreasing your monthly payments.

Learn more: What’s the Average Student Loan Interest Rate?

Forbearance

A temporary pause or reduction in loan payments, typically granted during financial hardship, with interest continuing to accrue.

Learn more: What Is the Principal Amount of a Loan?

Calculate Your Way to Financial Clarity

Explore these calculators designed to help you make informed decisions, stay on top of your finances, and plan confidently for the future.

Using the free calculators is for informational purposes only.

Why Choose a SoFi Private Student Loan?

A SoFi private student loan is a smart way to pay for college or graduate school without relying solely on federal aid. Plus, you’ll get access to:

✓Easy online application process
✓No origination or late fees required
✓ Rewards points
✓Up to $250 Good Grades cash bonus1
✓Flexible repayment terms
✓Exclusive rate discounts


View your rate

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May
14
2025

Student Loan Refinance Glossary

By | Uncategorized | Comments Off on Student Loan Refinance Glossary

Student Loan Refinancing Glossary: Learn The Basics

Understanding student loan refinancing terminology is key to making informed decisions about your repayment strategy. This guide covers the essentials to help you determine if refinancing is right for you.

Student Loan Refinancing Terminology

This easy-to-reference glossary can help you navigate your student loan refinancing agreement with confidence and understand key terms like APR, loan term, and cosigner requirements.

  • Refinancing

    Refinancing


    Definition:

    Refinancing replaces one or more existing student loans with a new loan, typically through a private lender. Borrowers might want to refinance to secure a lower interest rate or get a more flexible repayment term.

    Example:

    If you have multiple student loans with high interest rates, you can refinance them into one new loan with a single monthly payment. For example, refinancing $50,000 in loans from 8% to 5% could lower your monthly payment and reduce the total interest paid over time.

    Questions to ask:

    • What are my current interest rates and monthly payments?

    • How much could I save with a lower rate or different repayment term?

    • Am I refinancing federal loans—and what benefits would I be giving up?

    • Do I qualify for a better rate based on my credit and income?

    How to prepare:

    • Gather your current loan details, including balances, rates, and servicers.

    • Check your credit score and consider ways to improve it before applying.

    • Use a refinancing calculator to compare potential savings.

    • Decide if giving up federal benefits (like income-driven repayment) is worth the tradeoff.


  • Federal vs. Private Loans

    Federal vs. Private Loans


    Definition:

    Federal student loans are issued by the U.S. government and come with borrower protections, while private loans are offered by banks or lenders and may offer different terms and fewer safeguards.

    Example:

    Refinancing federal loans with a private lender means you lose access to federal benefits like Public Service Loan Forgiveness or income-driven repayment. If you’re pursuing forgiveness, refinancing might not be the best option.

    Questions to ask:

    • Are my current loans federal, private, or a mix of both?

    • Am I eligible or pursuing any federal forgiveness programs?

    • Would refinancing eliminate protections I may need in the future?

    • Are there private lenders that offer protections similar to federal options?

    How to prepare:

    • Review your loan types in your loan servicer account or on studentaid.gov.

    • Assess your career plans and eligibility for forgiveness or IDR.

    • Compare lender policies around deferment, forbearance, and hardship.

    • Make sure refinancing aligns with your long-term repayment strategy.


  • Debt-to-Income Ratio (DTI)

    Debt-to-Income Ratio (DTI)


    Definition:

    Compares how much you owe each month to how much you earn. Lenders use it to assess your ability to take on new debt — a lower DTI signals better financial health and increases your chances of being approved for refinancing.

    Example:

    If you earn $6,000 a month and pay $2,100 toward existing debts (like loans and credit cards), your DTI is 35%. Most lenders prefer a DTI under 40%, and the lower, the better when seeking competitive refinance rates.

    Questions to ask:

    • What’s my current monthly income before taxes?

    • How much do I pay monthly toward debts (loans, credit cards, etc.)

    • Does my DTI fall below the preferred threshold for refinancing?

    • Can I improve my DTI before applying?

    How to prepare:

    • Use a DTI calculator to understand your current ratio.

    • Pay down existing debts to lower your monthly obligations.

    • Avoid taking on new loans or credit card debt before applying.

    • Consider applying with a cosigner if your DTI is on the higher side.


  • Creditworthiness

    Creditworthiness


    Definition:

    Creditworthiness reflects your ability to repay a loan and is based on factors like credit score, income, employment history, and debt-to-income ratio—all of which affect your ability to refinance and the rate you receive.

    Example:

    A borrower with excellent credit (e.g., 760+) and a stable income may qualify for significantly lower refinance rates than someone with limited credit or inconsistent employment history.

    Questions to ask:

    • What is my current credit score and DTI (debt-to-income ratio)?

    • Do I meet the lender’s minimum credit requirements?

    • Can I improve my score or reduce debt before applying?

    • Would applying with a cosigner improve my rate?

    How to prepare:

    • Check your credit report and fix any errors.

    • Pay down existing debts to improve your DTI.

    • Gather proof of stable income or employment.

    • Consider delaying your application if your credit needs improvement.


  • Annual Percentage Rate (APR)

    Annual Percentage Rate (APR)


    Definition:

    The total annual cost of borrowing, including both the interest rate and any lender fees. It gives you a more accurate picture of what you’ll actually pay over the life of the loan — not just the interest rate.

    Example:

    Lender A offers a 4.5% interest rate with $1,000 in fees, while Lender B offers 4.8% with no fees. Even though Lender A’s interest rate is lower, their APR might be higher once fees are factored in.

    Questions to ask:

    • What is the APR, not just the interest rate?

    • Are there origination or processing fees included in this loan?

    • How does the APR change with different loan terms?

    • Am I comparing APRs across all my lender options?

    How to prepare:

    • Always request the APR when shopping for refinance options.

    • Use loan comparison tools or calculators that include fees.

    • Don’t be misled by a low interest rate without understanding the total cost.

    • Choose the offer with the best balance of low APR and favorable terms for your situation.


Managing Your Student Loan Refinance

Whether you’re looking to lower your interest rate, simplify repayment, or pay off loans sooner, having the right tools and information can help you make confident decisions about student loan refinancing. Explore these helpful articles to get started.

Know these finance terms like a pro.







Origination Fee

A one-time fee charged by some lenders to process and fund your refinanced loan, usually deducted from the loan amount.

Learn more: Does It Cost Money to Refinance Student Loans?

Prepayment Penalty

A fee that some lenders charge if you pay off your refinanced loan early, though most reputable lenders don’t charge this.

Learn more: No Prepayment Penalty: Avoid Prepayment Penalties

Loan Forgiveness Impact

Refinancing federal loans with a private lender means giving up access to federal forgiveness programs and income-driven repayment plans.

Learn more: Student Loan Forgiveness: Programs for Relief and Forgiveness

Cosigner Release

A policy that allows your cosigner to be removed from the loan after you meet certain repayment and credit criteria.

Learn more: Applying for a Student Loan Cosigner Release

Hard Credit Check

A full review of your credit report during the official loan application, which may cause a small, temporary drop in your credit score.

Learn more: Does Applying for Credit Cards Hurt Your Credit Score?

Soft Credit Check

A preliminary credit inquiry used to show estimated rates without impacting your credit score.

Learn more: What’s the Difference Between a Hard and Soft Credit Check?

Fixed vs. Variable Rate

A comparison between interest rates that stay the same (fixed) and those that can change over time (variable), affecting payment amounts.

Learn more: Choosing Between Variable And Fixed Rate Student Loans

Calculate Your Way to Financial Clarity

Explore these calculators designed to help you make informed decisions, stay on top of your finances, and plan confidently for the future.

Using the free calculators is for informational purposes only.

Why Refinance Your Student Loans with SoFi?

Refinancing your student loans with SoFi can help you secure a lower interest rate, reduce your monthly payments, or pay off your loans sooner. Plus, you’ll get access to:

✓Zero required fees
✓Easy online process
✓Member benefits


View your rate

Read more
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Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, years of professional experience, income, and a variety of other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp. or an affiliate, NMLS # 696891. (www.nmlsconsumeraccess.org)

✝︎ To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

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