Name: Melissa Stanton
Locale: Norfolk, VA
Alma Maters: Michigan State University and Eastern Virginia Medical School
By Day: Physician’s Assistant
By Night: Marketing, Promotions, Accounting, Retail
SoFi Member Since: 2015
SoFi Savings: ~$12,600 on a 7 Year Student Loan Refi
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For young professionals today, there’s been a “good news, bad news” financial scenario developing for a while now.
Good news first: The unemployment rate for college grads, ages 22-27, is finally on the decline. Recent data from the New York Fed outlines a 7.1 percent unemployment rate in March 2011 and a 4.9 percent in 2015.
The bad news? Despite the fact that there are more jobs available for younger workers, widespread wage stagnation and decline has made it hard for 20- and 30-somethings to play financial catch up. Add to that a record volume of student loan debt, and you’ve got an entire generation suffering from a generational “wealth gap.”
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Are you paying more than 16% interest on your credit cards? A SoFi Personal Loan could help you save thousands. With a low fixed rate and monthly payment, you can pay off high interest credit cards, fund home improvements, or make a major purchase. Check your rate in just 2 minutes.
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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.
Read moreA 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.
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:
All else being equal, this means that it may be harder to qualify for a jumbo loan from some lenders.
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.
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