Current Mortgage Refinance Rates in California Today
CALIFORNIA MORTGAGE REFINANCE RATES TODAY
Current mortgage refinance rates in
California.
Apply online or call for a complimentary mortgage consultation.
Compare mortgage refinance rates in California.
Key Points
• Mortgage refinance rates in California are influenced by a variety of economic factors, including the bond market and housing inventory.
• Over recent years, California refinance rates have seen a significant shift, climbing from 3.15% in 2021 to 7.00% in 2023, impacting homeowners’ budgets.
• Refinancing can potentially lower your monthly payments, give you access to home equity, or help you switch to a fixed-rate loan.
• Building your credit score, balancing your debt-to-income ratio, and shopping around for offers from multiple lenders are key to snagging the most favorable mortgage refinance rates in California.
• A 1% drop in your mortgage rate could translate to substantial monthly savings, to the tune of $2,000 a year on a $300,000 loan.
Introduction to Mortgage Refinance Rates
Mortgage refinancing is the process of replacing your existing mortgage with a new one. The new mortgage will have different terms, such as a new interest rate, term length, and monthly payment amount. People refinance their mortgage for a variety of reasons, including to lower their monthly payments, access their home equity, or change their loan type. Understanding how current mortgage refinance rates in California are set and how to get the best rate possible is key to making the most of your refinance. This guide will help you understand the ins and outs of the refinance process and make informed decisions about your property.
💡 Quick Tip: Some lenders offer a so-called no-closing-cost refinance. However, that usually means either rolling the closing costs into the new mortgage principal or exchanging them for a higher interest rate.
Where Do Mortgage Refi Interest Rates Come From?
In the past, the 10-year U.S. Treasury Note has served as the most dependable predictor of mortgage rates. When the yield on the Treasury Note increases, current mortgage rates generally rise as well. The housing market also influences rates; if there are too many homes available, lenders may reduce their rates to attract more buyers. The overall economic climate is another key factor. Strong economic performance and job growth usually result in higher interest rates, whereas a recession often leads to lower rates.
While none of this will be on the test, having a loose understanding of what influences interest rates can give you a sense of when rates might rise or fall, allowing you to time your mortgage refinance for maximum savings.
Recommended: How to Refinance a Mortgage
How Interest Rates Affect Home Affordability
Interest rates play an important role in the affordability of your refinance. Your monthly payment hinges on your loan amount, repayment term, and the interest rate you secure. For example, a $200,000 home loan with a 6.00% interest rate and a 30-year term translates to a monthly payment of $1,199. But the same loan with an 8.00% interest rate spikes the monthly payment to $1,467. Over the loan’s life, the lower interest rate could keep nearly $100,000 in your pocket. Even small shifts in current mortgage refinance rates in California can lead to significant long-term savings.
Trends in California Mortgage Interest Rates
The rise and fall of mortgage rates can be quite the rollercoaster. In 2021, the average 30-year fixed mortgage rate was just 3.15%. Fast-forward to 2023, and it had soared to 7.00%. Last year brought the expectation of a dip in rates. But in early 2025, experts are predicting we’ll see elevated rates for longer. But don’t let that deter you. If you’re considering a mortgage refinance, it might still be a smart move.
Historical U.S. Mortgage Interest Rates
The U.S. mortgage interest rate environment can have a huge impact on first-time homebuyers. In the early 2000s, rates were at a level that made homeownership more attainable. That is less true today, even though rates are near the historical average. Below you can see the average fixed mortgage rate from the 1970s to present.
Historical Interest Rates in California
California refinance rates typically follow national trends, but they can be slightly higher or lower depending on the region. In the past, California has seen some of the lowest refinance rates in the country. When national rates are low, California rates are even lower, which is great for homeowners. On the other hand, when national rates are high, California rates are even higher. Understanding the historical trends in California refinance rates can help you anticipate future rate movements and make a more informed refinancing decision.
| Year | California Rate | National Rate |
|---|---|---|
| 2000 | 7.18 | 8.14 |
| 2001 | 6.78 | 7.03 |
| 2002 | 6.20 | 6.62 |
| 2003 | 5.54 | 5.83 |
| 2004 | 5.48 | 5.95 |
| 2005 | 5.65 | 6.00 |
| 2006 | 6.49 | 6.60 |
| 2007 | 6.38 | 6.44 |
| 2008 | 6.13 | 6.09 |
| 2009 | 5.08 | 5.06 |
| 2010 | 4.83 | 4.84 |
| 2011 | 4.54 | 4.66 |
| 2012 | 3.69 | 3.74 |
| 2013 | 3.85 | 3.92 |
| 2014 | 4.04 | 4.24 |
| 2015 | 3.80 | 3.91 |
| 2016 | 3.63 | 3.72 |
| 2017 | 3.94 | 4.03 |
| 2018 | 4.38 | 4.57 |
Why Refinance Your Mortgage?
Refinancing your mortgage can be a smart move. If you can secure a lower interest rate than what you’re currently paying, it could translate to significant savings. Not only could your monthly payments decrease, but you might also pay less in total interest over the life of the loan.
Before you refinance, it’s wise to ensure you have at least 20% equity in your home, especially if you’re considering cashing out some equity. And if you’re currently on an adjustable-rate mortgage and crave the stability of a fixed-rate loan, refinancing can make that happen. California refinance rates are not one-size-fits-all, so shopping around is key to finding the best deal.
Common Reasons to Refinance a Mortgage
Here are common reasons homeowners refinance:
• Lower your interest rate. You may secure a lower rate due to market conditions or an improved credit score.
• Change the repayment term. Shorten it to pay less in interest, or lengthen it to lower your monthly payment
• Cash out home equity. You’ll want at least 20% home equity before considering refinancing.
• Switch to a fixed-rate loan.
• Eliminate mortgage insurance. With an FHA loan, refinancing is the only way to drop the required insurance.
• Consolidate debt.
Understanding these reasons can help you decide if refinancing is right for you. Current California refinance rates play a significant role in this decision.
Recommended: How Soon Can You Refinance a Mortgage?
How to Compare Mortgage Refi Interest Rates
To ensure you’re getting the best deal, you’ll need to shop around. Reach out to multiple lenders and get prequalified to suss out your borrowing power and the rates you’re eligible for. Keep an eye out for the annual percentage rate (APR), which bundles up interest, fees, and discount points. And remember, the lowest rate might not always mean the biggest savings.
Compare California Interest Rates by Mortgage Refi Type
Mortgage refinance rates in California vary by type. Each offers unique features, from fixed vs. variable rates to no closing costs. Knowing your options can help you select the best refi for your needs.
Conventional Refi
A conventional refi, also known as a rate-and-term refi, is your ticket to adjusting your interest rate and loan term. While these refis might not come with the rock-bottom rates of government-backed loans, they do offer a level of flexibility that could be just what you need to lower your interest rate or change your repayment term. If you’re a homeowner with a solid credit history and a good chunk of equity in your home, this could be your golden opportunity.
Cash-Out Refi
You can tap into your home’s equity by refinancing for a larger mortgage and pocketing the difference. A cash-out refinance is a great option for those big-ticket items like home improvements or getting rid of high-interest debt. Let’s say your home is valued at $500,000 and you still owe $300,000 on your mortgage. That leaves you with $200,000 in equity. Many lenders will let you borrow up to 80% of your home’s value, which could mean an additional $100,000 in your pocket after you pay off your existing mortgage.
FHA Refi
FHA loans, insured by the Federal Housing Administration, often come with lower interest rates, making them an attractive option for refinancing. If you already have an FHA loan, you can opt for an FHA Simple Refinance or an FHA Streamline Refinance, which typically have fewer requirements and can be processed more quickly. For those without an FHA loan, options include an FHA cash-out refinance or an FHA 203(k) refinance, which is designed to cover home renovations.
VA Refi
VA loans, backed by the Department of Veterans Affairs, are known for their low interest rates and favorable terms. To qualify for a VA refinance, known as an Interest Rate Reduction Refinance Loan (IRRRL), you must already have a VA loan. This type of refinance can help you secure a lower interest rate, reduce your monthly payments, and potentially eliminate private mortgage insurance.
15-Year Mortgage Refi
Opting for a 15-year mortgage can be a strategic financial move, helping you save money and own your home outright sooner. By refinancing a 30-year, $1 million loan at 7.50% to a 15-year term at 7.00%, you could slash your total interest payments by nearly $900,000. And with current California refinance rates for 15-year mortgages at attractive levels, this could be the perfect time to make the switch.
Adjustable-Rate Mortgage Refi
If you’re considering an adjustable-rate mortgage (ARM) refinance, you’re likely attracted to the initial lower interest rate compared to a fixed-rate mortgage. This can be a smart choice if you’re planning to relocate before the rate adjusts. For instance, if you currently have a 30-year fixed-rate mortgage but foresee a move within a few years, switching to an ARM could mean lower monthly payments. Just be aware that the rate has the potential to increase, which could lead to higher payments down the line.
Compare Mortgage Refi Interest Rates
To ensure you’re getting the best deal, it’s crucial to compare rates from multiple lenders. Look beyond the interest rate to the annual percentage rate (APR), which incorporates fees and any discount points. Calculate the total loan cost and your break-even point (that is, how long it takes for your savings to cancel out the cost of the refinance). Keep an eye on your credit score and home value — the higher they are, the more favorable rates you’ll be offered. And don’t forget to monitor local refinance rates for the best deal.
How to Get the Best Available Mortgage Refi Interest Rate
To secure the best mortgage refinance rates:
• Build your credit score by always being punctual with bill and loan payments.
• Lower your debt-to-income ratio to 36% or less.
• Compare offers from multiple lenders, including brick-and-mortar banks, credit unions, and online lenders.
• Think about buying mortgage discount points.
• Choose the shortest loan term you can afford.
Online Refinance Calculators
Online refinance calculators are a great way to get an idea of what your new monthly payment could be and to compare different refinance options. These calculators take into account your current loan balance, the new interest rate, and the repayment term to give you an estimate of how much you could save by refinancing. You can also see how long it would take to recoup your mortgage refinancing costs.
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
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.
The Takeaway
Mortgage refinancing is a powerful tool for managing your home loan and achieving financial goals. Whether you’re looking to lower your interest rate, access home equity, or shorten your loan term, understanding the different refinance options is key. By improving your credit score, lowering your debt-to-income ratio, and comparing offers from multiple lenders, you can secure the best available mortgage refinance rates in California. Just make sure to consider the long-term financial implications and that the savings justify the costs involved.
SoFi can help you save money when you refinance your mortgage. Plus, we make sure the process is as stress-free and transparent as possible. SoFi offers competitive fixed rates on a traditional mortgage refinance or cash-out refinance.
A new mortgage refinance could be a game changer for your finances.
FAQ
Can I lower my interest rate without refinancing?
If you have some extra cash on hand, you might want to consider a mortgage recast. With a recast, you make a large lump-sum payment toward your principal, and your lender “recasts” your remaining payments. This doesn’t change your interest rate, but it can lower your monthly payments and save you money on interest over the life of the loan. Plus, if interest rates go up in the future, you’ll be locked in at the lower rate.
Can you negotiate a lower interest rate?
You can always reach out to your lender and ask for a reduction in your interest rate. If you’ve been making on-time payments and have a good credit score, your lender may be willing to work with you. Lowering your interest rate could save you a lot of money over the life of your loan. Just be sure to carefully review any changes to your loan’s terms and conditions before you agree to them.
Can I get equity out of my house without refinancing?
You can access your home’s equity without going through the full refinancing process by using a home equity line of credit (HELOC). A HELOC gives you the flexibility to draw funds as needed, typically with lower closing costs than a cash-out refinance. You can use the equity in your home for things like home improvements, debt consolidation, or even paying for college.
Are there fees associated with mortgage recasting?
There are fees associated with a mortgage recast, although they tend to be considerably lower than refinancing fees. Typically, recasting fees can range from $100 to $300, depending on the lender. It’s wise to carefully research and compare fee structures offered by multiple lenders to ensure you secure the most favorable terms for your mortgage recast.
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SOHL-Q125-160
More refinance resources.
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How Much Does It Cost to Refinance a Mortgage?
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How to Refinance a Home Mortgage Loan
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7 Signs It’s Time for a Mortgage Refinance
Apply online or call for a complimentary mortgage consultation.
Current Mortgage Refinance Rates in Alabama Today
Apply online or call for a complimentary mortgage consultation.
Compare mortgage refinance rates in Alabama.
Key Points
• Mortgage refinance rates in Alabama are influenced by the 10-year U.S. Treasury Note and housing inventory levels.
• In 2021, the average 30-year fixed refinance rate in Alabama was just over 3.00%. By 2023, it had climbed to 7.00%. In 2025, current mortgage refinance rates in Alabama are expected to remain elevated for longer.
• A mere 1% drop in the interest rate on a $300,000 mortgage can put almost $200 back in your pocket each month.
• In Alabama, you have a variety of mortgage refi options to choose from: conventional, cash-out, FHA, VA, 15-year, and adjustable-rate mortgages, each with its own set of perks and things to consider.
• To lock in the best Alabama refinance rates, build your credit score, trim your debt-to-income ratio, and be sure to compare offers from multiple lenders.
• Keep in mind, a refinance might cause a slight, temporary drop in your credit score due to the hard inquiry.
Introduction to Mortgage Refinance Rates
A mortgage refinance allows you to replace your current mortgage with a new one, potentially with better terms and a more favorable interest rate. Whether you’re looking to lower your monthly payments, shorten your loan term, or tap into your home’s equity, it’s important to understand the factors that determine Alabama mortgage refinance rates. This guide is designed to help you understand those factors and give you tips on how to get the best mortgage refinance rate you can.
Let’s take a closer look at the Alabama market.
💡 Quick Tip: How soon can you refinance your mortgage? It varies by loan type, but typical waiting periods are 6 to 12 months.
Where Do Alabama Mortgage Refi Interest Rates Come From?
In the past, the 10-year U.S. Treasury Note has been the best predictor of where current mortgage rates are heading. If the rates on the Treasury Note increase, mortgage rates typically follow suit. The housing market also plays a role; if there are more homes on the market than buyers, lenders might reduce their rates to attract more customers. Additionally, the state of the overall economy influences interest rates. Strong job growth and a robust economy often lead to higher interest rates, whereas a recession usually results in lower rates.
How Interest Rates Affect Home Affordability
Interest rates play a significant role in the affordability of your home loan, of course, but also your mortgage refinance. Your monthly payments are determined by your loan amount, repayment term, and interest rate. For example, here’s how changes in the interest rate affect the affordability of a $200,000 loan over 30 years:
| Interest Rate | Monthly Payment | Total Interest |
|---|---|---|
| 6.00% | $1,199 | $231,677 |
| 6.50% | $1,264 | $255,085 |
| 7.00% | $1,330 | $279,021 |
| 7.50% | $1,398 | $303,403 |
| 8.00% | $1,467 | $328,309 |
Over the life of the loan, a lower interest rate could save you close to $100,000. But even a fraction of a percentage point can lead to substantial savings.
Trends in Alabama Mortgage Refinance Rates
As we look to 2025, early predictions suggest that mortgage refinance rates in Alabama may remain elevated for longer. For that reason, it’s important for homeowners to keep an eye on rates and consider their options.
Historical U.S. Mortgage Interest Rates
Mortgage interest rates in the United States have seen dramatic changes over the years. In 2021, the average 30-year fixed mortgage rate was 3.15%, a historic low. By 2023, that rate had risen to 7.00%. These swings mean timing is key when it comes to refinancing your mortgage. Understanding the trends can help you decide when it makes sense to refinance and lock in a lower rate.
Below is a broad look at national rates since 1971.
Historical Interest Rates in Alabama
Alabama’s mortgage refinance rates have been on a similar rollercoaster, mirroring the national scene. In 2021, we saw some of the lowest rates on record, but by 2023, they had shot up. In 2025, it seems they’re here to stay. If you’re a homeowner in Alabama, it’s more important than ever to keep your finger on the pulse of these rates. Staying informed will help you make the best financial decisions when it comes to refinancing and ensure you snag the most favorable rates in the current market.
Here’s a look at almost 20 years of mortgage rates. (The Federal Housing Finance Agency stopped compiling state averages after 2018.)
| Year | Alabama Rate | National Rate |
|---|---|---|
| 2000 | 8.08 | 8.14 |
| 2001 | 6.93 | 7.03 |
| 2002 | 6.54 | 6.62 |
| 2003 | 5.75 | 5.83 |
| 2004 | 5.89 | 5.95 |
| 2005 | 5.98 | 6.00 |
| 2006 | 6.73 | 6.60 |
| 2007 | 6.54 | 6.44 |
| 2008 | 6.02 | 6.09 |
| 2009 | 4.93 | 5.06 |
| 2010 | 4.78 | 4.84 |
| 2011 | 4.51 | 4.66 |
| 2012 | 3.64 | 3.74 |
| 2013 | 3.89 | 3.92 |
| 2014 | 4.23 | 4.24 |
| 2015 | 3.96 | 3.91 |
| 2016 | 3.81 | 3.72 |
| 2017 | 4.19 | 4.03 |
| 2018 | 4.71 | 4.57 |
Why Refinance Your Mortgage?
Refinancing your mortgage can be a smart financial move. If interest rates have dropped since you took out your mortgage, refinancing can help you save money on interest. Or if you have an FHA loan, refinancing to a conventional loan with 20% equity can eliminate mortgage insurance. Whatever your goal, it’s important to make sure you have at least 20% equity in your home before you refinance.
Common Reasons to Refinance a Mortgage
• Lock in a lower interest rate due to improved credit or market conditions.
• Adjust your repayment term: Lengthen it for lower payments, or shorten it to pay off faster.
• Leverage your home equity for a variety of financial needs.
• Switch from an adjustable rate to a fixed rate for stability.
• For FHA loans, ditch mortgage insurance once you hit that magic 20% equity mark.
How to Compare Mortgage Refi Interest Rates
Get a great mortgage refinance rate to save money. Here’s how:
1. Shop around to compare offers from multiple lenders, including brick-and-mortar banks, credit unions, and online lenders.
2. Get prequalified to understand your borrowing power and the rates you’re offered.
3. Look at the APR, which includes interest, fees, and discount points.
4. Crunch the numbers to make sure your savings will outweigh your mortgage refinancing costs.
5. Keep an eye on Alabama refinance rates to seize the perfect moment.
Recommended: No Closing Cost Refinance
Compare Alabama Interest Rates by Mortgage Refi Type
One of the first steps in how to refinance a mortgage is to decide on your main financial goal. Alabama offers a diverse range of mortgage types to cater to the different goals of homebuyers. Choose the best option for your needs.
Conventional Refi
A conventional refinance, also known as a rate-and-term refi, is a great choice for homeowners who want to tweak their mortgage terms. While it might have slightly higher rates than government-backed loans such as FHA, VA, or USDA, it makes up for it with the freedom to adjust your interest rate and loan term.
You could opt for lower monthly payments by extending the loan term (but pay more in total interest) or pay off your loan quicker by shortening the term. This type of refinance is particularly suited for homeowners with solid credit and a good chunk of equity in their home.
Cash-Out Refi
A cash-out refinance is a smart way to leverage your home equity. Picture this: You own a $500,000 home, but you owe only $300,000 on it. That means you’ve got $200,000 in equity (assuming you have no home equity loan or HELOC).
A lender might allow you to borrow up to 80% of that equity, which would leave you with $100,000 after paying off your current mortgage. This could be a game-changer for paying off high-interest debt or tackling those big-ticket items on your wish list.
FHA Refi
FHA refinances, insured by the Federal Housing Administration, often offer lower interest rates, sometimes up to a full percentage point lower than conventional loans. These refis, such as the FHA Simple Refinance and FHA Streamline Refinance, are usually available to homeowners who already have an FHA loan.
If you don’t have an FHA loan, you can still explore an FHA cash-out refinance or an FHA 203(k) refinance, tailored for home improvements. These options can provide financial flexibility and potentially reduce your monthly payments.
VA Refi
VA refinances, backed by the U.S. Department of Veterans Affairs, offer some of the lowest interest rates available. To qualify for a VA refi, known as an Interest Rate Reduction Refinance Loan (IRRRL), you must have an existing VA loan. This type of refinance can help you secure a lower interest rate, reduce monthly payments, and potentially eliminate private mortgage insurance. For veterans in Alabama, exploring VA refi options can be a strategic move to improve your financial standing and reduce the overall cost of your mortgage.
15-Year Mortgage Refi
Refinancing to a 15-year mortgage can be a game-changer, cutting the total interest you pay over the loan’s life, even though your monthly payments will be higher. Let’s say you have a 30-year $1 million loan at a 7.50% interest rate. Your monthly payment would be around $6,992, and the total interest paid would be about $1,517,167. Now, if you refinance to a 15-year mortgage at a 7.00% rate, your monthly payment would jump to approximately $8,988.
But here’s the kicker: You’d slash your total interest paid to roughly $617,891, saving a whopping $900,000. If you can swing the higher monthly payments, this could be the perfect way to pay off your mortgage faster.
Adjustable-Rate Mortgage Refi
Now, let’s talk about adjustable-rate mortgages (ARMs). They typically start with a lower interest rate than fixed-rate loans, but that rate can change based on market conditions. If you’re planning to move before the ARM adjusts, refinancing to an ARM could be a smart move.
For instance, if you currently have a 30-year fixed-rate mortgage but know you’ll be relocating in a few years, switching to an ARM could lead to lower monthly payments and short-term savings. Just be sure to weigh the potential risks and ensure the savings make the switch worthwhile.
How to Get the Best Available Mortgage Refi Interest Rate
These steps can help you maximize savings over the life of your loan.
• Build your credit score by staying on top of payments and steering clear of new debt.
• Keep your debt-to-income ratio under 36% (the lower the better).
• Compare interest rates and fees from multiple lenders.
• Think about buying mortgage points to lower your interest rate.
• Choose a 10- or 15-year loan term for even lower interest rates.
Online Refinance Calculators
Online calculators are a great way to get a rough idea of what your monthly payments will be and to compare different refinance options. They can also help you understand the financial implications of refinancing, including how much you might save on interest and when you might break even. By entering your current loan details and playing around with different scenarios, you can get a better sense of whether refinancing makes sense for you. While a calculator can’t predict the future, it can help you make a more informed decision.
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
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.
The Takeaway
Mortgage refinancing is a powerful tool at your disposal, one that can reduce your monthly payments, minimize the interest you pay over time, and unlock your home’s equity. Whether you’re considering a cash-out refi, an FHA refi, a VA refi, or a 15-year mortgage refi, it’s important to weigh your financial goals and the long-term implications. By building your credit score, managing your debt-to-income ratio, and comparing Alabama refinance rates from various lenders, you can secure the best terms and save a significant sum over the life of your loan.
SoFi can help you save money when you refinance your mortgage. Plus, we make sure the process is as stress-free and transparent as possible. SoFi offers competitive fixed rates on a traditional mortgage refinance or cash-out refinance.
A new mortgage refinance could be a game changer for your finances.
FAQ
Are refinance rates going to drop?
It is difficult to predict if mortgage rates will drop specifically, as they are affected by national and local economic factors. A better question is whether the money you’ll save by refinancing your mortgage will outweigh the costs of refinancing. This is true no matter what the current refinance rates are. You’ll need to carefully consider the financial implications of refinancing and make sure the decision aligns with your long-term financial goals.
Can I refinance when rates are low?
Absolutely, when rates are on the decline, it’s a prime time to consider refinancing your loan. But before you get started, it’s crucial to weigh the potential savings against the cost of refinancing, which can include a variety of fees and closing costs. You’ll want to make sure that the money you save in the long run will more than cover the expenses you’ll incur in the short term. Be sure to consider the current interest rate environment, the terms of your existing loan, and the costs of refinancing when you’re making your decision.
When is it a good idea to refinance your home?
It’s a smart financial move to refinance your home when you can secure a lower interest rate, reduce monthly payments, or pay off the loan faster. Before proceeding with a mortgage refinance, however, carefully consider the long-term financial benefits and ensure they outweigh the associated costs. Take the time to thoroughly evaluate your options and make an informed decision that aligns with your financial goals and circumstances. Additionally, consider consulting with a qualified financial advisor to gain insights and guidance tailored to your specific situation.
How much does 1 percent lower my monthly payment?
Let’s break it down. A 1% drop in your mortgage interest rate can translate to significant monthly savings. For instance, on a $300,000 mortgage, a 1% reduction from a 7.00% to a 6.00% interest rate could mean a $197 cut in your monthly payment. Use a mortgage refinance calculator to plug in your own numbers and see what the savings are.
Can I lower my interest rate without refinancing?
If you have a chunk of cash on hand, you might consider a mortgage recast. This involves making a large, lump-sum payment toward your principal. Your lender will then recalculate your monthly payments based on the new, lower balance. While this won’t change your interest rate, it can lower your monthly payments and save you a bundle in interest over the life of your loan.
Can I ask my lender to lower my rate?
Absolutely, you can ask your lender to lower your rate. If you have a good credit score and a good payment history, you may be able to get a lower rate. However, the decision to lower the rate is up to your lender, and there are a number of factors that they may take into consideration.
Can I get equity out of my house without refinancing?
Yes, you can pull equity out of your home without having to refinance. You can do this by taking out a home equity line of credit (HELOC). A HELOC allows you to borrow a large portion of the home’s value, up to 85%, and you will have a variable interest rate credit line to use. This can be a great way to access funds without having to go through the traditional refinance process.
What are the costs of mortgage recasting?
There is a fee to recast your mortgage. However, it’s typically much less than the fees you’d pay to refinance. Lenders may charge a few hundred dollars or so to recast your mortgage, but the exact amount can vary. Be sure to compare the cost of recasting your mortgage to the potential savings to make sure it’s a good move for you.
How much are closing costs on a refinance?
On average, closing costs for a refinance are typically 2% to 5% of the loan amount. That means if you’re refinancing a $300,000 mortgage, your closing costs could run anywhere from $6,000 to $15,000. That’s a significant amount of money, and it’s important to keep it in mind when you’re budgeting for a refinance. It’s also a good idea to shop around and compare closing costs from a few different lenders. By doing your homework, you could save hundreds or even thousands of dollars on your closing costs.
Does refinancing have an impact on your credit score?
Pursuing a refinance can cause a temporary dip in your credit score, but the impact is usually minor and short-lived. In fact, a refinance can have a positive effect on your credit in the long run by lowering your credit utilization ratio and diversifying your credit mix.
Do you have to pay closing costs again when you refinance?
Yes, you will need to pay closing costs again. These costs can include an appraisal fee, title insurance, and other miscellaneous expenses. Be sure to factor these costs into your decision, as they can add up quickly and potentially negate any savings you may be expecting to achieve through refinancing. Additionally, compare the interest rates and terms of your current mortgage with the new loan to make sure that refinancing makes financial sense for you.
How many times can you refinance your home loan?
Refinancing your home is a big decision and one that should be carefully considered. You may refinance your home as many times as you’d like, but there are associated costs with each loan. Also, refinancing your home could impact your credit. You’ll need to weigh the pros and cons and consider your short-term and long-term goals.
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*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.
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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 .
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.
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SOHL-Q125-156
More refinance resources.
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How Much Does It Cost to Refinance a Mortgage?
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How to Refinance a Home Mortgage Loan
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7 Signs It’s Time for a Mortgage Refinance
Apply online or call for a complimentary mortgage consultation.
Is 715 a Good Credit Score?
Is 715 a Good Credit Score?
By Bob Haegele
A 715 credit score qualifies as good. It’s also currently the average credit score in the U.S.
If your credit score is 715, you may have received some attractive offers for credit cards and loans, but perhaps you haven’t qualified for the best products in the industry. Here, learn more about what a 715 credit score means and how it affects each kind of credit.
Key Points
• A 715 credit score qualifies as good and currently is the national average.
• This score qualifies individuals for most financial products, though not necessarily the best offers.
• Credit cards, auto loans, mortgages, and personal loans are typically available.
• Rates and terms may not be the most favorable, but there should be options.
• Building the score can lead to better offers and significant cost savings.
What Does a 715 Credit Score Mean?
According to FICO®, a 715 credit score qualifies as good. Good credit scores are those in the 670-739 range, and 715 is in the upper half.
While having a good credit score puts you in a comfortable position, it leaves room for improvement. Above the good range is the very good category (740-799) and the exceptional or excellent range (800-850). Here are how FICO Scores stack up:
• Exceptional (or excellent) credit: 800-850
• Very good credit: 740-799
• Good credit: 670-739
• Fair credit: 580-669
• Poor credit: 300-579
A good credit score should allow you to qualify for most financial products, including various loans and credit cards. You may not qualify for some products, such as premium credit cards and low-interest personal loans. Still, a 715 credit score will let you qualify for many financial products, and building your score further will open even more options.
What Else Can You Get With a 715 Credit Score?
Reaching a 715 credit score means much more than earning the distinction of a good score. A 715 credit score should allow you to qualify for most financial products, including credit cards, auto loans, mortgages, and personal loans.
As mentioned, you may not qualify for the best offers with the most favorable terms, but you should have options for most types of credit. If you want to qualify for the best rates and terms, build your score closer to the exceptional range. This can lead to big cost savings, especially with products like mortgages. Some ways to build your score include:
• Always making debt payments on time.
• Keeping your credit utilization under 30%.
• Using a mix of credit (say, lines of credit as well as installment loans) responsibly.
• Not applying for too much credit in a short period of time.
• Maintaining a long credit history (this can mean keeping open a credit card you only use occasionally).
Can I Get a Credit Card With a 715 Credit Score?
If you are in the market for a new card, you should have little trouble qualifying for all but the most premium credit cards. You should be able to pick from various cash-back, travel, and rewards credit cards. Many cards with no annual fee or a sub-$100 annual fee should be within reach. Depending on your income and other factors, a 715 credit score may be enough to qualify for a significant credit limit.
You may also qualify for a favorable APR (annual percentage rate), though perhaps not as low as cardholders with very good or exceptional credit.
Many credit card issuers let you prequalify online, which can be helpful if you are unsure of your approval odds. This lets you check your approval odds for any card you are considering without hurting your credit score. Prequalification doesn’t guarantee final approval, but in many cases, it indicates good odds.
When you do apply for a credit card, it typically causes a minor and temporary drop in your credit score. It’s best to avoid consecutive credit applications even if the drop isn’t permanent. Work to build your credit score as much as possible before submitting your application for the best approval odds.
Recommended: 11 Types of Personal Loans and Their Differences
Can I Get an Auto Loan With a 715 Credit Score?
Qualifying for an auto loan with a 715 credit score shouldn’t be a problem in most cases. However, you generally want the best credit score possible before applying. All else being equal, a higher credit score usually means your auto loan interest rate will be lower. Since you will make monthly payments, reducing your interest rate even slightly can save you hundreds in the long run.
With a prime credit score, your rate might be close the average: 6.70% for a new car, and 9.63% for a used car, according to Experian in the third quarter of 2024.
With a 715 credit score, you may qualify for longer loan terms of 36 to 72 months. However, longer terms typically mean higher interest rates. When interest rates are high, the effect is even greater, as there can be a big difference in rates for the highest- and lowest-risk borrowers.
Can I Get a Mortgage With a 715 Credit Score?
For conventional home loans, the minimum credit score required is usually 620, so a 715 credit score will likely qualify you for financing your dream home. However, mortgage lenders typically consider factors beyond your credit score, such as your income and debt-to-income (DTI).
In the past, conventional loans required a 20% down payment. The minimum can now be as low as 3%. Generally, a higher credit score can reduce your minimum down payment, meaning you may need to put more than 3% down with a 715 credit score.
Depending on all these factors, a 715 credit score may allow you to qualify for good mortgage rates from various lenders. You may also qualify for a jumbo loan, which offers a principal larger than the limits for conforming loans. However, in all cases, your rates probably won’t be as low as they are for borrowers with very good and exceptional credit scores.
The mortgage type is also significant, as different types have different qualification criteria. For instance, FHA and VA loans may let you qualify with a 580 credit score, compared to 620 for conventional loans. That is a considerable difference, making these government-backed loans much easier to qualify for than conventional mortgages.
Recommended: How to Use a Co-Borrower for a Loan
Can I Get a Personal Loan With a 715 Credit Score?
With a 715 credit score, you may be able to qualify for a personal loan with competitive rates and terms. While every lender has their own minimum credit score requirements, most are willing to work with borrowers who fall in the good credit score range.
A good credit score will give you strong approval odds and lower rates than borrowers with lower-than-average credit scores. If you aren’t satisfied with a lender’s offer, consider shopping around at other banks, credit unions, and online lenders.
Once a personal loan application is approved, the funds can be used for such expenses as:
• Travel plans
• Medical or dental bills
• A child’s summer camp costs
• Consolidation of credit card debt
Personal loans typically come in amounts of a few thousand dollars to $50,000 or $100,000. Depending on your income and the lender’s requirements, you may qualify for a personal loan that falls anywhere within that range.
Personal loans usually have repayment terms of 2-7 years. Making consistent, on-time payments on your personal loan can help improve your credit score. Most personal loans have fixed interest rates, meaning the monthly payment won’t change for the entire term. A personal loan calculator can help you estimate the interest rate you can expect on your loan.
The Takeaway
A 715 credit score is generally considered good and also means you are near the national credit score average. With a credit score in this range, you should be able to qualify for various credit products, including credit cards, personal loans, mortgages, and auto loans. However, a 715 credit score is still below the very good and exceptional ranges. If you build your score further, you may qualify for better rates and terms.
Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.
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.
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 .
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.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®
SOPL-Q125-039
Is 613 a Good Credit Score?
Is 613 a Good Credit Score?
By Lauren Ward
A 613 credit score doesn’t qualify as good. Rather, it is considered fair, which is the category below good and above poor. A credit score of 613 is below the national average of 715, and while you can likely access some forms of credit, you’ll probably pay higher interest rates and receive lower offers on loan amounts or credit limits than someone with a higher score.
Keep reading for a breakdown on where a 613 falls in the standard range of credit scores and what it means when applying for credit cards, auto loans, mortgages, or personal loans.
Key Points
• A 613 credit score is considered fair, which is a tier below good and may incur higher interest rates and less favorable credit terms.
• You may qualify for a basic or secured credit card with a credit score of 613.
• Auto loan interest rates will be above average with a 613 score, with used car rates above those for new cars.
• A score of 613 is just below the 620 threshold most mortgage lenders like to see.
• Personal loans often have a 670 minimum, but some lenders have more flexible requirements.
What Does a 613 Credit Score Mean?
FICO® is the most popular credit scoring model, which ranges from a low of 300 to a high of 850. It’s used by lenders and other creditors to evaluate how willing and able a potential borrower is to repay the borrowed funds. Not only does your credit score affect eligibility, it also affects terms like credit limits, loan amounts, and interest rates.
A higher credit score shows you have a positive history of making payments on time and generally don’t carry high outstanding debt balances.
So is a 613 credit score good or bad? According to FICO, it falls in the fair category. Here’s what that means compared to other FICO scores:
• Poor: 300 to 579
• Fair: 580 to 669
• Good: 670 to 739
• Very good: 740 to 799
• Exceptional: 800 to 850
As you can see, a 613 is on the lower end of the credit spectrum. But that doesn’t mean you can’t qualify for loans or credit cards. You may just have to pay a higher interest rate and be flexible with the amount you can borrow.
What Else Can You Get with a 613 Credit Score?
You can still qualify for financing with a 613 credit score. But expect higher interest rates, lower loan amounts, and a stricter debt-to-income ratio requirement. When your credit score is 613, you may want to work on building your score to increase your odds of approval and the quality of terms when you apply for financing in the future. A higher score can help you get approved for such financial products as a conventional home loan and a personal loan.
If you need to apply for a credit card or loan in the meantime, here’s how you’re likely to fare with a 613 credit score.
Recommended: Using a Personal Loan to Pay Off Credit Card Debt
Can I Get a Credit Card with a 613 Credit Score?
Is 613 a good credit score for getting a credit card? It can be, although you probably won’t qualify for one with lots of benefits or a rewards program. Instead, you’ll probably qualify for a basic, no-frills card with a modest credit limit.
Another option is a secured credit card, which requires a deposit that’s equal to your credit limit. The money is held as collateral as you use your card for purchases. Your payments are reported to the credit bureaus, which helps build your credit score as long as you pay on time. After successfully managing your secured credit card, you may be upgraded to a better option and get your deposit back.
If you already have large, high-interest balances on existing cards, consider a credit card consolidation loan. This rolls your debt into one installment loan, which may offer a lower interest rate. It can also help simplify your payments into one monthly bill.
Can I Get an Auto Loan with a 613 Credit Score?
A 613 credit score car loan is possible. But just as with credit cards, you’ll probably have to pay a higher interest rate than you would with a better score. The average interest rate for a used car loan with a 613 credit score is 14.07%, while a loan for a new car averages 9.73% as of the third quarter of 2024. A borrower with a super prime score of 781 or higher averages rates of 7.41% and 5.08%, respectively.
Saving up for a larger down payment could help you qualify for a better rate. Plus, starting off with a smaller loan balance will keep your monthly payments lower. The better you stick to your budget, the more likely you are to make your payments on time — and that can help build your credit score. You might consider either trading in an older car to put toward a different model or wait as long as possible before you upgrade so you have more time to save.
Can I Get a Mortgage With a 613 Credit Score?
You’ll probably have a harder time qualifying for some mortgage programs with a 613 credit score. Here’s an overview of the most common types of home loans and how your application is likely to stack up based on credit score.
• Conventional loan: Most lenders require a 620 credit score to be eligible for a conventional loan. That’s just out of reach if you have a 613, but building your score by seven points could help you qualify.
• FHA loan: Although many mortgage lenders want at least a 620 credit score, it’s still possible to qualify for this government-back loan with a 613 score; some lenders will even accept a score of 500. The good news is that borrowers with a 580+ are able to make a 3.5% down payment, while those with a lower score (500 to 579) need to make a 10% down payment.
• VA loan: Technically, VA loans (offered to military members, veterans, and survivors) don’t have a minimum credit score requirement. But as with other types of mortgages, lenders who offer this federal program for veterans often set their own credit minimum of 620.
• USDA loan: Like a VA loan, there’s no official credit threshold set by the government, but many individual lenders will look for a 620 or higher.
Remember other factors impact mortgage decisions, including debt-to-income ratio and down payment amount. Having a co-borrower with a higher credit score may help your approval odds.
Recommended: Applying for a Loan With a Co-Borrower
Can I Get a Personal Loan with a 613 Credit Score?
Personal loans can be a valuable source of funding for everything from home improvements to vacation expenses. A few points to consider:
• Some lenders will work with borrowers who have a 613 credit score, but many have personal loan requirements of at least a 670 score. If you do find a more flexible lender, expect higher interest rates and lower loan amounts.
• Use a personal loan calculator to compare different loan amounts and interest rates to make sure payments stay affordable.
• Applying for a secured personal loan can improve your chances for approval. You’ll need to provide some type of collateral, such as a car or bank deposits. If you default on the loan, the lender can recoup the loss by seizing your collateral.
The Takeaway
A credit score of 613 falls into the fair category, below good but above poor. Having a 613 credit score comes with some challenges in getting approved for financing. You will likely pay higher interest rates and have less favorable terms than you would if your score were higher. Building your score by at least several points may help your eligibility for an unsecured credit card, auto loan, mortgage, or personal loan.
Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.
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.
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 .
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.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®
SOPL-Q125-031
Is 609 a Good Credit Score?
Is 609 a Good Credit Score?
By Rebecca Lake
A credit score of 609 is not considered good. It falls into the fair category, which is below the good tier, but above the poor one, according to the FICO® credit scoring model.
With a 609 credit score, you may be able to access forms of credit, but you will likely pay higher interest rates and enjoy less favorable terms than those with a higher score. Here’s how this score can affect your ability to borrow.
Key Points
• A 609 credit score is categorized as fair (the range from 580 to 669), which is below the good tier.
• Credit card options with a 609 score may include higher interest rates and annual fees.
• Auto loans for a 609 score typically come with higher interest rates, increasing total interest paid.
• A 609 score can limit conventional mortgage options, though USDA, VA, and FHA options may be available.
• Personal loans are possible with a 609 score, but evaluate interest rates carefully before signing up, especially if consolidating credit card debt.
What Does a 609 Credit Score Mean?
FICO credit scores, which are used by 90% of top lenders to qualify borrowers, range from 300 to 850, with 850 being the highest score you can attain.
Here are the ranges:
• Exceptional (or excellent) credit: 800-850
• Very good credit: 740-799
• Good credit: 670-739
• Fair credit: 580-669
• Poor credit: 300-579
These scores are composed of five factors:
• Payment history: 35%
• Credit utilization: 30%
• Credit history: 15%
• Credit inquiries: 10%
• Credit mix: 10%
According to FICO, a 609 credit score translates to a fair credit rating, as noted above. Fair credit means your score is lower than the average American’s, but some lenders will still extend credit to you. For perspective, the average FICO score was 715 in 2024, according to Experian.
Fair credit won’t make borrowing impossible, but it can make it more expensive. A 609 credit score typically means you won’t qualify for the lowest interest rates. Those are usually reserved for people with very good or exceptional credit, which means a FICO score of 740 or higher.
What Else Can You Get With a 609 Credit Score?
Is 609 a bad credit score? Technically, no; FICO rates a score below 580 as poor credit. With a score in that range, you might find it difficult to get approved for loans or credit cards, and if you do, you may face significantly higher interest rates.
So, what can a 609 credit score get you? You can likely qualify for a credit card, a car loan, and some mortgages and personal loans, though they may be expensive. Here’s a closer look.
Can I Get a Credit Card With a 609 Credit Score?
Credit cards are convenient when you need to pay for things on the go, and it’s possible to get a credit card with a 609 credit score. For an unsecured card, you may be able to obtain a card, but it will likely involve a higher interest rate than those with good or better credit, and it will probably lack any kind of credit card rewards. (You will probably have to pay an annual fee, too.)
Another option: You might apply for a secured credit card, which can help build credit. Here’s the difference:
• Secured credit cards usually require a cash deposit to open, which doubles as your credit limit.
• Unsecured credit cards don’t require a deposit.
Either type of card could help you build good credit if you practice good habits. That includes paying your bill on time each month and keeping the balance low relative to your credit limit (this is known as your credit utilization ratio). Payment history and credit utilization carry the most weight in FICO credit scoring.
It can be difficult to know which credit cards you can get with a 609 credit score, since credit card companies usually don’t publish minimum credit score requirements online. They may, however, market certain cards as being designed for people with fair credit, which can help you decide which ones to apply for.
Worth noting: Hard inquiries (meaning applications for new credit) can temporarily lower your credit score by several points, so it’s better to just pick one credit card to apply for at a time.
Can I Get an Auto Loan With a 609 Credit Score?
A 609 credit score car loan approval isn’t unheard of. You’ll need to find a lender willing to offer you financing. Some lenders specifically target borrowers with lower credit who may not be able to get approved for a car loan through a bank or online lender.
The downside of getting a car loan with a 609 credit score is that you’ll most likely pay more interest. Again, that’s because lenders reserve the lowest rates for borrowers with the highest credit scores.
So how much could you pay? Here’s what borrowers in the fair credit score range paid on average for car loans in the third quarter of 2024:
• New car buyers paid 9.73%
• Used car buyers paid 14.07%
By comparison, buyers with excellent credit paid 5.08% for new car loans and 7.41% for used car financing on average.
Here’s an example to review:
• If you got a $20,000 used car loan with a 48-month repayment term at a 14.07% APR, your monthly payments would be $547, and you’d pay $6,267 in interest over the life of the loan.
• Now, if you built your credit and qualified for a 7.41% APR instead, your monthly payment would drop to $483, and you would pay just $3,171 in total interest.
Those numbers could be a great incentive to work on building your score before applying for a car loan.
Can I Get a Mortgage With a 609 Credit Score?
A 609 credit score isn’t a barrier to getting a mortgage, but it may limit your loan options. For example, most lenders require a minimum credit score of 620 to qualify for conventional mortgages, as well as VA and USDA loans.
That said, some VA and USDA lenders will review your application and may fund your loan, even if your credit score is below 620.
You could also qualify for an FHA loan with a FICO score as low as 500. FHA loans are federally insured loans that are designed to help people buy homes, even when their credit isn’t perfect. If you’re in the 609 credit score range, you could buy a home with as little as 3.5% down (or 10% if your score ranges from 500 to 579) and access a favorable interest rate.
The best way to find a good FHA loan rate for fair credit is to shop around and compare rates from multiple lenders. Look for lenders that offer free rate quotes without affecting your credit scores.
Recommended: How Many Personal Loans Can You Have at Once?
Can I Get a Personal Loan With a 609 Credit Score?
Personal loans can put cash in your hands when you need it, whether for a big dental bill or the cost of a vacation. It’s possible to qualify for one with a 609 credit score, albeit probably at a higher interest rate than you’d be offered if your score was higher.
As with mortgages or car loans, it’s important to shop around. Compare personal loan rates, terms, and fees. If you’re getting a credit card consolidation loan to streamline your debts, it’s important to make sure the loan rate you qualify for is less than what you’re paying to your cards. Otherwise, consolidating might not save any money.
To really dig into the numbers, use a personal loan calculator to estimate what you might pay, based on different loan rates and terms.
The Takeaway
A 609 credit score isn’t considered good. Rather, it falls into the tier below that, which is fair. While you can qualify for some forms of credit, it will likely be at higher interest rates and with less favorable terms than if your score was higher. Carefully review options, whether for a credit card or personal loan, to make sure you understand the fine print.
Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.
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.
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