Nov

2024

Is 628 a Good Credit Score?

By [email protected] | personal_loan | Comments Off

Is 628 a Good Credit Score?

FICO® credit scores range from 300 to 850 and are categorized into five tiers: poor, fair, good, very good, and exceptional. A credit score of 628 falls into the “fair” category, which ranges from 580 to 669. Although fair is a step up from poor, it can still be a red flag to lenders and make it challenging to qualify for unsecured loans and credit cards. If you have a 628 credit score, here’s a closer look at what it means and how it can limit your options for credit.

Key Points

• A 628 credit score is considered fair, which can lead to challenges in qualifying for loans and credit cards.

• Fair credit may indicate financial missteps like late payments or high credit utilization.

• Having a 628 credit score can limit your lender options and result in higher interest rates.

• You may be able to get a lower rate by making a larger down payment, using collateral, or adding a cosigner.

• Strategies to build better credit include making on-time bill payments, paying down existing debt, and using a secured credit card responsibly.

What Does a 628 Credit Score Mean?

A 628 credit score means you have a fair credit score on the FICO scoring range. It’s below the average credit score among Americans, which was 717 as of March 2024.

Your credit score is based on the following factors:

• Your history of debt payments (35%)

• The amount of debt you owe (30%)

• The length of your credit history (15%)

• Your credit mix (10%)

• New credit (10%)

Because a 628 credit score is on the low side, it suggests that you may have made financial missteps in your past. For instance, you might have a history of late payments on a loan, a thin credit mix or history, or a high credit utilization ratio.

To learn why you have fair credit, you may want to look over your credit reports. You can get a free copy of your credit report from each of the three major credit bureaus — Experian®, TransUnion®, and Equifax® — by visiting AnnualCreditReport.com.

What Else Can You Get with a 628 Credit Score?

Lenders prefer a good credit score or better, so having a score of 628 could make it harder to get approved for a credit card or loan, such as a mortgage, auto loan, or personal loan. That doesn’t necessarily mean you’re out of options, but you’ll probably have to shop around and could end up with higher interest rates and fees than someone with stronger credit.

Can I Get a Credit Card with a 628 Credit Score?

You should be able to qualify for a credit card with a 628 credit score, but you may not qualify for the best credit card offers. Your options may be limited to a basic credit card or store credit card that doesn’t come with add-on perks like cash back or travel rewards. The card may also come with high interest rates and an annual fee.

An alternative option is opening a secured credit card, which can help you build credit. A secured credit card requires an upfront cash deposit that also acts as your credit limit. The credit card company will report your payments to the credit bureaus, so paying on time can positively impact your credit profile over time.

Can I Get an Auto Loan with a 628 Credit Score?

You can likely qualify for an auto loan with a 628 credit score, but you may face high interest rates. According to Experian’s State of the Automotive Finance Market report for the second quarter of 2024, consumers with fair credit paid nearly double the interest rate for both new and used car loans compared to borrowers with exceptional credit.

FICO Credit Score	Average Interest Rate for New Car Loans	Average Interest Rate for Used Car Loans
781 to 850	5.25%	7.13%
661 to 780	6.87%	9.36%
601 to 660	9.83%	13.92%
501 to 600	13.18%	18.86%
300 to 500	15.77%	21.55%

To get the best possible rate on an auto loan with a 628 credit score, it’s a good idea to shop around with multiple lenders, including banks, credit unions, and online lenders. Also consider making a larger down payment — at least 20% of the car’s purchase price. This decreases the amount you need to borrow and lowers the lender’s risk, which can result in a lower rate.

If you’re still seeing high rates, you might look into asking a family member or trusted friend with an excellent credit score to cosign your auto loan. Just keep in mind that your cosigner will be responsible for repayment if you run into trouble making your payments.

Can I Get a Mortgage with a 628 Credit Score?

You generally need a minimum credit score of 620 to qualify for a conventional mortgage, so you should be able to get approved with a 628 credit score. However, the lender may require you to have a lower debt-to-income ratio and higher down payment than someone with a stronger credit score. Plus, you’ll face higher interest rates than someone with good or exceptional credit.

You can also qualify for an FHA loan with a 628 credit score. An FHA loan is guaranteed by the Federal Housing Administration and accepts a minimum down payment of 3.5% as long as your credit score is 580 or higher. Because these loans are backed by the government, they are typically easier to qualify for than conventional loans. However, they have one-time and ongoing mortgage insurance payment requirements, as well as upper limits on loan amounts.

Can I Get a Personal Loan with a 628 Credit Score?

You can get a personal loan from some lenders with a 628 credit score, but likely won’t get the lowest interest rate available. Lenders that offer personal loans for fair credit may also charge an origination fee, which is deducted from your loan amount. In addition, they may offer lower loan amounts and shorter terms compared to loans for borrowers with good or better credit.

However, your credit score isn’t the only factor lenders consider when you apply for a personal loan. They will also look closely at your income and current debt load to determine whether or not you qualify for a loan and, if so, what the rates and terms they will offer.

You can get an idea of what type of personal loan or credit card consolidation loan you can get by prequalifying with several lenders. This process usually takes just a few minutes and involves a soft credit check, which won’t affect your credit score. Adding a co-borrower or collateral to your application may help you qualify or get a lower rate.

If you’re looking to consolidate high-interest credit card debt, using an online personal loan calculator can help you estimate potential interest savings and give you a clearer picture of your options.

The Takeaway

You can qualify for loans and credit cards with a 628 credit score, but you’ll have a shorter list of lenders available to you. Plus, you may end up with high rates and fees that will add to your costs of borrowing.

If you don’t have an immediate need for a loan, consider taking some time to build your credit before you apply. Some simple moves — like always paying your bills on time, paying down credit card balances, and taking out a credit-builder loan or secured credit card — can help you access lending products with lower rates in the future.

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’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.

View your rate

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.

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.

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.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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 .

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Nov

2024

Is 697 a Good Credit Score?

By Annie Luc | Uncategorized | Comments Off

Is 697 a Good Credit Score?

A 697 credit score is considered a “good” credit score, which means you shouldn’t have trouble qualifying for new credit, like a consumer loan or credit card. However, a 697 score falls below the top two FICO^® credit tiers — “very good” and “exceptional” — so you likely won’t qualify for a lender’s best interest rates or loan terms.

With a 697 score, lenders will see you as an average risk, since your score isn’t far off from the the average consumer credit score in the U.S., which is 717. Learn more about what a 697 credit score means and what it can get you.

What Does a 697 Credit Score Mean?

Your credit score tells lenders how much risk you pose as a borrower. Generally ranging from 300 to 850, credit scores are calculated using information from your credit reports. Although many people think they have only one credit score, we actually have several. The reason is that credit scores can be calculated using different credit reports and different scoring models, such as FICO, VantageScore^®, or a lender’s proprietary algorithm. Each scoring model has its own standard for what qualifies as “good.”

In the FICO scoring model, which is the one most commonly used, a 697 score means you’re right in the middle — not the best, but not the worst. Here’s the breakdown:

• Exceptional: 800-850

• Very Good: 740-799

• Good: 670-739

• Fair: 580-669

• Poor: 300-579

A 697 credit score is also considered “good” in the VantageScore model:

• Excellent: 781-850

• Good: 661-780

• Fair: 601-660

• Poor: 500-600

• Very Poor: 300-499

A 697 score tells a lender that you generally pay your bills on time and manage your credit responsibly. You may have a “good” rather than “very good” or “excellent” credit rating either because you’re new to credit or because you’ve made a few missteps, such as late payments, in the past.

What Else Can You Get With a 697 Credit Score?

The most direct advantage of a 697 credit score is that it tells creditors that you’re generally a reliable borrower who is likely to repay their debt. In turn, creditors may be more willing to offer you good interest rates and borrowing terms to gain your business.

With a good credit score like 697, you might experience benefits in other areas of your life. For example, a landlord might favor your rental application over applicants with fair or poor credit because they see you have a decent track record for paying your bills. You might also be able to sign up for a new utility account without a deposit requirement, or qualify for a better insurance rate thanks to your 697 score.

A future employer might check your credit to find out whether you have a compromised financial situation, particularly for jobs that involve finances or require security clearance. A 697 credit score means you likely don’t have any major red flags in your credit reports.

Can I Get a Credit Card With a 697 Credit Score?

Whether you’re looking for a new cash back credit card, travel rewards card, or retail credit card, a 697 FICO score can help you qualify. You might even qualify for a 0% interest credit card.

Despite having a “good” credit rating, however, you might not qualify for a credit card issuer’s lowest annual percentage rate (APR). The best rates are typically reserved for applicants who have exceptional credit. Similarly, a 697 credit score might not be enough to qualify for the most premium rewards cards on the market.

Your credit score isn’t the only factor that card issuers evaluate, however. Other application details, like your employment status and income, can determine whether you can get a particular credit card.

Can I Get an Auto Loan With a 697 Credit Score?

With a 697 credit score, there’s a good chance you’ll qualify for an auto loan with a decent rate. But you likely won’t be offered a lender’s most competitive APR.

According to Experian’s State of Finance Market Report from the fourth quarter of 2023, the average new auto loan rate for “prime” borrowers (with a 661-780 VantageScore) was 7.01%. By comparison, borrowers who were considered “super prime” (with a 781-850 VantageScore) received the best rates on a new car loan, averaging 5.64% APR; “nonprime” borrowers (with a 601-660 VantageScore), on average, received a 9.60% APR rate.

Can I Get a Mortgage With a 697 Credit Score?

A 697 credit score is a good score to have when applying for a mortgage loan. According to Experian, 29% of individuals with a 697 FICO score have a mortgage loan in their credit portfolio.

Generally, conventional mortgage lenders have a minimum credit score requirement of 640. Although you might qualify for a conventional home loan with a 697 score, you likely won’t receive the most competitive mortgage rates. Here’s a look at the average 30-year fixed mortgage APRs for a $400,000 mortgage loan across all FICO score ratings as of June 4, 2024.

FICO Score	APR
760–850	6.479%
700–759	6.701%
680–699	6.878%
660–679	7.092%
640–659	7.522%
620–639	8.068%

Can I Get a Personal Loan With a 697 Credit Score?

Whether you’re looking for a personal loan to cover a large expense, such as a vacation, wedding, home upgrade/repair, or specifically a personal loan that can be used as credit card consolidation loan, a 697 credit score can help you qualify. You likely won’t be able to get the best personal loan rates and terms on the market, though. To qualify for a lender’s lowest rates and highest loan amounts, you typically need a credit score of at least 800.

To put this into perspective, the average personal loan rate for borrowers with good credit (690-719) is 14.87%. For borrowers with excellent credit (720-850), the average APR for a personal loan is 12.37%.

The interest rate you’ll pay for a personal loan doesn’t rest solely on your credit score, however. Lenders will typically also look at your income, employment history, and debt-to-income ratio (DTI). Since most personal loans are unsecured, you don’t need any collateral (like a car or a home) for approval.

Takeaway

A 697 credit score is a good credit score. It’s higher than the minimum score many lenders require for different types of lending products, including credit cards, auto loans, mortgages, and personal loans.

That said, there’s still room for improvement, since a 697 score is right in the middle of FICO’s credit tiers, below “very good” and “exceptional” credit. Building your credit — by making on-time credit payments, catching up on past-due accounts, and paying down revolving account balances — can help improve your credit profile and allow you to access lending products with lower rates in the future.

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’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.

View your rate

Photo credit: iStock/Liudmila Chernetska

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
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.

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Nov

2024

Current Home Equity Loan Rates in Montana Today

By Dana Paltao | Uncategorized | Comments Off

MONTANA HOME EQUITY LOAN RATES TODAY

Current home equity loan rates in

Montana.

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 Montana.

Key Points

• The home equity loan interest rate you’re offered depends on your credit score, loan-to-value ratio, and lender policies.

• Home equity loans have fixed interest rates, providing stability and predictability in monthly payments.

• Home equity loans can be used for a variety of purposes, including home renovations, educational costs, and debt consolidation.

• Closing costs and fees for home equity loans can vary significantly and should be considered when budgeting.

Home equity loans provide homeowners with a single, lump-sum payment that is repaid with fixed monthly payments over a term of 5 to 30 years. Home equity rates in Montana vary, so it’s important to compare offers from different lenders to find the best deal.

Let’s take a closer look at the factors that influence home equity loan rates — especially those that homeowners can control — so you can feel confident in taking this financial step.

How Do Home Equity Loans Work?

If you’re wondering how to get equity out of your home, home equity loans are a great option. Home equity loans are a type of second mortgage that uses your primary residence as collateral. They provide a lump-sum payment that is repaid in equal monthly installments over a term ranging from five to 30 years.

Because home equity loans use the equity in your home as collateral, they offer lower interest rates than unsecured personal loans. The interest rate is typically fixed, which can be advantageous for borrowers who prefer a consistent and reliable payment structure over the life of the loan.

To determine how much you can borrow with a home equity loan, lenders will calculate the combined loan-to-value ratio (CLTV): your mortgage balance plus the amount you want to borrow, divided by the appraised value of your home. Most lenders will require your CLTV to be 85% or less for a home equity loan or HELOC.

You can calculate your maximum loan using this two-step formula:

• Appraised home value x 85% = Maximum debt amount

• Maximum debt – Mortgage owed = Maximum loan amount

Now let’s use real numbers, assuming your appraised home value is $500,000 and your mortgage owed is $350,000.

• $500,000 x 85% = $425,000 max debt

• $425,000 – $350,000 = $75,000 max loan amount

If the math is less than crystal clear, don’t worry: home equity loan calculator can help you determine your home equity and maximum loan amount.

With their inherent flexibility, home equity loans empower homeowners to fund many kinds of big ticket expenses. These may include home renovations, educational costs, medical bills, and debt consolidation.

Where Do Home Equity Loan Interest Rates Come From?

Home equity loan interest rates are influenced by a variety of economic factors, including the prime rate. Understanding these influences can enable borrowers to anticipate rate fluctuations and make informed decisions about all kinds of home loans, including home equity loans.

The prime rate, which is the interest rate that banks charge their most creditworthy customers, has a direct impact on home equity loan rates. Federal Reserve decisions and broad economic conditions can also have an effect on rates.

How Interest Rates Impact Affordability

As you shop around for a home equity loan, remember that your interest rate can make a big difference in affordability over the long term. Below, you can see how the interest rate on a $50,000 home equity loan affects the monthly payment and total interest paid over a 10-year term:

• At 8.50%, your monthly payment is $620 and your total interest paid is $24,391.

• At 8.00%, your monthly payment is $607 and your total interest paid is $22,797.

• At 7.50%, your monthly payment is $594 and your total interest paid is $21,221.

While the difference between monthly payments isn’t astronomical, many of us could think of better ways to spend that extra $3K in total interest. As you see, it pays to look for the best available interest rates, whether you’re shopping for a home equity loan or a HELOC.

Montana Home Equity Loan Rate Trends

The prime interest rate serves as a barometer for different types of home equity loans in Montana. By examining the historical prime interest rate over an extended period of time, you can get some insight into the trajectory of home equity loan rates.

Historical Prime Interest Rates

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

Source: TradingView.com

Factors Influencing Home Equity Loan Rates

In addition to the prime rate, a number of economic and consumer factors influence home equity loan rates. For those seeking the best deals on home equity loans in Montana, the following are particularly important to consider.

Credit Score

A robust credit score, reflecting a proven track record of punctual payments, can secure homeowners a more favorable interest rate on a home equity loan. Lenders typically like to see a credit score of 680 or higher for home equity loans, and many lenders prefer 700+. (For reference, a conventional mortgage refinance requires a credit score of 630 to 650.)

Loan-to-Value (LTV) Ratio

The loan-to-value (LTV) ratio – calculated by dividing the loan amount by the appraised value of the home — helps lenders determine what interest rate and loan term to offer a borrower. The maximum LTV most lenders allow for a home equity loan is 85%.

Home Value

Lenders rely on independent appraisals to ascertain the market value of a home. This valuation process determines a homeowner’s equity and the maximum loan amount a lender will approve.

Home Value Stability

Stable home values allow homeowners to tap into a larger portion of their property’s equity. In other words, a stable local housing market can increase the maximum loan amount lenders will approve.

Lender Policies

Lenders have some leeway in the interest rates they offer for home equity loans. By carefully comparing the interest rates and fees of multiple lenders in Montana, borrowers can secure the most favorable home equity loan rates.

Property Location

Properties in locations with a heightened level of risk — due to extreme weather or natural disasters — may be subject to elevated interest rates. This is due to the increased potential for default and the associated financial losses incurred by lenders in these areas.

How to Qualify for the Lowest Rates

Whether you’re shopping around for a HELOC vs home equity loan, the tactics are the same to secure the most favorable interest rates. Prospective borrowers should prioritize establishing a robust credit score, diligently managing their debt-to-income ratio, securing adequate property insurance coverage, preserving sufficient home equity, and demonstrating a consistent history of responsible financial management.

Build a Strong Credit Score

By making consistent and timely payments and exercising responsible credit use, you can elevate your credit score.

Manage Debt-to-Income Ratio

Maintaining a low debt-to-income (DTI) ratio makes you a more attractive candidate to lenders. The DTI requirement for a home equity loan is typically 36% to 50%.

Obtain Adequate Property Insurance

Make sure you have sufficient property insurance coverage in place. Not only does it safeguard your investment, it is frequently a prerequisite for obtaining a home equity loan.

Maintain Sufficient Home Equity

In the state of Montana and elsewhere, lenders commonly require borrowers to have a minimum of 20% equity in their homes before they can qualify for a home equity loan. This requirement helps to ensure that borrowers have a sufficient financial stake in their properties and are less likely to default on their loans.

Fixed vs. Variable Interest Rates

Home equity loans generally feature fixed interest rates, offering stability and predictability in monthly payments. Variable rates might offer lower initial rates but they have the potential to fluctuate over time, leading to higher costs in the long run.

Tools & Calculators

Many tools and calculators are readily available to assist borrowers in determining loan amounts, interest rates, and the calculation of monthly payments.

Run the numbers on your home equity loan.

Home Equity Loan Calculator

Enter a few details about your home loan and we’ll provide you your maximum home equity loan amount.

Calculate
HELOC Payment Calculator

Punch in your HELOC amount and we’ll estimate your monthly payment amount for your HELOC.

Calculate
HELOC Interest Only Calculator

Use SoFI’s HELOC interest calculator to estimate how much monthly interest you’ll pay .

Calculate

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 and fees for home equity loans can vary significantly, ranging from 2% to 5% of the total loan amount.

Home equity loan fees typically include an appraisal, credit report, document preparation, origination, notary, title search, and title insurance costs. These fees can vary depending on the lender and the specific loan terms, so it’s important to compare multiple lenders before choosing one.

Some lenders offer no-closing-cost home equity loans, but these options may come with higher interest rates to compensate for the waived fees. However, it’s important to note that these loans can be beneficial for borrowers who don’t have the upfront cash to cover closing costs.

Recommended: HELOC Interest Only Calculator

Tax Deductibility of Home Equity Loan Interest

Interest on home equity loans may be tax-deductible if the loan proceeds are utilized for residential property acquisition or renovation. Married couples filing joint tax returns can deduct interest paid on up to $750,000 of qualified home equity loans that were obtained after December 15, 2017, whereas single filers are permitted to deduct interest paid on loans of up to $375,000.

Qualifying home improvements that may be eligible for tax deductions encompass those that augment the home’s value, extend its usable lifespan, or adapt it to serve new purposes, thereby enhancing its overall functionality, liveability, and potential for energy efficiency, ultimately increasing its worth and desirability.

In the context of claiming the home equity loan interest deduction, taxpayers are obligated to meticulously itemize each and every deduction on their tax returns rather than opting for the standard deduction, which presents a simplified and generalized approach to tax deductions.

Consulting with a knowledgeable and experienced tax advisor can provide invaluable guidance on the intricate rules and regulations governing home equity loan interest deductions.

Alternatives to Home Equity Loans

In addition to home equity loans, other options include home equity lines of credit (HELOCs), home equity conversion mortgages (HECMs), and cash-out refinances. Each has unique features and eligibility criteria. These alternatives provide homeowners with various methods to access the equity they have built in their properties, offering financial flexibility and potential cost savings.

Home Equity Line of Credit (HELOC)

What is a home equity line of credit? Often referred to as a HELOC, it allows homeowners the flexibility to borrow up to a predetermined limit as needed, much like a credit card. Interest is only charged on the amount of credit that is actually drawn. HELOCs incorporate adjustable interest rates, potentially leading to higher monthly payments.

Recommended: HELOC Repayment Calculator

Home Equity Conversion Mortgage (HECM)

A Home Equity Conversion Mortgage (HECM) is a type of reverse mortgage backed by the federal government. It permits homeowners who are 62 or older to access a portion of their home’s value in the form of a lump sum, regular payments, or a line of credit. As time passes, the outstanding debt on the mortgage increases. HECMs generally come with higher upfront costs and extended processing compared to other home equity financing options.

Cash-Out Refinance

A cash-out refinance involves securing a new mortgage loan to pay off the existing one and obtain a lump sum of cash. The amount of cash received is determined by the amount of equity that the homeowner has. For details, check out our guide to Cash Refinance vs Home Equity Line of Credit.

The Takeaway

Home equity loans can be a relatively low cost method of using your home equity to fund a big ticket project, consolidate high-interest debt, or cover unexpected bills. By understanding how home equity loan interest rates are determined and taking the time to shop around, you can make the best decision for your situation and get the most out of your home equity loan.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

SoFi Mortgages: simple, smart, and so affordable.

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FAQ

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

When considering a $50,000 home equity loan, the interest rate and loan term will determine the monthly payment. For a $50,000 loan with an 8.00% interest rate and a 10-year term, your monthly payment would be $607. A reliable loan calculator can provide an estimate based on your own numbers.

What is the monthly payment on a $100,000 HELOC?

The monthly payment for a $100,000 Home Equity Line of Credit (HELOC) will vary depending on the interest rate and the repayment term. A $100K HELOC with a 6.00% interest rate and a 10-year term, for example, results in a monthly payment of $1,110. A HELOC Monthly Payment Calculator can be a useful tool to help determine the payment amount.

What is the payment on a $25,000 home equity loan?

To calculate the monthly payment on a $25,000 home equity loan, you need the interest rate and the duration of the loan. For example, a $25,000 loan with a 7.00% APR and a 5-year loan term has a monthly payment of $495. For an estimate of your payment amount, enter your loan terms into any loan calculator.

What would the payment be on a $30,000 home equity loan?

The monthly payment for a $30,000 home equity loan is determined by the interest rate and the chosen loan term. An 8.50% interest rate repaid over 10 years gives you a monthly payment of $372. Utilizing a reliable loan calculator can provide an accurate estimate of the payment amount.

What disqualifies you from getting a home equity loan?

Several factors can hinder or even disqualify your ability to obtain a home equity loan. These factors include an unfavorable credit history, insufficient equity in your property, a high debt-to-income ratio, and inadequate property insurance coverage.

What are the benefits of a HELOC?

HELOCs provide the flexibility to obtain funds as needed up to a predetermined borrowing limit. This means you pay interest only on the amount you use. The potential for more favorable initial interest rates compared to fixed-rate loans further enhances their appeal and affordability.

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 requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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Browse other Montana home guides.

More home equity resources.

What is a Home Equity Line of Credit

Learn more
Different Types of Home Equity Loans

Learn more
HELOC vs Home Equity Loan: How They Compare

Learn more

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

Nov

2024

DM Essential 12TT

By Nicholas Wong | 1_Web_CreditCard | Comments Off

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This offer is only valid for original recipients of a prescreened invitation from SoFi. You must open a new SoFi Essential Credit Card account with your unique confirmation code by the respond by date printed on the direct mail letter you received in order to be eligible for this offer.

¹You can choose to stop receiving “prescreened” offers of credit from this and other companies by calling toll-free 1-888-5-OPTOUT (1-888-567-8688). See PRESCREEN AND OPT-OUT NOTICE BELOW for more information about prescreened offers.

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Benefits that

have your back.

No surprise fees

Forget overlimit fees, returned payment fees, and foreign transaction fees.
No annual fee^†

That’s right, you won’t have to worry about getting dinged every year just for having a card.
Enhanced fraud protection²

Rest assured with our Zero Liability Fraud Protection for an extra layer of security.

Apply now

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More reasons you can rely on the SoFi Essential Credit Card.

No penalty repricing

Your APR^† won’t increase for making a late payment.

SoFi Travel rewards³

Earn unlimited 3% cash back rewards when you book through SoFi Travel.

Track your finances

Set and monitor spending targets, and track your credit score—at no cost.

Mastercard benefits²

Enjoy Priceless Experiences, Airport Concierge, and more.

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Resources to help you
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FAQs

Will applying to a SoFi Credit Card impact my credit score?

The initial SoFi credit card application is a soft credit pull, which will bring no impact to your credit score if you get declined. However if you’re accepted – we will run a hard pull which may impact your credit score.

Can I share this offer with friends or family?

No – the SoFi Essential Card is currently invite only. Offers are non-transferrable.

Can I make a one-time payment?

You can set up auto-pay right away, but if you want to make a one-time payment, you can do so anytime in the app.

How do I get started applying for a SoFi credit card online?

If you’re not currently a SoFi member, the Apply Now button above will prompt you to create a SoFi account. If you are already a member, you’ll be asked to log in before applying. In either case, your online application can be completed in less than 2 minutes!

How do ID Theft Protection and Zero Fraud Liability work?

At SoFi, the protection of our members is of the utmost importance. Click here to learn more about how we protect you against identity theft and fraud.

See all FAQs

Nov

2024

SoFi Essential Card – 12 month promotion terms

By Nicholas Wong | 1_Web_CreditCard | Comments Off

SoFi Essential Credit Card Terms & Conditions

SOFI CREDIT CARD TERMS OF OFFER INTEREST RATES AND INTEREST CHARGES
Annual Percentage Rate (APR) for Purchases	0% Introductory APR on purchases for the first 12 months from account opening. After that, your standard purchase APR will be 32.74%, based on your creditworthiness. Your standard APR will vary with the market based on the Prime Rate.
Annual Percentage Rate (APR) for Balance Transfers	0% Introductory APR on balance transfers for the first 12 months from the date of first transfer when transfers are completed within 60 days from the date of account opening. After that, your standard purchase APR will be 32.74%, based on your creditworthiness. The standard APR will vary with the market based on the Prime Rate. The maximum amount you may use for Balance Transfers will not exceed 75% of your total Credit Limit.
Annual Percentage Rate (APR) for Cash Advances	30.49%. This APR will vary with the market based on the Prime Rate.
How to Avoid Paying Interest on Purchases	Your due date is at least 25 days after the close of each billing cycle. We will not charge you interest on purchases made during the most recent billing cycle if you pay your entire balance (adjusted for any financing plan, if applicable) in full on or before the due date each month. We will begin charging interest on cash advances and balance transfers on the transaction date.
Minimum Interest Charge	If you are charged interest, the charge will be no less than $1.00.
For Credit Card Tips from the Consumer Financial Protection Bureau	To learn more about factors to consider when applying for or using a credit card, visit the website of the Consumer Financial Protection Bureau at https://www.consumerfinance.gov/learnmore

FEES
Annual Fee	None
Transaction Fees Balance Transfer Fee Cash Advance Fee	The greater of $10 or 5% of the Balance Transfer The greater of $10 or 5% of the Cash Advance
Penalty Fees Late Payment Fee Returned Payment Fee	Up to $41 None

How We Will Calculate Your Balance

We use the “daily balance” method including new transactions, to calculate the daily balance on which we will charge interest.

Loss of Introductory APR

We may revoke any promotional APR if you fail to make a payment of at least the minimum payment due within 60 days of the due date. Your new APR will be the Standard Purchase APR.

Variable Rates

Your Daily Periodic Rate(s) and corresponding Annual Percentage Rate(s) will change if the Prime Rate changes. If the Daily Periodic Rate(s) and corresponding Annual Percentage Rate(s) increase, your interest charges will increase, and your minimum payment will be greater. Complete details regarding how the variable rate is determined are set forth in the Cardholder Agreement.

Payment Allocation

We decide how to apply your payment, up to the minimum payment, to the balances on your account. We may apply the minimum payment first to interest charges, then to the balances with the lowest APR and then to Balances with higher APRs.

If you pay more than the Minimum Payment, we’ll apply the amount over the Minimum Payment first to the Balance with the highest APR, then to the Balance with the next highest APR, and so on, except as otherwise required by applicable law.

SoFi Essential Card Terms & Conditions

The SoFi Essential Credit Card is issued by SoFi Bank, N.A. (“SoFi”, “we”, “us”, or “our”). By submitting this application, you request that we establish a card account (the “SoFi Credit Card Account”) for you and any authorized users you have designated. You agree that all information provided in this application is verifiable and accurate. The SoFi Credit Card Account will be governed by the terms of the cardholder agreement (“Cardholder Agreement”) which will be provided when the SoFi Credit Card Account is issued.

Your eligibility for a SoFi Credit Card Account or a subsequently offered product or service is subject to the final determination by SoFi Bank, N.A., as issuer. Please allow thirty (30) days from the date of submission to process your application.

You must be at least 18 years of age (or of legal age in your state of residence). The card offer referenced in this communication is only available to individuals who reside in the United States. This communication is not and should not be construed as an offer to individuals outside of the United States.

Identity Verification

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW CARD ACCOUNT

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens a SoFi Credit Card Account. This means that we will ask for your name, address, date of birth, and other information that will allow us to identify you when you open a SoFi Credit Card Account. We may also ask to see your driver’s license or other identifying documents; and obtain identification information about you or any authorized user you add to your SoFi Credit Card Account.

Credit Reports

Upon completion of your Credit Card application and submission, you authorize us to request a copy of your credit report from one or more consumer agencies. Upon receiving your completed application, we will conduct a soft credit pull, which will not impact your credit score. You hereby authorize us to conduct a soft credit pull upon receipt of your application. You understand that after evaluating your completed application and soft pull credit report, we may determine not to offer credit to you. If we approve your application, we will conduct a hard credit pull, which might impact your credit score. You hereby authorize us to conduct a hard credit pull following approval of your application.

You authorize us to request credit reports and other information about you from consumer reporting agencies and other sources, for such purposes as: (a) determining whether to issue you a SoFi Credit Card Account, (b) administering, reviewing and renewing the SoFi Card Account, (c) credit line increases or decreases, (d) collection and other servicing of the SoFi Credit Card Account, (e) offering other products, (f) services, and (g) for any other uses permitted by law. We may report negative information about your SoFi Credit Card Account payment history, like delinquencies, to consumer reporting agencies.

Cardholder Agreement

If you are approved for a SoFi Credit Card Account, you’ll receive the Cardholder Agreement. By activating your SoFi Credit Card Account, using the SoFi Essential Credit Card or making any payment to your Account, you are agreeing to be bound by the terms of the Cardholder Agreement. We have the right to make changes to the terms of your SoFi Credit Card Account (including rates and fees) in accordance with the Cardholder Agreement.

In New York, this Agreement begins on the first date that you sign a sales slip or memorandum evidencing the purchase of goods or services.

Credit Eligibility

To receive a SoFi Credit Card Account, you must meet certain applicable criteria bearing on creditworthiness. Your revolving credit limit may be determined based on the following:

Your annual salary and wages
Any other annual income
A review of your debt, including the debt listed on your credit report.
A review of your credit history and other factors deemed relevant by the issuer

We’ll inform you of your revolving credit limit when you’re approved for your SoFi Credit Card Account. Some credit limits may be as low as $500.

About Adding An Authorized User

Before adding an authorized user to your SoFi Credit Card Account you should know that:

You’re responsible for all charges made to your SoFi Credit Card Account by the authorized user
Authorized users have access to your SoFi Credit Card Account information
Before adding an authorized user, you must first let them know that we may report SoFi Credit Card Account performance to the credit reporting agencies in the authorized user’s name
A review of your credit history and other factors deemed relevant by the issuer

If we ask for information about the authorized user, you must obtain their permission to share their information with us and for us to share it as allowed by applicable law.

Additional Information

Any benefit, reward, service or feature offered in connection with your Card Account may change or be discontinued at any time for any reason, except as otherwise expressly indicated. SoFi Bank isn’t responsible for products and services offered by other companies.

SoFi Essential Credit Card Rewards Program

With the SoFi Essential Credit Card, you can earn rewards offered through the SoFi Member Rewards Program or other rewards offered from time to time, and you can redeem those rewards points for statement credits and other redemption methods offered through the SoFi Member Rewards Program. More details on SoFi Essential Credit Card Rewards can be found here.

SoFi Member Rewards Program

As a SoFi Member, you can earn points by using features across SoFi products that are designed to help you Get Your Money Right. When you elect to redeem rewards points toward active SoFi accounts, including but not limited to, your SoFi Checking or Savings account, SoFi Money® account, SoFi Active Invest account, SoFi Credit Card account, SoFi Personal Loan, Private Student Loan, Student Loan Refinance, or towards SoFi Travel purchases, your rewards points will redeem at a rate of 1 cent per every point. More details on the SoFi Member Rewards Program can be found here.

Standard Mastercard Benefits

You are also eligible for more rewards through the Standard Mastercard Benefits program when shopping with eligible merchants. More details on the Standard Mastercard Benefits program can be found here.

Fraud, Misuse, Abuse, or Suspicious Activity

If we see evidence of fraud, misuse, abuse, or suspicious activity, we’ll investigate and, if we determine that fraud, misuse or abuse has occurred, we may take action against you. This action may include, without limitation and without prior notice:

Taking away the rewards points you earned because of fraud, misuse, or abuse
Suspending or closing your SoFi Credit Card Account
Taking legal action to recover our monetary losses, including litigation costs and damages

Some examples of fraud, misuse, abuse and suspicious activity include:

Using your SoFi Credit Card Account in an abusive manner for the primary purpose of acquiring rewards points
Using your SoFi Credit Card Account other than primarily for personal, consumer, or household purposes

SoFi Bank reserves the right to take action, including but not limited to those actions enumerated above, based on your activity across any SoFi product, as well as external information received from SoFi third-party vendors, external bureaus, or industry referrals.

Special Notices

California Residents:
If married, you may apply for a separate account.

Delaware Residents:
Service charges not in excess of those permitted by law will be charged on the outstanding balances from month to month.

Ohio Residents:
The Ohio laws against discrimination require that all creditors make credit equally available to all credit worthy customers, and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio civil rights commission administers compliance with this law.

Wisconsin Residents:
If you are applying for individual credit or joint credit with someone other than your spouse, and your spouse also lives in Wisconsin, combine your financial information with your spouse’s financial information. No provision of any marital property agreement, unilateral statement under Section 766.59 of the Wisconsin statutes or court order under section 766.70 adversely affects the interest of the lender, unless the lender, prior to the time credit is granted, is furnished a copy of the agreement, statement of decree or has actual knowledge of the adverse provision when the obligation to the lender is incurred. If married, you understand that your lender must inform your spouse if a credit account is opened for you.

Additional documents

As a reminder, the SoFi Essential Credit Card is a completely digital product. All written communications related to the card will be online or in electronic format. The following is a link to the SoFi Esign terms and conditions & you must agree to in connection with your application for the SoFi Essential Credit Card.

SoFi Blog

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Can I Get a Credit Card with a 628 Credit Score?

Can I Get an Auto Loan with a 628 Credit Score?

Can I Get a Mortgage with a 628 Credit Score?

Can I Get a Personal Loan with a 628 Credit Score?

The Takeaway

Is 697 a Good Credit Score?

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What Does a 697 Credit Score Mean?

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Can I Get a Credit Card With a 697 Credit Score?

Can I Get an Auto Loan With a 697 Credit Score?

Can I Get a Mortgage With a 697 Credit Score?

Can I Get a Personal Loan With a 697 Credit Score?

Takeaway

Compare home equity loan rates in Montana.

How Do Home Equity Loans Work?

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Montana Home Equity Loan Rate Trends

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More home equity resources.

Benefits that have your back.

No surprise fees

No annual fee†

Enhanced fraud protection2

More reasons you can rely on the SoFi Essential Credit Card.

Resources to help you conquer the wild world of credit cards.

FAQs

SoFi Essential Credit Card Terms & Conditions

How We Will Calculate Your Balance

Loss of Introductory APR

Variable Rates

Payment Allocation

SoFi Essential Card Terms & Conditions

Identity Verification

Credit Reports

Cardholder Agreement

Credit Eligibility

About Adding An Authorized User

Additional Information

SoFi Essential Credit Card Rewards Program

SoFi Member Rewards Program

Standard Mastercard Benefits

Fraud, Misuse, Abuse, or Suspicious Activity

Tips and news—
for your financial moves.

Benefits that

have your back.

No annual fee^†

Enhanced fraud protection²

Resources to help you
conquer the wild world of credit cards.