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SoFi (Social Finance, Inc.) is a digital personal finance company that offers a variety of mortgages and other financial products.
Established in 2011, SoFi differs significantly from traditional banks:
SoFi combines financial services with social networking.
It does not have a network of brick-and-mortar branches.
It operates online.
“SoFi,” according to the company, “helps people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing and protecting give our more than 900,000 members fast access to tools to get their money right. SoFi membership comes with the key essentials for getting ahead, including career advisors and connection to a thriving community of like-minded, ambitious people.”
SoFi offers several mortgage products:
Conventional fixed-rate mortgages
Adjustable-rate mortgages (ARMs)
Home equity loans (through a partnership with Spring EQ)
Available in 42 states and the District of Columbia; not available in Alaska, Hawaii, Missouri, New Hampshire, New Mexico, New York, South Dakota and West Virginia
Minimum credit score
SoFi does not disclose its minimum credit score requirements.
Conventional fixed-rate mortgages, adjustable-rate mortgages (ARMs), jumbo mortgages and home equity loans; refinancing options include rate-and-term refinancing and cash-out refinancing
Can apply for mortgage financing online with a computer or smartphone
Doesn’t have the costs and overhead of a branch banking system
Offers a variety of member services, such as personalized financial planning and career coaching
Membership includes a social component
Not active in all states
Cannot apply for financing in person; there are no brick-and-mortar locations
Doesn’t offer FHA loans, VA financing, reverse mortgages or home equity lines of credit (HELOCs)
Find your mortgage match
Get paired with your best mortgage offers in 2 minutes or less.
Refinancing including rate-and-term refinancing and cash-out refinancing
SoFi generally charges a $1,000 processing fee for mortgage products. However, applicants can save $500 on their mortgage loan or refi processing fees if they are an eligible SoFi member.
Minimum borrower requirements
Loan eligibility, according to the company, depends on such factors as an individual’s credit score and credit history, monthly income and expenses, assets and employment status and history. SoFi lists general eligibility criteria at www.sofi.com/eligibility-criteria/.