SoFi is a multifaceted online finance company that offers loans and wealth management services.
SoFi is an exclusively digital company, which they say allows them to keep costs down for consumers. With a dedicated customer service team, SoFi also offers the option to speak to an actual person if need be. As a lender, SoFi looks beyond typical financial criteria and takes into account future career prospects, education levels, and other factors to decide whether a borrower can make payments. SoFi lets you know your loan options within minutes of application and can transfer funds quickly when needed.
A major perk of SoFi is their job-loss assistance: should you lose your job for no fault of your own, they will work with you to pause payments and support your efforts to find a new job. SoFi also doesn’t charge any origination fees or application fees and does not penalize pre-payments.
Types of Loan Offerings: 15 and 30-year fixed rate, 7/1 or interest-only 5/1 ARMs
Down Payment Requirements: SoFi offers down payments as low as 10% down with no Private Mortgage Insurance (PMI) requirements, on loans up to $3 million. This benefit is offered on 15 and 30 year Fixed Rate loans and 7/1 ARMs. 5/1 ARMs require 25% down.
- Put as little as 10% down with no borrower-paid PMI required
- No application, origination, or other lender fees or prepayment penalties
- Qualify for more financing with flexible debt-to-income limits
- Get help through the process with your own mortgage loan originator
- Get pre-qualified online in two minutes with no obligations or commitments