SoFi Looks to Enhance the Online Home Shopping Experience – NMP Skip to main content

SoFi Looks to Enhance the Online Home Shopping Experience

NationalMortgageProfessional.com
Mar 12, 2015

SoFi has announced the launch of a first-of-its-kind mobile mortgage experience, where both homebuyers and those looking to refinance their mortgage can secure personalized loan rates and get prequalified via their smartphone, tablet or online.

“The mortgage experience leaves much to be desired. You enter a lot of information, and instead of seeing rates you get phone calls. Lots of phone calls. Usually during dinner. That’s not the way modern homebuyers, particularly Millennials, want to shop for a loan,” said Mike Cagney, chief executive officer of SoFi. “We’ve created a fast, simple and flexible online way to get personalized quotes in real time, along with access to a SoFi mortgage specialist if you need more help. This is the start of a fundamental shift in how people will shop for loans.”

SoFi is building on its success with student loan refinancing to offer innovative mortgage solutions for high-quality borrowers seeking both high and low downpayment purchase and refinancing options. Highlights include:

►Competitive rates for purchasing and refinancing your home.
More for your money—as little as 10 percent down on loans up to $5M.
Greater flexibility—rates for up to 50 percent down on loans up to $5M.
Painless prequalification—find your rates online right now.
Property pre-approvals—compete with all cash bids without loan contingencies.
Fast financingloans generally close within 21 days.

“Traditionally, mortgage lending was a draconian process where banks treat you like a money launderer until you prove otherwise. I’m proud that we’ve turned this experience on its head,” said Cagney. “We believe that borrowers who have good jobs, strong credit and cash flow shouldn’t be denied a home because they don’t have a twenty percent down payment.”

According to research from the National Association of Realtors (NAR), Millennials make up 31 percent of homebuyers, the largest segment in the marketplace. A whopping 94 percent of Millennial homebuyers begin their journey by looking online, and more than half of Millennials and Gen X’ers start their homebuying search on their mobile device.

Since launching mortgages in October 2014, SoFi has more than tripled its mortgage presence to 20 states and the District of Columbia. Current states include Alabama, California, Delaware, Florida, Georgia, Illinois, Indiana, Maryland, Minnesota, North Carolina, North Dakota, New Hampshire, New Jersey, Pennsylvania, Rhode Island, Texas, Virginia, Washington, Wisconsin and Wyoming; more states will be added soon.

Published
Mar 12, 2015
Manufactured Housing: The New Affordable Alternative

While the housing market is grappling with widespread affordability and supply, manufactured homes are gaining ground as a new alternative. 

Industry News
Dec 03, 2021
Angel Oak Home Loans Opens 3 New Branches

Continues expansion in Western U.S. with new branches in California, Nevada & Utah.

Industry News
Dec 02, 2021
Open Mortgage Names New President

Joe Stephenson, formerly of American Advisors Group, to lead daily operations.

Industry News
Dec 01, 2021
Homepoint Expands Refinance Program Offerings

Now offers Freddie Mac’s new refinance option, Refi Possible, making it easier for many homeowners with a Freddie Mac-owned mortgage to reduce their interest rate.

Industry News
Nov 30, 2021
Non-QM Lender Deephaven Hires Business Development VP

Dallas-based Tim Fisher charged with growing Deephaven’s correspondent business In Texas and surrounding states

Industry News
Nov 30, 2021
Biden Reappoints Powell As Federal Reserve Chairman

A signal that The Fed will continue its policies as inflation surges and economic uncertainty spikes due to an emerging variant of the coronavirus. 

Industry News
Nov 29, 2021