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 financing—loans 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.
