SoFi Refreshes Home Loan Products

Mar 27, 2019

San Francisco-based fintech SoFi has rebooted its SoFi Home Loans for borrowers seeking purchase loans or refinancing.

According to the company, SoFi Home Loans is an online process that offers competitive rates and affordable down payments, with as little as 10 percent down on loans up to $3 million. SoFi allows purchase loan applicants to choose between four different loan terms and fixed or adjustable rates, while those seeking refinancing can choose between traditional mortgage refinancing, cash-out refinancing, and student loan cash-out refinancing. SoFi added that any loan request it cannot handle will be eligible for a digital transfer to an affiliate partner who may be able to help.

"For most people, buying a home is the most important financial decision and, at the same time, the most complicated and stressful one they'll ever make," said SoFi Chief Executive Officer Anthony Noto. "We've taken everything we've learned in making lending convenient and painless, and brought it to SoFi Home Loans."

About the author

Phil Hall

Link copied

Published

Mar 27, 2019

Courts

LoanSnap Officially Loses Connecticut License

The AI mortgage startup formerly faced a cease and desist and a consent order from the State of Connecticut.

LoanSnap, Inc., an AI-powered mortgage startup, has had its license to operate revoked in Connecticut, according to a new Consent Order executed by the State's Banking Commissioner, Jorge Perez, on Oct. 2. The news follows LoanSnap's violation of a previous order, enacted in...

Analysis and Data

Mortgage Applications Fall After Rate-Jump

Refinance applications still 159% higher on an annual basis, reflecting last year's record lows

In the wake of a positive jobs report and subsequent rise in mortgage rates, more prospective borrowers held back this past week. Mortgage applications fell by 5.1% the week ending October 4, according to data from the Mortgage Bankers Association’s (MBA) Weekly Applicati...