How to Apply for a SoFi® Mortgage?
Prequalify. To begin the application process for a SoFi mortgage, visit the SoFi website or download the SoFi mobile app. This initial step allows you to find out what Annual Percentage Rate (APR) you may qualify for in just a couple of minutes. During this prequalification process, SoFi conducts a soft credit pull, which will not impact your credit score. This step is ideal for shopping around to compare rates and loan terms.
Complete Online Application. When you decide to proceed with the loan, complete the application online or through the SoFi app. A loan consultant will assist you throughout the process, answering any questions you might have. At this stage, SoFi will conduct a hard credit pull by requesting a full credit report from one or more consumer reporting agencies.
Await Approval. Typically, the review and approval of your application take between two to four days. However, if you are self-employed or have complex financial circumstances, the decision could take longer, sometimes up to 15 days.
Sign Loan Agreement. Once approved, you will need to sign the loan agreement. After signing, the funds are usually disbursed within a few days. For larger loan amounts, the disbursement process may take a bit longer.
Receive Funds. The loan proceeds will be deposited directly into your personal bank account, allowing you to use the funds as needed.
Conditions and Requirements
Conditions
Loan Amounts. SoFi offers mortgages with amounts ranging up to $3 million.
Annual Percentage Rate (APR). The APR for SoFi mortgages starts from 6.199% with autopay. It's important to note that maximum interest rates can be lower in several states including Alaska, Colorado, Connecticut, Hawaii, Illinois, Kansas, Maine, Oklahoma, South Carolina, Texas, Virginia, and Wyoming. These rates ensure that borrowers get competitive terms depending on their creditworthiness and location.
Loan Terms. SoFi provides mortgage terms up to 30 years. This extended repayment period can help reduce monthly payments.
Requirements
Age and Legal Capacity. Applicants must be at least the age of majority in their state and capable of entering into a binding contract.
Citizenship and Residency. Applicants must be U.S. citizens, permanent residents, or non-permanent resident aliens. U.S. Citizens must provide valid documentation such as a U.S. driver's license, certified birth certificate, valid U.S. passport, permanent resident card, government-issued ID card, global entry card, report of birth abroad form, certificate of citizenship, or certificate of naturalization. Permanent Residents must show a permanent residency card (Green Card) with no expiration date, or with an expiration date more than 2 years past the “Resident Since” date. If the expiration date is 2 years or less from the “Resident Since” date, it must be accompanied by an I-751 receipt notice (I-751 NOA) or I-829 receipt issued within the last 12 months. Non-Permanent Resident Aliens must provide valid documentation such as an E-2, E-3, H-1B, J-1, L-1, or O-1 Visa, or Form I-797A/B, along with an approved Green Card application documented with an I-140 approval notice or receipt/approval of an I-485 application. DACA Recipients must have a valid Employment Authorization Document and have applied for DACA (I-821D) or Permanent Residency (I-485). Asylum Seekers must have a valid Employment Authorization Document and have applied for both Permanent Residency (I-485) and Asylum (I-589).
Employment and Income. Borrowers must be employed, have sufficient income from other sources, or have a job offer to start within the next 90 days.
Educational Background. Applicants must have previously enrolled or graduated from degree-granting Title IV eligible schools.
Refinancing Conditions. Applicants looking to refinance educational debt must be aware that bar loans and residency loans are not eligible for refinancing at this time.
Additional Resources
- About SoFi
- SoFi Account Review
- How to Apply for SoFi Loan
- How to PayOff SoFi Loan
- SoFi Mobile Apps
- All SoFi Coupons and Promo for July 2024
- Loans SoFi July 2024
Sources
Other Loans
