Author Topic: Mortgage refi through Sofi  (Read 2329 times)


  • 5 O'Clock Shadow
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Mortgage refi through Sofi
« on: December 18, 2017, 03:30:20 PM »
Do I have anything to lose by refinancing my mortgage through SoFi given my current rate is 4.5 no pmi and my refi offer is 4.125 with no pmi, no points or fees that I can see from the offer. I'm 3 years into my 30 year fixed loan with 256,000 remaining. I would continue to pay the same amount to the new loan which would just mean about a $60 addt principal payment, shaving total interest and time off the loan. Am I missing anything? Who pays for an appraisal ?


  • Senior Mustachian
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Re: Mortgage refi through Sofi
« Reply #1 on: December 18, 2017, 03:46:55 PM »
I have, lots of times. If you're staying in the property, and lowering the interest rate, it pays for itself in time. OTOH, points are out of the question. Never, ever, never.

Not sure if 4.125 is the best rate going, but if your time horizon is long enough, even small reductions pay off. Who services the mortgage paper is largely irrelevant (unless it's fucking Ocwen).

Another Reader

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Re: Mortgage refi through Sofi
« Reply #2 on: December 18, 2017, 04:14:44 PM »
For some reason, rentals are considered high risk loans, and the servicing rights are often sold to the servicers that specialize in loans to borrowers that are likely to have payment problems.  Ocwen, Nationstar, and Specialized, I have dealt with them all.  Ocwen has the most annoying website.  Four web pages of crap on how to get your loan back in good standing just to get to the breakdown between principal and interest.  Ocwen and Nationstar send out letters, emails, and FedEx letters urging you to refinance loans (which in my case could not be refinanced because of the 10 loan limit) at above market rates and terms.  All the telephone contact is outsourced to robotic agents in third world countries that can only read from scripts and can't actually explain or fix the problem.

I was very happy to eliminate Specialized from my life.  I'm down to one at Nationstar and two at Ocwen now.  Nationstar and I have a long future together (at least until the servicing rights are sold again), because of a HARP loan they inherited at a low interest rate.  The two at Ocwen are in my sights now.

The OP should look at some other lenders.  Check AIM Loan, I believe you will find them to be cheaper, they are good as long as you are a simple W-2 borrower with good credit and 20 percent equity.  See if you can find a good broker, as s/he will shop the rates through wholesale divisions of multiple lenders and should get you better pricing.

ETA:  All lenders should give you a good faith estimate (or whatever the current document is called) that shows the interest rate, the APR, and all fees associated with the loan.  Not sure if SoFi is writing conventional paper to be sold to Fannie/Freddie, but they should give you something similar.
« Last Edit: December 18, 2017, 04:19:18 PM by Another Reader »


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Re: Mortgage refi through Sofi
« Reply #3 on: December 19, 2017, 06:10:48 AM »
Not sure about their mortgage loans, but with student loans SoFi resells them to a servicer. That said, I have refinanced with them twice on the student loan side and itís a painless experience.

No idea how competitive the rate is.


  • 5 O'Clock Shadow
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Re: Mortgage refi through Sofi
« Reply #4 on: December 22, 2017, 01:57:23 AM »
I'm closing a refinance with Consumer Direct Mortgage tomorrow and it has been a painless experience.   

30 year fixed. 
Total closing costs for me about $280. 

I found them through lending tree loan explorer.  Lending tree makes it almost impossible to find this tool they offer (instead making it look like you HAVE to give them your email and phone number so they can harass you) so here's a direct link.