Author Topic: SoFi mortgages? Any one tried it?  (Read 2589 times)

FOBStash

  • 5 O'Clock Shadow
  • *
  • Posts: 54
  • Age: 38
SoFi mortgages? Any one tried it?
« on: May 10, 2015, 08:32:53 AM »
Saw MMM's post on using sofi for student loans. They have also branched out to mortgages. Any one have successfully worked with them on closing a mortgage loan? We are purchasing our primary residence this July.

Blonde Lawyer

  • Pencil Stache
  • ****
  • Posts: 734
    • My Student Loan Refi Story
Re: SoFi mortgages? Any one tried it?
« Reply #1 on: May 11, 2015, 09:41:43 AM »
I haven't but if you go through the comments on the post you are talking about, some people spoke about the mortgage process there I believe.

James

  • Handlebar Stache
  • *****
  • Posts: 1680
  • Age: 46
  • Location: Rice Lake, WI
Re: SoFi mortgages? Any one tried it?
« Reply #2 on: May 11, 2015, 09:47:26 AM »
I tried, I'm very interested, but they don't list my undergraduate school so they won't even let me past that page in the application. They list my graduate school, which should be enough I would think, but it won't let me past. I need to call and see if they can override that...

boarder42

  • Walrus Stache
  • *******
  • Posts: 7849
Re: SoFi mortgages? Any one tried it?
« Reply #3 on: May 11, 2015, 11:08:37 AM »
They arent available in MO.

James

  • Handlebar Stache
  • *****
  • Posts: 1680
  • Age: 46
  • Location: Rice Lake, WI
Re: SoFi mortgages? Any one tried it?
« Reply #4 on: May 12, 2015, 09:25:36 AM »
I heard back from them, they said just skip the school part and I got passed that part of the application. But then the rates listed really weren't good enough to bother with. The rate my local bank offered was a lot better, so no reason to go with sofi. But I'm not refinancing for a couple months, so will check again when ready to go through with it.

FOBStash

  • 5 O'Clock Shadow
  • *
  • Posts: 54
  • Age: 38
Re: SoFi mortgages? Any one tried it?
« Reply #5 on: May 12, 2015, 02:44:14 PM »
Thanks guys. I called them and said I did not go to college here in the US. They told me to still apply for the mortgage online. Weirdly enough, I was declined. I guess they have high standards?! They did not even check my credit score nor amount of the house purchase. But they did ask for my income -- which I thought was pretty decent (six figures).

Glad to know the rates are not that great so I am not missing out.

JKLescher

  • 5 O'Clock Shadow
  • *
  • Posts: 17
Re: SoFi mortgages? Any one tried it?
« Reply #6 on: May 12, 2015, 03:36:02 PM »
I went through the process and in the end qualified for a rate that was .005% less than I have now. I already have a fairly good rate so I wasn't expecting much, but .005% is definitely not worth a refinance.