The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: FOBStash on May 10, 2015, 08:32:53 AM
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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.
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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.
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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...
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They arent available in MO.
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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.
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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.
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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.