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A mortgage is a type of loan specifically used to purchase real estate, such as a home. The borrower agrees to pay the lender over time and the property serves as collateral to secure the loan.
The down payment required for a mortgage can vary depending on several factors, including the loan program and what type of property you are looking to purchase. Down payments typically range from 3%-25%. There are also programs that allow borrowers to purchase a home with no money down, such as a VA loan.
A credit score is a three digit number designed to represent the likelihood loans will be paid on time. Mortgage companies use this to determine if you are eligible for a loan. Higher credit scores generally result in lower rates and payments.
Yes, it is always best to ensure the financing piece of the puzzle is taken care of before falling in love with a home. This will also help to budget with correct cash to close expectations as well as payment breakdowns. This process is known as being Pre-Approved, which results in a Pre-Approval letter that is used to make offers on homes.
Closing Costs are the fees and expenses that are incurred during the process of purchasing or refinancing a home loan. These costs can include origination fees, title fees, escrow fees, government fees and more. Closing costs are paid for at the end of the process at settlement.
Mortgage points, also known as discount points, are fees paid in exchange for a lower interest rate and payment. Points are tax-deductible and are not paid out of pocket. They’re simply added to closing costs and paid at closing.
An escrow account is like a bank account for property taxes and homeowners insurance. This account is used to collect, hold and pay for property taxes and homeowners insurance. On a new home purchase, a lump sum is deposited into the escrow account at closing and a monthly amount is collected included with the mortgage payment.
Mortgage payments generally include principal, interest, property taxes and homeowners insurance. Private mortgage insurance or PMI can also be included, if applicable.
A debt-to-income ratio or DTI is all monthly debt payments divided by monthly income. Lenders use this to determine how well monthly debts are managed and if one is able to afford to repay a loan.
A pre-approval letter is a document from a lender stating how much money they are willing to lend you to purchase a home. This is a crucial step in the home buying process to ensure financing is approved and elevates negotiating and home buying power.
PMI stands for Private Mortgage Insurance. PMI is a type of mortgage insurance that protects the lender and is typically required with a down payment of less than 20% of the purchase price.
The three most common types of properties that people buy with a mortgage are usually a single-family home, a condo, or a townhouse. A mortgage can also be used to buy a vacation home or an investment property.
The best type of mortgage loan for you depends on your individual financial situation, goals and preferences. The common types include Conventional, FHA, VA, and USDA loans. These can all vary with their rates, terms and qualifications. Reach out to see what option is best for you!
Terms and conditions apply. Before you apply for a SoFi Mortgage, please note that not all products are offered in all states, and all loans are subject to eligibility restrictions and limitations, including requirements related to loan applicant’s credit, income, property, and loan amount. Minimum loan amount is $75,000. Lowest rates are reserved for the most creditworthy borrowers. Products, rates, benefits, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility-criteria. Information current as of 5/3/24.
SoFi Mortgages originated through SoFi Bank, N.A., NMLS #696891 (Member FDIC), (www.nmlsconsumeraccess.org)Opens A New Window.. Equal Housing Lender. SoFi Bank, N.A. is currently able to issue and refinance mortgages in all states except Hawaii and purchase only for New York.
SoFi On-Time Close Guarantee: If all conditions of the Guarantee are met, and your loan does not close on or before the closing date on your purchase contract accepted by SoFi, and the delay is due to SoFi, SoFi will give you a credit toward closing costs or additional expenses caused by the delay in closing of up to $10,000.* The following terms and conditions apply. This Guarantee is available only for loan applications submitted after 4/1/24. Please discuss terms of this Guarantee with your loan officer. The mortgage must be a purchase transaction that is approved and funded by SoFi. This Guarantee does not apply to loans to purchase bank-owned properties or short-sale transactions. To qualify for the Guarantee, you must: (1) Sign up for access to SoFi’s online portal and upload all requested documents, (2) Submit documents requested by SoFi within 5 business days of the initial request and all additional doc requests within 2 business days (3) Submit an executed purchase contract on an eligible property with the closing date at least 25 calendar days from the receipt of executed Intent to Proceed and receipt of credit card deposit for an appraisal (30 days for VA loans; 40 days for Jumbo loans), (4) Lock your loan rate and satisfy all loan requirements and conditions at least 5 business days prior to your closing date as confirmed with your loan officer, and (5) Pay for and schedule an appraisal within 48 hours of the appraiser first contacting you by phone or email. This Guarantee will not be paid if any delays to closing are attributable to: a) the borrower(s), a third party, the seller or any other factors outside of SoFi control; b) if the information provided by the borrower(s) on the loan application could not be verified or was inaccurate or insufficient; c) attempting to fulfill federal/state regulatory requirements and/or agency guidelines; d) or the closing date is missed due to acts of God outside the control of SoFi. SoFi may change or terminate this offer at any time without notice to you. *To redeem the Guarantee if conditions met, see documentation provided by loan officer.
Lock and Look program: Terms and conditions apply. Applies to conforming purchase loans only. Rate will lock for 91 calendar days at the time of pre-approval. An executed purchase contract is required within 60 days of your initial rate lock. If current market pricing improves by 0.25 percentage points or more from the original locked rate, you may request your loan officer to review your loan application to determine if you qualify for a one-time float down. SoFi reserves the right to change or terminate this offer at any time with or without notice to you.
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