Financial services firm offers entirely online application
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SoFi has announced a refresh of its mortgage offering as SoFi Home Loans, offering online application, no hidden fees, and no prepayment penalties.
Applications are entirely online with a minimum 10% down and the firm says that pre-qualification can be completed in as little as 2 minutes with a soft credit pull.
"For most people, buying a home is the most important financial decision and, at the same time, the most complicated and stressful one they'll ever make," said SoFi CEO Anthony Noto. "We've taken everything we've learned in making lending convenient and painless, and brought it to SoFi Home Loans."
Although the application is made online, the firm offers a dedicated team to assist homebuyers, or homeowners who are refinancing, with loans up to $3 million.
Refinancing options include a traditional option, cash-out, and student loan cash-out.
The digital application process is also able to redirect borrowers to affiliate partners where SoFi Home Loans is not able to handle a loan request.
The firm has pitched itself as a lender for ambitious, career-minded customers and offers several membership benefits such as career advisors and an online community.
The management team includes former executives from both the financial services and online worlds, including Twitter, Goldman Sachs, Wells Fargo, Pinterest, Citi, Amazon, and JP Morgan.
