When you factor in the cost of living during the home buying process, it may reveal great places to live that you’d never consider.
Check out our cost of living guide that breaks down the average cost of living for the most popular states in the country.
Q: Will applying for a mortgage or mortgage refinancing affect my credit?
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To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
Q: What is the difference between a pre-qualification and a pre-approval?
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A pre-qualification is an estimate of how much you can borrow and the rates you may be eligible for (as determined using today’s rates), based on a preliminary review of your credit report and information you provided to us. With SoFi, there is no fee to get pre-qualified and we do a soft credit pull, which means it won’t affect your credit score. A pre-approval is a more formal offer, based on a complete credit check, evaluation of your employment history, income and assets. A pre-approval allows you to submit an offer with confidence that you are personally approved for a loan. Once you have identified a property to purchase, it must meet SoFi property eligibility standards.
Q: What types of properties are eligible?
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Mortgages are available for owner-occupied primary residences and second homes. This includes single family homes, condos, 2-units, co-ops and planned unit developments. Rental properties and tenancies-in-common (TICs) are not eligible.
Q: Who can apply for a SoFi mortgage?
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Applicants must be U.S. citizens or permanent residents, and be the age of majority in their state of residence. SoFi also offers loans to certain non-permanent resident aliens on eligible visas. All applicants must reside in one of our eligible states. Moreover, mortgage eligibility also depends on a number of additional factors, such as credit scores, income, employment status, and property eligibility. Please review SoFi’s mortgage eligibility criteria for further details.
Q: What is the minimum down payment SoFi will accept?
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We may require as little as a 10% down payment for well-qualified applicants. Maximum loan amount and program requirements apply.
Q: What are standard third-party closing costs?
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Closing costs are costs associated with a new mortgage or a refinance of an existing mortgage. Typical closing costs include fees for appraisal, title insurance, title search, transfer taxes, settlement services, property taxes and hazard insurance premiums and government recording fees. These fees vary depending on the transaction type and the geographic location of the property.
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