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The SoFi home loan service is primarily based online, with all the technological advantages that the digital application process has to offer. This system is designed to appeal to the millennial who makes a good salary and have a good credit rating. For those type of customers, SoFi Home Loans, LLC is the perfect company. Aside from traditional loan offerings, SoFi claims to charge no application, origination or lending fees. Their entire profit comes from the interest rate on the loan and the closing costs incurred in the process.

Financial Factors at Issue When Approving the Loan

When a lender makes a decision about a mortgage application, they consider many basic factors: all based on your ability to repay the loan. To ensure your loan is truly affordable, a lender will verify your employment and income. Next they will consider your monthly “Debt to Income” ratio which consists of your total income, minus monthly credit payments and other debts will also be considered. SoFi’s system allows you to upload your documents or give them the permission it takes to gather the information themselves, saving you searching through boxes of papers.

SoFi’s Unique Processing Saves Time and Money

SoFi’s style of loan processing is primarily digital, although they do assign loan officers to each customer to help with processing and to answer questions. Their customer reviews seems to attest to the promptness and the thoroughness of those supporting loan officers. The fact that the company does not charge you to apply for the loan or to originate the loan is encouraging, although those are not the only fees or charges associated with loan production. The SoFi loan is processed inhouse with their own “unique” underwriting standards. These standards theoretically allow borrowers who might struggle to meet traditional employment or debt to income ratios to negotiate a loan in spite of their limitations.