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In the ever-evolving landscape of real estate, the U.S. foreclosure market often unveils key trends that will shape the future of homeownership. According to property data provider ATTOM, the number of housing units with foreclosure filings in October was 36,766, up 3% from the prior month and 19% from a year ago. Rob Barber, CEO of ATTOM, notes that “Foreclosure activity continued its steady upward trend in October, the eighth straight month of year-over-year increases.”

Nationwide, one in every 3,871 housing units had a foreclosure filing in October 2025. Foreclosure starts increased nationwide by nearly 20% from last year. States with the greatest number of foreclosure starts in October 2025 included Florida, Texas, California, Illinois, and New York. Borrowers should stay up to date on their mortgage payments and work closely with their lenders to explore options for assistance if needed.

Read on for the foreclosure rates in October 2025 – plus the top three counties with the worst foreclosure rates in each state.

50 State Foreclosure Rates

As previously noted, foreclosure rates saw an increase compared to the previous month and year. Read on for the October 2025 foreclosure rates for all 50 states — beginning with the state that had the lowest rate of foreclosure filings per housing unit.

50. South Dakota

The Mount Rushmore State nabbed the 50th spot once more for its foreclosure rate in October. Having 398,903 total housing units, the fifth-least populous state had a foreclosure rate of one in every 26,594 households with 15 foreclosures. The counties with the most foreclosures per housing unit were (from highest to lowest): Minnehaha, Yankton, and Pennington.

49. Montana

Listed as 44th in population, the Treasure State rated 49th for its foreclosure rate in October. With 25 foreclosures out of 522,939 housing units, Montana’s foreclosure rate was one in every 20,918 homes. The counties with the most foreclosures per housing unit were: Blaine, Sweet Grass, and Dawson.

48. Vermont

In 49th place for population, the Green Mountain State ranked 48th for its foreclosure rate in October. Of the state’s 337,072 housing units, 19 homes went into foreclosure at a rate of one in every 17,741 households. The three counties in the state with the most foreclosures were: Rutland, Addison, and Windham.

47. Mississippi

Ranked 34th in population, the Magnolia State experienced 93 foreclosures out of 1,332,811 total housing units. This puts the foreclosure rate at one in every 14,331 homes and into the 47th spot in October. The counties with the most foreclosures per housing unit were (from highest to lowest): Wayne, Jefferson, and Copiah.

46. West Virginia

Ranked 39th in population, the Mountain State claimed the 46th spot for the month of October. It has a total of 859,653 housing units, of which 65 went into foreclosure. This means that the foreclosure rate was one in every 13,225 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Jefferson, Berkeley, and Wetzel.

45. North Dakota

The Peace Garden State’s foreclosure rate was one in every 9,865 homes. This puts the fourth-least populous state — with 374,866 housing units and 38 foreclosures — into 45th place. The counties with the most foreclosures per housing unit were (from highest to lowest): Hettinger, Bowman, and McIntosh.

44. Kansas

The Sunflower State ranked 44th for highest foreclosure rate in October. With 1,285,221 homes and a total of 136 housing units going into foreclosure, the 35th most populous state’s foreclosure rate was one in every 9,450 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Anderson, Ottawa, and Decatur.

43. Wisconsin

With 304 foreclosures out of 2,750,750 total housing units, America’s Dairyland and the 20th most populous state secured the 43rd spot with a foreclosure rate of one in every 9,049 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Kewaunee, Langlade, and Marquette.

42. New Hampshire

The Granite State, and the 41st most populous state in the U.S., ranked 42nd for highest foreclosure rate. New Hampshire saw 72 of its 644,253 homes go into foreclosure, making for a foreclosure rate of one in every 8,948 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Coos, Hillsborough, and Rockingham.

41. Rhode Island

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The eighth-least populous state placed 41st for highest foreclosure rate in October. A total of 58 homes went into foreclosure out of 484,615 total housing units, making the foreclosure rate for the Ocean State one in every 8,355 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Washington, Providence, and Kent.

40. Oregon

The 27th most populous state ranked 40th for highest foreclosure rate in October. Of the Pacific Wonderland’s 1,838,631 homes, 234 went into foreclosure, making for a foreclosure rate of one in every 7,857 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Lake, Umatilla, and Clackamas.

39. Nebraska

Ranking 37th in population, the Cornhusker State placed 39th in October with a foreclosure rate of one in every 7,506 homes. With a total of 855,631 housing units, the state had 114 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Red Willow, Webster, and Wayne.

Recommended: Tips on Buying a Foreclosed Home

38. Minnesota

Ranked 22nd for most populous state, the Land of 10,000 Lakes obtained the 38th spot for highest foreclosure rate in October. It has 2,519,538 housing units, of which 365 went into foreclosure, making the state’s foreclosure rate one in every 6,903 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Isanti, Wadena, and Wabasha.

37. Hawaii

The Paradise of the Pacific, and the 40th most populous state, came in 37th for highest foreclosure rate. Of its 564,905 homes, 84 went into foreclosure, making for a foreclosure rate of one in every 6,725 households. Only three of the five counties in the state saw foreclosures. They were (from highest to lowest): Hawaii, Honolulu, and Kauai.

36. Washington

Sorted as 13th in population, the Evergreen State ranked 36th for its foreclosure rate in October. Of its 3,262,667 housing units, 496 went into foreclosure, making the state’s foreclosure rate one in every 6,578 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Garfield, Clallam, and Franklin.

35. Alabama

Listed as 24th in population, the Yellowhammer State came in 35th for highest foreclosure rate in October. Of its 2,316,192 homes, 361 went into foreclosure, making for a foreclosure rate of one in every 6,416 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Jefferson, Geneva, and Chilton.

34. New Mexico

The 36th most populous state claimed the 34th spot for highest foreclosure rate in October. Of the Land of Enchantment’s 949,524 homes, 151 went into foreclosure, making for a foreclosure rate of one in every 6,288 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Valencia, Torrance, and Chaves.

33. Missouri

Coming in at 19th in population, the Show-Me State took the 33rd spot for highest foreclosure rate in October. Of its 2,809,501 homes, 459 went into foreclosure, making for a foreclosure rate of one in every 6,121 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Scott, Mississippi, and Barton.

Recommended: What Is a Short Sale?

32. Kentucky

With a total of 2,010,655 housing units, the Bluegrass State saw 329 homes go into foreclosure, thus landing in 32nd place in October. This puts the foreclosure rate for the 29th most populous state at one in every 6,111 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Whitley, Bath, and Grant.

31. Tennessee

Ranked 16th in population, the Volunteer State endured 521 foreclosures out of its 3,095,472 housing units. This puts the foreclosure rate at one in every 5,941 households and in 31st place for the month of October. The counties with the most foreclosures per housing unit were (from highest to lowest): Lake, Crockett, and Hawkins.

30. Virginia

With 620 homes going into foreclosure, the 12th most populous state ranked 30th for highest foreclosure rate in October. Having 3,654,784 total housing units, the Old Dominion saw a foreclosure rate of one in every 5,895 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Staunton City, Emporia City, and Buena Vista City.

29. Pennsylvania

The Keystone State had the 29th highest foreclosure rate. The fifth-most populous state saw 995 homes out of 5,779,663 total housing units go into foreclosure, making the state’s foreclosure rate one in every 5,809 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Monroe, Philadelphia, and Snyder.

28. Wyoming

The country’s least populous state claimed the 28th spot for highest foreclosure rate in October. With 275,131 housing units, of which 50 went into foreclosure, the Equality State’s foreclosure rate was one in every 5,503 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Carbon, Campbell, and Sublette.

27. Alaska

The Last Frontier saw 59 foreclosures in October, making the foreclosure rate one in every 5,406 homes. This caused the third-least populous state, with a total of 318,927 housing units, to claim the 27th spot. The boroughs with the most foreclosures per housing unit were (from highest to lowest): Dillingham, Haines, and Bethel.

26. Massachusetts

The 15th most populous state ranked 26th for highest foreclosure rate in October. Of the Bay State’s 3,014,657 housing units, 591 went into foreclosure, making for a foreclosure rate of one in every 5,101 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Hampden, Berkshire, and Dukes.

25. Michigan

Ranked 10th in population, the Wolverine State secured the 25th spot with a foreclosure rate of one in every 4,776 homes. With a total of 4,599,683 housing units, the state had 963 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Muskegon, Monroe, and Hillsdale.

24. New York

With 1,792 out of a total 8,539,536 housing units going into foreclosure, the Empire State claimed the 24th spot in October. The fourth-most populous state’s foreclosure rate was one in every 4,765 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Broome, Orange, and Tioga.

23. Arkansas

Listed as the 33rd most populous state, the Land of Opportunity ranked 23rd for highest foreclosure rate in October. The state contains 1,382,664 housing units, of which 293 went into foreclosure, making its latest foreclosure rate one in every 4,719 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Cleveland, Poinsett, and Van Buren.

22. Louisiana

Sorted as 25th in population, the Pelican State placed 22nd for highest foreclosure rate in October. Louisiana had a foreclosure rate of one in every 4,602 households, with 455 out of 2,094,002 homes going into foreclosure. The parishes with the most foreclosures per housing unit were (from highest to lowest): Iberville, Ascension, and Beauregard.

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21. Colorado

The 21st most populous state ranked 21st for highest foreclosure rate in October. Of the Centennial State’s 2,545,124 housing units, 562 went into foreclosure, making for a foreclosure rate of one in every 4,529 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Morgan, Sedgwick, and Pueblo.

20. Indiana

The 17th largest state by population, the Crossroads of America landed the 20th spot in October with a foreclosure rate of one in every 4,421 homes. Of its 2,953,344 housing units, 668 went into foreclosure. The counties with the most foreclosures per housing unit were (from highest to lowest): Blackford, Noble, and Jasper.

19. Arizona

Sorted as 14th in population, the Grand Canyon State withstood 722 foreclosures out of its total 3,142,443 housing units. This puts the foreclosure rate at one in every 4,352 homes and into the 19th spot in October. The counties with the most foreclosures per housing unit were (from highest to lowest): Pinal, Yuma, and Cochise.

18. North Carolina

The ninth-most populous state claimed 18th place for highest foreclosure rate. Out of 4,815,195 homes, 1,135 went into foreclosure. This puts the Tar Heel State’s foreclosure rate at one in every 4,242 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Camden, Pender, and Rowan.

17. Maine

Ranked 42nd in population, the Pine Tree State placed 17th for highest foreclosure rate in October. With a total of 746,552 housing units, Maine saw 177 foreclosures for a foreclosure rate of one in every 4,218 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Sagadahoc, Waldo, and Penobscot.

16. Connecticut

With 376 of its 1,536,049 homes going into foreclosure, the Constitution State had the 16th-highest foreclosure rate at one in every 4,085 households. In this 29th most populous state, the counties that had the most foreclosures per housing unit were (from highest to lowest): Greater Bridgeport, Northeastern Connecticut, and Naugatuck Valley.

15. Georgia

Ranked eighth in population, the Peach State took the 15th spot for highest foreclosure rate in October. Of its 4,483,873 homes, 1,101 were foreclosed on. This puts the state’s foreclosure rate at one in every 4,073 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Johnson, Newton, and Wilkes.

14. Oklahoma

The Sooners State landed the 14th spot in October. With housing units totaling 1,763,036, the 28th most populous state saw 462 homes go into foreclosure at a rate of one in every 3,816 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Canadian, Jackson, and Marshall.

13. Idaho

Ranked 38th in population, the Gem State received the 13th spot due to its 206 housing units that went into foreclosure in October. With 776,683 total housing units, the state’s foreclosure rate was one in every 3,770 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Washington, Gooding, and Gem.

12. New Jersey

With a foreclosure rate of one in every 3,716 homes, the Garden State ranked 12th for highest foreclosure rate in October. The 11th most populous state contains 3,775,842 housing units, of which 1,016 went into foreclosure. The counties with the most foreclosures per housing unit were (from highest to lowest): Sussex, Cumberland, and Atlantic.

11. Texas

The Lone Star State withstood 3,441 foreclosures in October. With a foreclosure rate of one in every 3,456 households, this puts the second-most populous state in the U.S., with a whopping 11,890,808 housing units, into 11th place. The counties with the most foreclosures per housing unit were (from highest to lowest): Liberty, San Jacinto, and Franklin.

Recommended: Your 2025 Guide to All Things Home

10. California

The country’s most populous state ranked 10th for highest foreclosure rate in October. Of its impressive 14,532,683 housing units, 4,265 went into foreclosure, making the Golden State’s foreclosure rate one in every 3,407 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Shasta, Mendocino, and Kings.

9. Utah

The Beehive State placed ninth for highest foreclosure rate in October. Of its 1,193,082 housing units, 364 homes went into foreclosure, making the 17th most populous state’s foreclosure rate one in every 3,278 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Tooele, Millard, and Box Elder.

8. Maryland

Ranked 18th for most populous state, America in Miniature took eighth place for highest foreclosure rate in October. With a total of 2,545,532 housing units, of which 778 went into foreclosure, the state’s foreclosure rate was one in every 3,272 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Baltimore City, Calvert, and Somerset.

7. Iowa

The Hawkeye State had the seventh highest foreclosure rate in October. With 443 out of 1,427,175 homes going into foreclosure, the 31st most populous state’s foreclosure rate was one in every 3,222 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Wapello, Tama, and Cherokee.

6. Ohio

The Buckeye State placed sixth in October with a foreclosure rate of one in every 3,079 homes. With a sum of 5,271,573 housing units, the seventh-most populous state had a total of 1,712 filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Fayette, Knox, and Seneca.

5. Nevada

Ranked 32nd in population, the Silver State took the fifth spot for highest foreclosure rate in October. With one in every 2,747 homes going into foreclosure, and a total of 1,307,338 housing units, the state had 476 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Lyon, Churchill, and Mineral.

4. Delaware

The sixth-least populous state in the country, the Small Wonder nabbed fourth place in October. With one in every 2,710 homes going into foreclosure and a total of 457,958 housing units, the state saw 169 foreclosures filed. Having only three counties in the state, the most foreclosures per housing unit were (from highest to lowest): Kent, New Castle, and Sussex.

3. Illinois

The Land of Lincoln had the third-highest foreclosure rate in all 50 states in October. Of its 5,443,501 homes, 2,118 went into foreclosure, making the sixth-most populous state’s foreclosure rate one in every 2,570 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Clinton, Lee, and Coles.

2. South Carolina

The 23rd most populous state had the second-highest foreclosure rate in October with one in every 1,982 homes going into foreclosure. Of the Palmetto State’s 2,401,638 housing units, 1,212 were foreclosed on in October. The counties with the most foreclosures per housing unit were (from highest to lowest): Dorchester, Lee, and Spartanburg.

1. Florida

The third-most populous state in the country has a total of 10,082,356 housing units, of which 5,512 went into foreclosure. This puts the Sunshine State’s foreclosure rate at one in every 1,829 homes and into first place in October. The counties with the most foreclosures per housing unit were (from highest to lowest): Osceola, Charlotte, and Okeechobee.

The Takeaway

Of all 50 states, Florida had the most foreclosure filings (5,512), and South Dakota had the least (15). As for the states with the highest foreclosure rates, Florida, South Carolina, and Illinois took the top three spots.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

SoFi Mortgages: simple, smart, and so affordable.

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SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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Before most house hunters can close the deal, they need to qualify for a mortgage. Learning how to apply for a mortgage in advance — and breaking the process down into digestible steps — can help applicants feel better prepared and avoid any unpleasant surprises during the process. (Good news: The mortgage application process is one of those things that is more complicated to explain than to experience!)

Ready to learn how to apply for a home loan? Here are the seven steps in the mortgage process, including moves you can make that may expedite your approval.

Table of Contents

1. Submit Your Mortgage Application

You’ve found the ideal property, made an offer on the house, and put your down payment into escrow. If you didn’t already get preapproved for a mortgage online, it’s time to apply for a mortgage. There are many different mortgage types, and choosing one will depend on your income, down payment, location, financial approach, and lifestyle. Some choices you’ll need to make at this stage of the mortgage process are:

•   A conventional home loan or a government-insured loan, such as an FHA loan backed by the Federal Housing Administration or a VA loan backed by the U.S. Department of Veterans Affairs)

•   A fixed-rate or an adjustable-rate mortgage

•   Your repayment term: typically 15, 20, or 30 years

A good lender will walk you through your options, whether you’re looking at a home requiring an FHA mortgage or a high-priced home with a jumbo loan.

Your lender will have the required forms for your mortgage loan application, and you can often submit everything online, but you’ll want to have the following at hand:

•   Proof of identity.

•   Documentation of income: W-2s or 1099s, your most recent income tax filing, profit-and-loss statements if self-employed, pay stubs, Social Security and retirement account info, information on alimony and child support, etc.

•   Documentation of assets: bank accounts, real estate, investment accounts, etc. If you received help from a family member to fund your down payment, a gift letter will be necessary.

•   Documentation of debts: any current mortgage you might have, car loans, credit cards, student loans, etc.

•   Information on property: street address, sale price, property size, property taxes, etc.

•   Employment documentation: current employer information, salary information, position/title, length of time at employer, etc. In general, lenders like to see two years of employment on a loan application. Self-employed individuals will generally submit two years of tax returns.

2. Schedule Your Home Inspection and Appraisal

It can take a little time to get your inspection and appraisal on the calendar, and then you can expect to wait at least a few days to get the reports. So now’s the time to make sure these two important aspects of the home-buying process are moving along.

A home inspection may not be required, but it’s a good idea to hire an inspector (your real estate agent may have recommendations, but you can shop around) to thoroughly check the property inside and out for undisclosed problems. If the inspector uncovers expensive issues, you may negotiate for a price reduction, which could affect your mortgage principal amount. If the problem is a dealbreaker, the inspector’s report could help you back out of the deal without penalty.

Review this home inspection checklist to make sure your inspector will cover all the bases. In some cases, a general home inspector may find an issue that requires a more specific expert to take a look (and yes, that’ll cost more money — but it may be worth the cost).

Don’t let the infatuation with a seemingly perfect property blind you. If there are serious issues that come up during the inspection and the sellers won’t budge on price (or agree to fix them before closing), seriously consider walking away. You won’t recoup the money you paid for the inspection — a home inspection costs between $300 and $500 — but if it keeps you from investing in a money pit, it’s money well spent.

An appraisal will be necessary as part of the mortgage underwriting process. It’s an independent evaluation of a home’s value. It will describe the property and what makes it valuable. Factors that affect the appraisal value include the location, condition, amenities and features, and market conditions in the area.

A lender requires a home appraisal to ensure that it isn’t lending more than the property is worth. If the appraisal comes in too low, the lender won’t lend extra money to cover the gap. Buyers will need to cover the difference with their own money or renegotiate the price with the seller to match the appraisal.

Recommended: Local Housing Market Trends

3. Secure Homeowners Insurance

You’ll need to buy homeowners insurance before you can close on your new home, so now’s the time to scout around for a policy that provides the coverage you need at the price you feel is right. Thanks to the appraisal, you can feel confident in the value of the home, which will help in the insurance process.

Before you commit, get quotes from a few different companies. Taking the time to do so at this step of the mortgage process will ensure your coverage is shipshape when you reach your closing. Your prospective lender will want to know the home is covered and many homeowners make their insurance premium payments as part of their monthly mortgage bill.

4. Undergo Loan Processing and Review

While you are taking care of your insurance coverage, the lender will be processing and reviewing your loan application to make sure you meet all the mortgage loan requirements. A major part of the mortgage loan process is the underwriting phase. The underwriting process begins after you complete your mortgage application, ends after all the documentation has been completed, and includes the appraisal.

During the process, the underwriter examines the borrower’s financials, as well as the appraisal, title search, and proof of homeowners insurance. The lender will perform a hard credit inquiry. In general, the better your credit score, the better the mortgage rate you’ll be approved for. If your score is above 740, you’ll qualify for the best rates. But in general, you’ll need a minimum 620 credit score to buy a house. Lenders are required to do a second credit check before final mortgage loan approval and may likely ask for further documentation.

The average time between submitting a mortgage application and closing is about 50 days, so if you’re wondering how long does the underwriting process take for a mortgage, you can expect things to take a little under two months, start to finish. During this period, it’s wise to observe a self-imposed “credit freeze.” That is, don’t run up your credit cards beyond what you usually spend each month. Put off major purchases. Don’t apply for new credit cards, take out auto loans, or take on any other new debt. And, of course, make sure to pay all your bills on time. If there’s any significant change in your credit history, your closing may be delayed or even derailed. Should something major come up (like an expensive medical emergency), call your lender to let it know.

Responding quickly to any questions or requests from your lender can help keep your application on track.

Recommended: What’s the Difference Between a Hard and Soft Credit Inquiry?

5. Receive Your Approval and Closing Disclosure

It can be tough feeling like your life is on hold while you’re waiting for the mortgage underwriting process to be completed. Try to be patient and let things play out. Now is a good time to reach out to friends and family who have been through the mortgage loan process before and commiserate. Consider this your orientation into the homeownership club.

Once the appraisal is complete and all documentation has been reviewed and verified, the underwriter will complete the mortgage underwriting process and recommend approval, denial, or pending. A pending decision is given when information is incomplete. You may still be able to get the loan by providing the documentation asked for.

It’s a happy day when your lender officially notifies you that you have been approved for your home loan. After underwriting approval with a “clear to close,” you’re set to close on your loan. The mortgage closing disclosure you receive from the lender is a required document. This five-page form from your lender will outline the home mortgage loan terms, including the loan principal, interest rate, and estimated monthly payment. It also lays out how much money is owed for closing costs and the down payment.

Lenders are required by federal law to provide the mortgage closing disclosure at least three business days ahead of the closing date. Make sure you read it immediately and thoroughly.

6. Do A Final Walk-Through of the Home

Before arriving at closing, you’ll want to do a final walk-through of the property you’re purchasing. During this walk-through, confirm that the sellers have made any repairs that were agreed to — and that they haven’t removed anything, such as an appliance or light fixture, that was meant to be left, per the purchase agreement.

7. Attend the Closing Meeting

Closing day comes after the mortgage loan approval process is completed. All parties will sign the final documents and ownership is legally transferred from the sellers. In the days prior to your close, the lender should provide a final list of closing costs. Closing costs are typically 2% to 5% of the mortgage principal and may include items like:

•   Lender fees

•   Appraisal and survey fees

•   Title search/title insurance fees

•   Recording fees

•   First year of private mortgage insurance (PMI) premiums, if required

You can pay closing costs by wire transfer a day or two before, or by cashier’s check or certified check the day of closing.

In the past, buyers and sellers, their agents, and lawyers would gather in the same room to sign the paperwork at closing. In recent years, remote online closings have become more common. The closing may be virtual, but the feelings of relief and happiness that typically result are very real.

The Takeaway

Applying for and securing a home mortgage loan follows a simple process that can seem complicated the first time you do it. But if you reply to questions promptly and are organized with your documents, it’s actually pretty simple — even if it does involve a little waiting time.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

SoFi Mortgages: simple, smart, and so affordable.

FAQ

How long is a mortgage loan in processing?

It takes a little under two months from the date you submit your mortgage application to closing on the house — the average timeline is about 50 days. In some scenarios, you may be able to close in as little as 30 days.

How do you know when your mortgage loan is approved?

Your mortgage loan officer will contact you when your loan is approved. They may call you to give you the good news, but you’ll want to see it in writing so watch for an email as well.

What should I avoid after applying for a mortgage?

You want to keep your financial situation as stable as possible during the mortgage application process. That means don’t open new credit accounts, and keep your credit utilization down (no extra swipes on those credit cards). Don’t fall behind on any bill, either

What looks bad on a mortgage application?

Key red flags on a mortgage application include a high level of debt relative to your income, a low credit score, or a history of late or missed debt payments. A lender might also be concerned about any large, unexplained influx of cash into your bank account in the months leading up to your application. A history of gambling or repeated use of payday loans might also be cause for concern from a lender’s perspective.

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SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
^¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency. ^†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency. Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®
Checking Your Rates: To check the rates and terms you may 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 and may affect your credit.

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Getting a mortgage can be one of life’s biggest financial undertakings. What’s more, it also unlocks the path to what is typically the biggest asset and wealth builder out there: a home of your own.

Whether you’re dreaming of a center hall Colonial or a cool, loft-style condo, you will likely need a mortgage to make homeownership happen. And if you want to qualify for the best possible interest rate, it helps to have a little more knowledge and preparation when you seek a home loan.

This guide will teach you how to get a home mortgage and arrive expeditiously at the closing. Read on to learn how to get a mortgage right now, what matters most to lenders when you’re getting a mortgage, and the seven steps necessary to get a mortgage on your new home.

Step 1: Prepare Your Finances and Determine Your Budget

Now is the time to develop a budget for buying a house. Use a mortgage calculator to see what your monthly payment might be depending on the home price, down payment amount, and mortgage type. But don’t overlook these other costs:

•   Closing costs and related expenses (typically 2% to 5% of the loan amount)

•   Funds to make any repairs/renovations required

•   Moving expenses

•   Home insurance premium

•   Property taxes

•   Utilities (especially important if you are moving from a rental where your landlord paid some of these costs)

•   Maintenance (landscaping, HVAC service, etc.)

Another good first step to getting a mortgage is to understand how you will be evaluated by lenders so you can put your best foot (or financial profile) forward. Here are the key mortgage loan requirements:

Your Credit Score

Your credit score is an important number: It tells lenders how well you have managed debt in the past. Typically, you will need a credit score of 620 or higher to qualify for a conventional home loan. However, those with scores of 740 or higher may snag lower interest rates. So as you’re learning how to get a house loan, make sure you are also taking good care of your credit score.

If your score is at least 580, you may qualify for a government-backed loan (more on those below). And even those with a credit score of 500 to 579 may be eligible in some cases. If you’d like to build your credit score, make every payment on time and pay any unpaid bill. Avoid opening new credit accounts or closing old ones in the months leading up to your mortgage application.

Your Debt-to-Income Ratio

Another number that lenders will be interested in is your debt-to-income (DTI) ratio — in other words, how much debt you are carrying relative to your income. To compute your DTI ratio, total your monthly minimum debt payments, such as student loans, car loans, credit-card bills, current rent or mortgage and property taxes, and the like. Divide the total by your gross monthly income. The resulting number is your DTI.

The DTI figure that lenders look for may vary. Some lenders want to see 36%; others will be comfortable with up to 45%. Government-backed loans are likely to accept higher DTI’s than other lenders. You can use a home affordability calculator to compute what price home you might be able to afford based on your income and debts.

Other factors lenders will consider are your income history and assets. Lenders like to see signs of a positive, stable income. Ideally, you have been employed for at least two years. If you have been out of work or have job-hopped recently, it might be wise to wait a bit before applying for a mortgage.

Lenders will also want to see that you have some assets available, such as cash in the bank or other fairly accessible funds. This is where a healthy emergency fund and money saved for a down payment can be a real boost.

Speaking of your down payment: A down payment for a conventional loan has traditionally been 20% of a home’s cost, but there is some flexibility. A recent survey by the National Association of Realtors® found that first-time homebuyers typically put down 10% on a home purchase. And some loans are available with as little as 3% down or even (for certain government-backed ones) zero money down.

Keep in mind that if you put down less than 20%, you will likely have to pay for private mortgage insurance (PMI), or in the case of a Federal Housing Administration (FHA) loan, a mortgage insurance premium.

💡 Quick Tip: Don’t overpay for your mortgage. Get your dream home or investment property and a competitive rate with SoFi Mortgage Loans.

Step 2: Research Mortgage Loan Types and Find a Lender

It’s worth reviewing some of the different types of mortgage loans that you may qualify for.

•   Conventional vs. government-backed loans. Conventional loans typically have stricter income, credit score, and other qualifying factors, while government-backed loans may be easier to obtain. Government-backed loans may have lower (or even no) down payment requirements. Examples of these government loans are FHA, VA, and USDA loans.

•   Type of rate: For some borrowers, a fixed-rate loan, with its never-varying monthly payment, may be best. For others, an adjustable-rate one that fluctuates may be more appealing. The payments tend to start out low, which can be attractive for those who may sell their home within a few years’ time. You may also look into mortgage points, which involve paying more upfront to shave down your rate over the life of the loan.

•   Mortgage loan term: Many loans last 30 years, but there are other options, such as 5, 10, 15, or 20 years. The shorter the term, the higher your payment is likely to be.

Next, it’s wise to review different mortgage lenders and see what kind of rates and terms are quoted. For example, your own bank may offer mortgages and could give you a good rate in an effort to keep your business. Or you might look into online lenders, where the process can be more streamlined and the rates possibly better than traditional options.

Step 3: Get Preapproved for a Mortgage

It can be wise to get preapproved by more than one lender. This can help you evaluate different offers and broaden your options when it’s time to apply for a loan. When you apply for preapproval, you can expect the lender to do a credit check, verify your income and assets, and consider your DTI ratio.

It’s often possible to get preapproved for a mortgage online. If all goes well, the lender will provide you with a preapproval letter, and you can shop for a home in the designated price range.

While not a guarantee of a mortgage, it shows you are serious about buying and are on the path to securing your funding, and it reflects that the lender found you qualified for a mortgage. Having this letter can be especially helpful when you are competing for a home in a seller’s market.

You might also decide to work with a mortgage broker to get help learning about your alternatives.

💡 Quick Tip: Backed by the Federal Housing Administration (FHA), FHA loans provide those with a fair credit score the opportunity to buy a home. They’re a great option for first-time homebuyers.

Step 4: Find a Home and Make an Offer

With your preapproval letter in hand, you are ready to go home shopping. As you tour properties, you’ll likely refer back to your budget and down payment plans again and again as you get to an accepted offer. Don’t be surprised if you find yourself having agonized discussions about whether a home is truly affordable. Try to avoid pushing yourself beyond what you can comfortably afford.

Once you find a suitable property and your offer is accepted (a big moment!), you will hopefully be on the path to home ownership. If contract negotiations and the inspection goes well, you will move along to the final steps.

Step 5: Submit Your Mortgage Loan Application

Once you have an accepted offer and know how much you need to borrow, you’ll submit a full-fledged mortgage application. Expect to submit the following, and possibly more:

•   Two years’ worth of W-2 forms or other income verification

•   A month’s worth of pay stubs

•   Two years’ worth of federal tax returns

•   Proof of other income sources

•   Recent bank statements and documentation of possibly recent sources of deposits

•   Documentation of funds/gifts of money to be used as your down payment

•   ID and Social Security number

•   Details on debt, such as student loans and car payments

These forms allow a lender to consider your level of financial security and whether you are a good risk to offer a mortgage loan.

Step 6: Go Through the Underwriting Process

As you wait for your mortgage approval and a closing date, the underwriting process is happening. You’ll need a home appraisal and title search, and an underwriter will verify your income, evaluate your credit history, and assess your financial readiness to take on the loan. It’s not unusual for the lender to reach out with questions or to ask for more documentation during underwriting. Respond promptly to keep things on track.

If things progress smoothly, your loan will be approved and you will be ready to close on your home. You’ll do a final walk-through of the home to make sure everything is in order and any repairs that the seller agreed to make have been addressed.

Three days before your closing date, your lender will provide you with a closing disclosure that outlines the final closing costs and terms of your home loan. You can compare this five-page form with the loan estimate you received initially. If everything looks to be in order, get ready to close.

Step 7: Close on Your New Home

You may wish to bring your real estate agent and/or attorney with you to your closing meeting, which might be in-person or virtual. They can help explain everything — especially valuable if you are a first-time homebuyer. At the closing you will sign all your forms and submit your down payment and closing costs (or provide proof of wire transfer). The closing attorney, escrow officer, or title company representative will record the deed, and you will be given the house keys. Congratulations — you’re a homeowner!

The Takeaway

The path to homeownership can be a long and winding road, but worth it as you gain what could be your biggest financial asset. By learning how to get a mortgage, preparing to present a creditworthy file, and following the steps needed to apply for a home mortgage, you can be on your way to owning your new home.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

SoFi Mortgages: simple, smart, and so affordable.

FAQ

How do you improve your chances of getting approved for a mortgage loan?

You can improve your chances of getting approved for a mortgage by checking on your credit score (and improving it, if necessary), showing a debt-to-income ratio of ideally 36% or lower, and having two years’ of a steady job history.

What is the lowest income to qualify for a mortgage?

There is no one set income required to qualify for a mortgage. Much will depend on how much you want to borrow versus your income, how much debt you are carrying, and your credit score. For those who have a lower income, there are government-backed loans that may be suitable; it can be worthwhile to look into FHA, USDA, and VA loans to see what you might qualify for.

What credit score is needed to get a mortgage?

Typically, a credit score of at least 620 is required for a conventional loan, and the higher your score (say, in the 700s or higher still), the more loan options and lower rates you may find. For those with a credit score of at least 500, there may be government-backed loan products available.

How long does the mortgage approval process take?

The full approval process for a mortgage can take 30 to 60 days. If you have a closing date or range of dates specified in your agreement with the seller, it’s important to let your prospective lender know.

What documents are needed for a mortgage application?

Documents needed for a mortgage application include proof of identity and at least two years’ worth of W-2 forms and tax filings. You can also expect to need your most recent pay stubs, bank statements, and proof of other income sources. If you are self-employed, be prepared to be asked for more details about your income, including, potentially, a profit-and-loss statement for your business.

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SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

^¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
^†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

This article is not intended to be legal advice. Please consult an attorney for advice.

Checking Your Rates: To check the rates and terms you may 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 and may affect your credit.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

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Borrowing money to pay for school comes at a cost, in the form of interest. In certain situations, interest that has accrued may be “capitalized” on the loan. Student loan capitalized interest is when the accrued interest is added to the principal, or the initial amount borrowed. This new value is then used to calculate the amount of interest owed each day.

Interest capitalization can dramatically increase how much a borrower owes over time. Students who have subsidized federal student loans don’t have to worry about interest accruing while they are in school or during their grace period after graduation. For other types of federal student loans, however, including unsubsidized loans and PLUS loans, borrowers are responsible for paying the accrued interest.

Read on for more information about capitalized interest on student loans, plus ways that can help reduce its impact.

What Is Capitalized Interest On A Student Loan?

When accrued interest is unpaid, it is sometimes added to the principal value of the loan, which is known as capitalized interest. This new loan principal becomes the value that is used to calculate the interest. Because the borrower is now paying interest on top of this new, higher loan balance, future payments will also be higher.

How Does Interest Capitalization Work on Student Loans?

Capitalized interest can happen on student loans in several scenarios. First, it may happen after a borrower graduates from school or after a student loan grace period, and unpaid interest is added to the balance of the loan. Second, it could happen after periods of student loan deferment on Direct loans and the Federal Family Education Loan (FFEL) Program loans managed by the U.S. Department of Education. Private student loans that are in forbearance may also be subject to capitalized interest.

Even though payments are not due during these periods, interest is often calculated and added to the balance of the loan once that period is over. This is the process of capitalization, which will likely increase the student loan balance.

Borrowers utilizing income-driven repayment (IDR) plans may want to pay attention to capitalized interest as well. In these situations, unpaid interest may be capitalized on the loan:

•   If an individual voluntarily leaves an income-driven repayment plan, does not recertify their income and family size annually, or does not have a partial financial hardship

•   If a deferment period ends

•   If a borrower consolidates their loans

In general, unpaid interest is added to the principal of a loan under an IDR plan under the following circumstances:

•   During times of forbearance or deferment

•   While the borrower is enrolled in school and has an unsubsidized loan

•   The borrower has a grace period.

Can You Avoid Student Loan Interest Capitalization?

There are a few ways that borrowers can try to minimize capitalized interest. Once interest is capitalized, there is little a borrower can do about it, so the trick is to avoid scenarios where interest is capitalized in the first place.

How Much Does Capitalized Interest Cost?

The actual cost of capitalized interest varies according to the amount of the principal and interest rate. For instance, if a borrower has $25,000 in student loans with an interest rate of 5.00%, the capitalized interest could be $3,083. This brings the total amount owed to $23,083.

When Does Interest Accrue?

Interest on federal student loans begins to accrue the day the loans are disbursed, and interest accrues daily through the life of the loan. This is likely also the case for many private student loans, but be sure to confirm the terms with the lender before borrowing.

Regardless of whether the student loan is federal or private, the promissory note generally includes all pertinent information on the loan.

Depending on the type of loan(s) a borrower has — subsidized or unsubsidized — they may or may not be responsible for paying for the interest charges accrued while they are enrolled in school and during periods of deferment or forbearance.

Immediately after graduation, most federal loans offer a six-month grace period where borrowers aren’t required to make loan payments. The grace period exists so recent graduates have time to find work. Not all loans have grace periods and even if they do, interest may still accrue during the grace period, but a borrower may not be responsible for paying it during this time.

Understanding Interest During Deferment or Forbearance

Students may be able to temporarily halt their student loan payments with programs such as student loan deferment or forbearance due to economic hardship or job loss, but interest may accrue during these periods.

Borrowers with subsidized loans won’t have to pay interest accrued during periods of deferment because the government covers those interest charges. However, the government pays no interest charges on unsubsidized loans during deferment and does not make interest payments on any loan types during periods of forbearance.

It’s important to understand whether or not the interest will be capitalized on the loan before filing for deferment. This can help borrowers prepare for what lies ahead.

💡 Quick Tip: Ready to refinance your student loan? With SoFi’s no-fees-required loans, you could save thousands.

Ways to Minimize Capitalized Interest

These strategies may help borrowers reduce or avoid capitalized interest on their student loans.

Making Interest-Only Payments

Consider making interest-only payments while in school, during the loan’s grace period, or during periods of deferment or forbearance. If that isn’t in the cards, try to minimize the amount you borrow.

Applying for Scholarships and Grants

Continue to look for scholarships and grant money while enrolled in school and after receiving your financial aid award. Scholarships and grants are free in the sense that they are not required to be repaid.

Think Carefully Before Taking a Deferment

Graduates should be judicious about taking a deferment. While you shouldn’t feel bad about utilizing these programs when needed, it can be a wiser decision to do so only if it’s totally necessary.

If a borrower puts their loans in deferment, they can try making interest-only payments. Even if they’re not able to tackle the principal at this time, making interest payments might minimize the amount of interest that may ultimately be capitalized on the loan.

The Takeaway

When the accrued interest on federal student loans is unpaid, it may be added to the principal value of the loan under certain circumstances. This becomes the new principal value of the loan and is used to calculate the interest as it accrues moving forward. This is capitalized interest, which only applies:

•  When a borrower withdraws from an IDR plan.

•  When a borrower on an IDR plan does not update their income and family size, or doesn’t have a financial hardship.

•  After deferment on an unsubsidized loan.

In the long term, capitalized interest can make the cost of borrowing more expensive.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.

FAQ

Can interest be capitalized on a student loan if it is deferred?

In some cases, yes. If the loan is a federal Direct unsubsidized loan or a Federal Family Education Loan (FFEL), interest can be capitalized on the loan after a deferment.

Why does my loan interest capitalize?

One of the primary reasons student loan interest capitalizes on certain types of loans is that it accounts for periods of unpaid interest, such as when a borrower is in school or in deferment. Because the interest is still accruing during these times, capitalization gives the loan issuer a way to account for that debt by making it part of the principal balance.

How can I avoid capitalized interest?

To avoid capitalized interest, you can make interest-only payments while you’re in school, during the grace period after graduation, and while the loans are in deferment. If you’re on an income-driven repayment plan, be sure to recertify your income every year so you continue to qualify for the plan.

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SoFi Student Loan Refinance
Terms and conditions apply. SoFi Refinance Student Loans are private loans. When you refinance federal loans with a SoFi loan, YOU FORFEIT YOUR ELIGIBILITY FOR ALL FEDERAL LOAN BENEFITS, including all flexible federal repayment and forgiveness options that are or may become available to federal student loan borrowers including, but not limited to: Public Service Loan Forgiveness (PSLF), Income-Based Repayment, Income-Contingent Repayment, extended repayment plans, PAYE or SAVE. Lowest rates reserved for the most creditworthy borrowers. Learn more at SoFi.com/eligibility. SoFi Refinance Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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