SoFi

Before you even think about a lender to refinance your student loan with, you need to think about why you’re refinancing in the first place.

Everyone’s reasons for refinancing are different—maybe you want to refinance for a lower monthly payment, or perhaps you’re looking for a lower interest rate. Maybe it’s to pay off your loans sooner. Your motivations may mean you choose one lender over another, which is why it’s so crucial to have a debt payoff plan in place before applying for refinancing.

Before you begin scouting out refinancing options you might be eligible for, make sure you have a solid idea of what you’re looking to get out of a lender.

Option 1: Student Loan Consolidation

If you have federal student loans, you might think about a Direct Consolidation Loan with the Department of Education. This might be a good option if you only have federal loans and don’t want to deal with managing multiple loan payments. It can be easy to lose track of monthly loan payments, and missing a payment might be a hindrance to your finances.

Missing a loan payment could cause your credit score to plummet, which hurts your chances of borrowing money in the future, whether it’s opening a credit card or buying a car. Payment history makes up 35% of your FICOⓇ score , so missing a payment can be bad news t when it comes to your credit.

Consolidation combines multiple federal loans into one loan—and one monthly payment. Your interest rate becomes the weighted average of all your old interest rates, rounded up to the nearest one-eighth of a percent.

This might not lower your payment, or your interest rate, but it can potentially help make your federal student loan payments more manageable.

If you have private student loans, you can’t apply for a Direct Consolidation Loan. If you have federal and private student loans and still want to have one streamlined payment, you may want to look into refinancing with a private lender—both federal and private student loans may qualify for refinancing.

Refinancing is a lot like consolidation, but instead of combining your loans with a weighted interest rate, you get a new loan with new loan terms and a new interest rate. And depending on your financial standing, that might even mean you get a better interest rate when you refinance.

If you’re having trouble qualifying for refinancing, you can consider finding a cosigner. A friend or relative with great credit can be your cosigner to help you qualify for a loan or get a better interest rate.

But having a cosigner means that if you don’t make the minimum monthly payments, your cosigner may be on the hook for them. And if you default on your loan, both your credit and your cosigner’s credit may take a hit.

Option 2: Refinancing for a Lower Monthly Payment

Whether you’ve already consolidated your loans or you’re struggling to pay several little loans every month, missing payments can be detrimental to your credit report.

Payment history makes up 35% of your FICOⓇ score—which means on-time payments have a substantial impact. Sometimes, other bills like rent and utilities are your main financial priorities and you don’t have much left for other things—even other bills.

If you’re struggling to make student loan payments and are worried about missing payments, refinancing for lower payments might be worth looking into. And it’s especially important to think about refinancing before you miss a payment, because your financial credibility could go down once you’ve missed a student loan payment.

Refinancing your student loans can help you lower your monthly payments when you’re having trouble making them, typically by opting to extend your loan term. Even if your interest rate isn’t the lowest, you can concentrate on making on-time payments to help reestablish a good track record.

Keep in mind that a lower monthly payment doesn’t necessarily mean you’ll pay off your loan faster. The goal here is to make your monthly payments more workable for your budget.

But it might extend the life of your loan and in turn, you could end up paying more in interest over the course of the loan.

If your monthly payments start to become manageable and you can pay more into them every month, you may want to consider doing so. But check with your lender first. Some charge fees for paying off your loans early.

Option 3: Refinancing for a Lower Interest Rate

Generally, a lower interest rate might reduce the cost of your debt overall—depending on your loan term. Review all your lender options to find one that offers you the lowest possible rate. If that rate still isn’t lower than what you’re currently paying, it might not be worth it.

The lowest interest rates are typically offered to those with excellent credit (among other positive financial factors). You might want to build up your credit score if you want to eventually refinance your student loans for a lower interest rate.

Option 4: Refinancing to Pay Off Your Loans Sooner

Refinancing to pay off your student loans sooner means you might have to make larger monthly payments—that’s because a shorter loan term would increase your minimum payments. Chunking away at your loan principal means at the end of your loan’s life, you will have paid less interest overall. Shortening your loan term so you get out of debt faster might be a good reason to refinance.

If you have a solid job with steady income, you may be able to structure your budget to pay off more of your loan every month, resulting in paying it off sooner. But if you don’t have reliable income, this may not be the best option for you.

Are You Ready to Refinance Your Student Loans?

Regardless of your reason, you have plenty of options when it comes to refinancing your student loans. Get quotes from multiple lenders so you can find the refinancing offer that best suits your needs.

Don’t settle for options that don’t help you. If you aren’t getting a good deal on any of your refinancing options, it’s okay to walk away.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
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.
Notice: SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. SoFi always recommends that you consult a qualified financial advisor to discuss what is best for your unique situation.

SOSL18128

Preparing for a new child is an exciting—and daunting—prospect. This can be doubly true when you are planning on growing your family through adoption. Adoptions costs can be remarkably high, but planning ahead can help minimize the stress during this life-changing process.

The Cost to Adopt

According to the most recent data from Adoptive Families , domestic adoptions typically cost $20,000 to $40,000. And the average international adoption costs $35,000.

For those who choose to adopt through the foster care system , the adoption costs may only add up to a few thousand dollars, but families still must plan for all the regular expenses of adding a child to the family, from buying bottles to preparing a new bedroom.

If you are adopting internationally or through a private adoption , the costs can add up quickly, and frequently include expensive international travel and several different types of fees.

Here are some of the common types of costs that arise during the adoption process:

•   Home study
•   Document preparation and authentication
•   Adoption agency application
•   Adoption consultant fees
•   Attorney fees
•   Networking
•   Counseling
•   Birth mother expenses

Each of these expenses can range from a few hundred dollars to several thousand dollars. These large out-of-pocket expenses can seem intimidating to potential adoptive families, causing them to worry that adoption is not financially feasible. There are, however, many ways to finance adoptions, ranging from taking advantage of grants and governmental programs to taking out a personal loan.

Using Grants to Pay for Adoption Costs

Because adoption can be so expensive, many nonprofit organizations offer grants to adoptive families. These grants can range from a few hundred dollars to the full cost of adoption.

Sometimes grants are offered to particular types of families, but most grants’ eligibility requirements are fairly straightforward and are applicable to most families currently in the adoption process.

A downside of adoption grants is that they are not guaranteed and they usually require extra application paperwork and possibly an interview. In general, however, adoption grants are one good option to consider when planning for adoption.

Using Employee Benefits and Tax Write-Offs to Offset Adoption Costs

One often-overlooked potential source of financial assistance for adoptions is your employer. Employer adoption benefits are a growing trend in large companies where there is a focus on employee retention and work-life balance. Employee benefits can range from things like discounted referrals to adoption agencies to outright cash grants.

Some employers will reimburse a certain percentage of overall adoption costs, while others may choose to directly pay adoption agencies for certain services. Each employer is different, but it may be worth contacting your company’s HR department and asking about any potential adoption benefits your company provides.

Another way to potentially offset adoption costs comes from a generous tax credit. The Adoption Tax Credit allows eligible adopting families to potentially receive a tax credit for qualifying expenses paid in the adoption process.

The credit, which was $13,840 in 2018, can help offset adoption fees like attorney costs, travel expenses, and agency dues. Talk to a certified tax professional to learn more. While adoption tax credits may help ease the financial burden, they do not help much with the upfront costs of adopting.

Using a Personal Loan to Pay for Adoption Costs

If you find that grants or other forms of financial assistance aren’t able to meet your adoption needs, you may consider taking out a adoption loan to help cover the upfront costs. Personal loans, which are often overlooked when it comes to planning for adoption, may offer a better interest rate and more favorable payoff terms than credit cards do.

A personal adoption loan is typically an unsecured installment loan. Unlike with a credit card, you can choose to borrow a set amount with a fixed interest rate and term, allowing you to pay it back in equal monthly installments over a set period of time. This means that you may be able to borrow enough to cover the full cost of the adoption upfront and then pay it off over a few years while avoiding high-interest credit cards.

Another potential benefit of using a personal loan to cover adoption costs is the short application process. The process is generally fairly straightforward and some lenders can disburse loan funds within days. This means that you can focus on what really matters: growing your family.

Starting the adoption process and looking for more money to help grow your family? SoFi’s personal loans offer no fee options and low rates to qualified applicants.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
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.

SOPL18166

If you’re about to graduate from college or graduate school, you probably have a million different things on your mind. You’re likely focused on wrapping up final exams or writing your thesis, looking for jobs or fellowships, and figuring out where to live. Not to mention bonding with friends during pre-graduation activities or that congratulatory summer trip.

Add getting ready for your first student loan payment to your to-do list. The financial terms can get confusing, and you don’t want to risk being blindsided and missing payments once you’re thrust into the post-college “real world.”

Plus arming yourself with information will help ensure you choose the right repayment option for your situation and have a plan for managing your debt in the long-term. One thing is clear: ignoring your student loans can lead to massive consequences for your financial life.

Learning to make student loan payments doesn’t have to be complicated, once you have the fundamentals down. Since you most likely didn’t cover these things in your classes, here are some tips for everyone preparing to make their first student loan payment.

Learning Key Terms

Let’s start with the basics of student loans. Loan agreements are full of jargon, but there are a few terms you need to understand. One is principal, which is the amount you originally borrowed (and what’s left once you start repaying it). Then there’s interest rate, which is a percentage of the principal the lender is charging you for borrowing the money.

The next term to know is the balance, which is the amount of money you currently owe on your loan. This will start out as being equivalent to the principal, but will grow as interest gets added on.

Another important term is capitalization. This is when unpaid interest gets added to the principal of the loan. With federal student loans, you might rack up unpaid interest during periods of deferment, forbearance, or if you have an income-driven repayment plan in which your payment doesn’t cover interest in full each month.

If you don’t pay that interest, it can be capitalized—including when the deferment or forbearance period ends or when you leave an income-driven plan (voluntarily or not). Capitalized interest can then be added to the principal balance of your loan.

Creating a Budget

The key to paying off student loans, like any debt, is budgeting. Budgeting can sound like a buzzkill, but it’s really a way to take control of your money and make sure you avoid disaster and keep moving toward your goals. To make a budget, you can start by making a list of all the expenses you foresee after graduation.

Include both necessities (rent, utilities, transportation, groceries), and discretionary spending (gym memberships, eating out, clothing, Netflix). Make sure that you include your student loan payment here!

Next, you could make a list of the income you expect—after taxes. This may include your salary or wages, any gifts from your family, and any income from side hustles. If your expenses exceed what you make, you may want to find ways to either cut your spending or grow your income. Don’t be afraid to get creative.

Ideally, you’d even have a bit of room left over to start saving every month for retirement and other goals. Luckily, most federal student loans come with a grace period of six months, which might give you enough time after you graduate to figure things out and make adjustments. The bottom line is: Don’t just hope you’ll have money left for student loans every month—plan for it.

Choosing a Repayment Plan

With federal student loans, you can select from about eight different student loan repayment plans (what you qualify for depends on the loans you have and when you borrowed). With the default Standard Repayment Plan , you pay the same amount every month and pay your loan off within 10 years.

This plan allows you to get rid of your loans relatively quickly and pay less over the life of the loan (since interest has less time to accrue), but the payments can be too high for some borrowers with heftier debt balances.

The Graduated Repayment Plan also has you pay off your loan in up to 10 years but starts out with lower payments, then gradually increases them every two years or so (presumably alongside your salary).

The Extended Repayment Plan has a repayment term of up to 25 years through either fixed or graduated payments. This can help you get lower payments, but it will take longer to pay your loans off and, thus, you’ll likely pay more in interest.

Finally, there are four different income-driven repayment plans that tie your monthly payment to a percentage of your discretionary income. The plan that’s right for you depends on what loans you have, what you can currently afford, and your career prospects. If you’re confused, you can always talk to your loan servicer about which plan is right for you.

Paying On Time

Making your student loan payments on time is, obviously, super important. With federal student loans, if you miss a payment, your loan will become delinquent . After 90 days, your loan servicer will typically report this to the three major credit bureaus, which could impact your credit score and/or affect your ability to take out other loans, rent an apartment, and open credit cards.

After 270 days, your loan will go into default. This is a potentially dire scenario: Your loans could become due in full and immediately, and you won’t be able to choose your own repayment plan or qualify for deferment or forbearance. Eventually, the government can sue you or garnish your wages.

Oneway to make sure you don’t miss payments is to sign up for automatic payments with your lender or loan servicer. And if you do miss a payment, make it as soon as possible.

Knowing What to Do If You Have Trouble Keeping Up

If you do run into issues making payments on your current plan, don’t ignore them—and don’t just stop paying. You might have options for making the loans manageable again. With federal loans, if you’re experiencing a temporary hardship, you can apply for deferment or forbearance.

Both of these options might let you pause or reduce your payments for a period of time. You may qualify if you’re still in school, unemployed, not working full-time, facing high medical bills, if your payment is more than 20% of your gross monthly income, or because of other financial challenges.

For a longer-term solution, if you’re not already signed up for an income-driven repayment plan, you can look into whether this can make monthly payments affordable for you. Private lenders aren’t required to help, but many might accommodate you in the case of a short-term issue.

Asking for Help if You Need It

You don’t have to go it alone. If you’re confused about any aspect of your student loans or not sure about the right way to proceed, you can ask for help. If you haven’t found what you need on the Department of
Education website, a good place to start is with your loan servicer. Most are available by phone, and you can usually reach them by email or online chat too.

Looking Into Refinancing

Refinancing your student loans can be a good way to make your debt manageable over the long term. When you refinance, you get a new loan from a private lender and use it to pay off your existing federal and private loans.

This can be a great deal if you’re able to qualify for a lower interest rate, which may reduce the amount you pay over the life of your loan. Alternately, you might qualify to extend your loan term, securing you a lower monthly payment. That can give your budget more wiggle room, though you’ll end up paying more interest on your loan overall.

You usually have to wait until you graduate to refinance, and it often helps to wait until you’re making a stable and decent income and have a good credit score. Otherwise, you could apply with a student loan cosigner to potentially qualify for better terms.

When you refinance with SoFi, you won’t be subject to origination fees or prepayment penalties, and you’ll have access to complimentary advice from career coaches and financial advisors.

But be aware that by refinancing, you will no longer be able to take advantage of federal benefits like deferment, forbearance, income-driven repayment plans, or the Public Service Loan Forgiveness program. It takes just two minutes online to see if you qualify and your potential rates.

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.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Notice: SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. SoFi always recommends that you consult a qualified financial advisor to discuss what is best for your unique situation.
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 on credit.
SOSL18180

The last thing any engaged couple wants is to start their new life together by going into debt. And yet, the costs can easily add up fast. First, there’s the wedding and all the events leading up to the big day. Then, there’s finding a place to live and making it your home.

Next, there’s the honeymoon—your chance to really relax and enjoy yourselves before married life gets real. You should remember this trip for the rest of your lives because it was a wonderful time spent together—not because you’re still paying for it. Here are some tips to make financing your honeymoon the least of your worries:

Setting a Limit on How Much You Can Spend

Maybe you’ve saved up for this dream trip, or Mom and Dad have floated you some cash. Boom. You’re done.

If not, you’ll have to come up with a realistic number and make it work. Sit down with your betrothed and have a frank discussion about what you want to do and how you’re going to pay for it. Talk about whether you’re willing to take on some debt, if necessary, and how you’ll pay it back if you do.

Looking for a place to house your honeymoon budget? SoFi Checking and Savings is a checking and savings account that earns you interest on all your cash. Plus, with SoFi Checking and Savings you are your +1 can easily merge your finances and get no account fees. We work hard to give you high interest and charge zero account fees. With that in mind, our interest rate and fee structure is subject to change at any time.

Setting Priorities & Making Trade-offs

For example: Would you be willing to cut the trip short a few days if it meant you could stay at a nicer resort? Would you be willing to pass on a day at the spa if it meant you could go snorkeling or skydiving? Can you do without room service breakfasts so you can have dinner at the Eiffel Tower?

Breaking Down Your Expected Costs on a Budget Worksheet

You can use Excel or any other spreadsheet program, or a simple checklist could do. Just keep in mind that your costs will start before you ever leave for your trip. You may need a passport or specific vaccines if you’re traveling overseas.

You might want new clothes or better luggage. Also consider where you’ll stay, how you’ll get around, what you’ll eat and drink, things you’ll do for fun—and don’t forget about taxes and tip.

Finding Ways to Save

If you have enough set aside in your honeymoon fund to pay for everything you want, good for you—start making reservations. But what if you’ve got a shortfall?

Before you start arguing, crying, or crossing off some of the most appealing plans on your list, start searching for savings:

Talking to a Travel Agent: A good travel agent can help you find honeymoon destinations on a budget and steer you to experiences that will make your trip special without costing a fortune. Yes, you could do hours of research online and book it all yourself, but don’t you have enough on your plate?

Booking early: Not only will you have a chance at better choices for cruise cabins, hotel rooms, and airline seats that fit within your budget, you can stop sweating those details.

Considering an all-inclusive resort: If you don’t have time to hunt down individual deals, consider searching for all-inclusive resorts or cruises, which usually include lodging, meals, soft drinks, gratuities, and some activities and services in the price.

Go on a “mini-moon”: If your honeymoon budget just can’t handle a blowout trip, plan a shorter excursion, maybe closer to home. You can still go luxe with spa days and gourmet dinners at a five-star hotel; just tighten up on other details.

You can always take a longer honeymoon later, when your financial reserves (and vacation days) have had a chance to replenish.

Promoting You Are On Your Honeymoon: Whenever you make a call, be sure to mention this is for your H-O-N-E-Y-M-O-O-N. It might get you a better room, a better table, a free bottle of champagne or some extra attention from staff. If they don’t offer a discount or freebies, ask.

Making a Plan for How You’ll Pay

When you’ve done all you can to close the gap between what you want and what you can afford, it’s time to figure out how you’ll cover the difference.

Creating a honeymoon registry: You can use all the cash gifts you receive to augment your vacation stash, or you can set up a registry (like The Knot’s Newlywed Fund ), where wedding guests can contribute to a general honeymoon fund or make a gift of specific honeymoon activities.

This way, family and friends know where their money is going, and you get to go horseback-riding on the beach or shushing down the slopes in Aspen.

Pillaging your credit card points: If ever there was a time to use up every credit card point and frequent flier mile you’ve ever earned, this is it. If you plan ahead you could get strategic—use cards that earn you points to pay for wedding expenses, then use the points you just earned for the honeymoon, flights, upgrades and more.

Be sure you can make the monthly payments on those cards as you go—or better yet, pay off the balances. Otherwise, you’ll be racking up interest.

Looking into a personal loan: Maybe your finances are temporarily flagging because of the wedding, but you and your spouse-to-be both have a good credit record, excellent salaries, and the wherewithal to make payments on time. If your shortfall will be short-lived, taking out a personal loan might help.

Sure, you could pile those travel costs onto a credit card. But think about it: If the interest rate is high or variable and you can’t pay off the balance on your card as soon as you get back home, you could ultimately be spending far more for every souvenir and spa visit than you planned.

With a personal loan, you can borrow just what you need at a competitive rate and make manageable payments. Knowing upfront what you’ve borrowed could even help you keep better control of what you spend.

Another plus: You can sign on as co-borrowers and have the funds delivered to a joint account, so the loan will belong to both of you—you won’t have to fret or fume about who’s paying for what.

Personal Loans with SoFi

Arguing about finances can put stress on many a relationship—but that doesn’t have to be you.
If a vacation loan sounds like a good option, shop for the best deal you can get. SoFi’s Personal Loans offer competitive rates, great member benefits, and customer service that’s there whenever you need it.

You can pay back the loan early if you like—there are no prepayment fees. And as a SoFi member, you’ll also have access to the financial services you’ll need in the future, from home loans to investing.
If you plan well, cut costs where you can, and borrow wisely if needed, you can start your life together on sound financial footing.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
SoFi can’t guarantee future financial performance.
This information isn’t financial advice. Investment decisions should be based on specific financial needs, goals and risk appetite.
Neither SoFi nor its affiliates is a bank.
SoFi Checking and Savings^TM is offered through SoFi Securities, LLC, member FINRA / SIPC . Advisory services offered through SoFi Wealth, LLC, a registered investment advisor.

SOPL18117

There’s a great Apple commercial spoof where an iPhone®​ owner is trying to upgrade to the new model without his current model’s Siri finding out she’s getting dumped. She freaks him out and hijinks ensue.
And while the connection may seem flimsy at best, upgrading to your next home can feel equally precarious, at least when it comes to your mortgage. After all, what do you do when you’ve found your new dream home, but selling your current one could take months, if not longer?

That’s where bridge loans can come to the rescue. A bridge loan, also known as a swing loan, gap financing, or interim financing, is a temporary loan that bridges the gap between the down payment of a new property and the mortgage balance of your previous home. Basically, a bridge loan is a short-term loan taken out by a homeowner against their current property in order to finance the purchase of a new property.

Bridge loans are designed to help home buyers purchase a new property in the event that their old property has not yet been sold. And assuming you don’t have a contingency contract or an extra couple hundred thousand dollars in the bank, you may well need to bridge that gap.

Pros & Cons of Bridge Loans

Bridge loans can be a major benefit in a time crunch: The home seller can immediately put their home on the market and move into another house. This can be especially helpful if you are a homeowner going through a period of sudden transition.

For example, if you have a new job or have children who need to switch schools soon, this could be necessary. Bridge loans are not a replacement for a mortgage but a temporary solution. They are generally designed to be repaid within six months to three years.

The terms vary widely for bridge loans, but they can have high interest rates because bridge loans are usually tied to a variable rate index such as the Prime Rate.

Borrowers may also encounter differences in how lenders deal with interest payments . Some require monthly interest payments while others require an upfront or end-of-term lump sum interest payment.

Bridge mortgage loans are secured to the borrower’s existing home, which means your old house can be claimed in the event of defaulting repayments. The standards for qualifying for a bridge mortgage tend to be high. After all, you’re trying to prove that you can afford not one, but two homes.

Many lenders do not actually have a set credit score requirement or a maximum debt-to-income ratio. Most of the time, your ability to qualify will depend on your future home purchase and the long-term financial benefits the lender predicts.

Exploring Other Financing Options

Borrowing a bridge loan can be risky—you may be required to start paying off your mortgage and the bridge loan at the same time. You are also depending on the sale of your home in order to pay off the bridge loan, which could take time depending on the state of the real estate market as you are selling your home.

If you are planning on taking out a bridge loan to cover the cost of a new home, you may want to negotiate for the extension of your bridge loan in the event that your home does not sell in a timely manner. Bridge loans can be a risky investment for banks too , which means they can be extremely difficult to get.

Due to the risks and costs that come with a bridge mortgage, borrowers may want to consider other options. One alternative to a bridge loan is a home equity line of credit (HELOC) which allows you to draw equity against the value of your current home in a similar way to a bridge loan.

With a HELOC you’ll usually get a better interest rate, pay lower closing costs, and have more time to repay the loan than you would with a bridge loan. It’s important to note that many lenders will not loan a HELOC on a home that is currently on the market for sale, so it may require advance planning.

If you are considering borrowing a HELOC, you may want to look for one without any prepayment penalties or early closure fees, which could significantly cut into your profits in the event that your home sells quickly.

Another alternative to bridge loans is borrowing a personal loan. If you have decent credit history and a solid income, you may consider applying for a competitive-rate personal loan, especially because bridge loan interest rates can run fairly high .

In addition, because personal loan lending is a more diversified market, you can likely find personal loans without the expensive origination fees. Personal loans, including the ones available with SoFi, are often unsecured and therefore require no collateral.

And when you borrow a personal loan with SoFi there are no prepayment penalties, which means if your home sells quickly, you can pay off the loan without losing any of your profits.

No matter what, make sure to do your research. As long as you do your homework, you can find the option that works best for your personal situation, so you can get the home you need at a cost that works for your budget.

Looking to move into a new home? With SoFi personal loans, you can bridge the gap so that you can move into your new house now instead of later.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
SoFi Mortgages are not available in all states. Products and terms may vary from those advertised on this site. See SoFi.com/eligibility-criteria#eligibility-mortgage for details.
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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