Choosing the Best IRA for Young Adults

Saving for retirement may be lower on the priority list for young adults as they deal with the right-now reality of paying rent, bills, and student loans. But the truth is, it’s never too soon to start saving for the future. The more time your money has to grow, the better. And saving even small amounts now could make a big difference later. An IRA, or individual retirement account, is one option that could help young adults start investing in their future.

There are different types of IRAs, and each has different requirements and benefits. So which IRA is best for young adults? Read on to learn about different types of IRAs, how much you can contribute, the possible tax advantages, and everything else you need to know about choosing the best IRA for young people.

Understanding IRAs

First things first, what is an IRA exactly? An IRA is a retirement savings account that allows you to save for the future over the long term. It typically also has tax advantages that may help you build your savings more efficiently.

There are several types of IRAs, but the two most common are traditional IRAs and Roth IRAs. The key difference between the two accounts is how they’re taxed. With a traditional IRA, you contribute pre-tax dollars. That means you take deductions on your contributions upfront, which may lower your taxable income for the year, and then pay taxes on the distributions when you take them in retirement.

With Roth IRAs, you contribute after-tax dollars. Your contributions are not tax deductible when you make them. However, you withdraw your money tax-free in retirement.

How much you can contribute to an IRA each year is determined by the IRS, and the amount generally changes annually. In 2024 and 2025, those under age 50 can contribute a maximum of $7,000 annually to a traditional or Roth IRA. (Those 50 and up can contribute an extra $1,000 per year in 2024 and 2025 in what’s called a catch-up contribution.) However, the contribution cannot exceed the individual’s earned income for the year. So if a child made $2,000 babysitting for the year, the most they could contribute is $2,000 to a Roth IRA that year.

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Factors to Consider & Eligibility

When choosing the best IRA for young adults, it’s important to consider your specific situation, the eligibility requirements, and what type of tax treatment would benefit you most.

Eligibility

The eligibility rules are different for traditional and Roth IRAs. One thing that’s not a requirement for either type is age — an individual of virtually any age can open an IRA as long as they have earned income for the year. How much money you make is another matter. Roth IRAs have income limits, while traditional IRAs do not.

How a Roth IRA works is that your modified adjusted gross income (MAGI) must be below a certain level to qualify for a Roth. In 2024, the limit on MAGI is up to $146,000 for those who are single. Single individuals who earn $146,000 or more but less than $161,000 can contribute a partial amount to a Roth, while those who earn $161,000 or more are not eligible to open or contribute to a Roth. For married couples who file taxes jointly, the limit in 2024 is up to $230,000 for a full contribution to a Roth, and between $230,000 to $240,000 for a partial contribution.

In 2025, single individuals who earn up to $150,000 can contribute the full amount to a Roth. Single filers with a MAGI of $150,000 or more but less than $165,000 can contribute a partial amount, and those who earn more than $165,000 are not eligible to open or contribute to a Roth. For married couples who file jointly, the limit in 2025 is up to $236,000 for a full contribution to a Roth, and between $236,000 to $246,000 for a partial contribution.

Young adults starting out in their career might be earning less than they will in the future — in fact, the average college grad salary in 2024 ranged from approximately $61,399 to $76,736, depending on the type of degree earned. So it could make sense for a young adult to open a Roth now when they may not have to worry about earning too much to qualify. In this case, a Roth might be the best IRA for young people.

Taxes

Another important factor to consider when looking at which IRA is best for young adults is taxes. For those who are currently in a lower tax bracket, the upfront tax deductions with a traditional IRA may not be as beneficial. On the other hand, a Roth, with its tax-free distributions in retirement, might be worth exploring, especially if the individual expects to be in a higher tax bracket in retirement.

With a traditional IRA, your income is important in determining how much of your contributions you can deduct. Deduction limits depend on your MAGI, whether you are single or married, your tax filing status, and if you’re covered by a retirement plan at work.

For instance, if you’re single and not covered by a retirement plan from your employer, you can deduct the entire amount you contribute to a traditional IRA in 2024. But if you’re covered by a workplace retirement plan, you can only deduct the full contribution limit if your MAGI is $77,000 or less. If you earn more than $77,000 and less than $87,000 you can take a partial deduction, and if you earn $87,000 or more, you can’t take any deductions at all.

In 2025, those who are single and not covered by a retirement plan at work can deduct the entire amount they contribute to an IRA. However, if they are covered by a retirement plan from their employer, they can only deduct the full amount if their MAGI is $79,000 or less. If they earn more than $79,000 and less than $89,000, they can take a partial deduction. And if their MAGI is $89,000 or more, they cannot take any deductions.

Individuals who are married filing jointly and aren’t covered by a retirement plan at work can deduct the full amount of their traditional IRA contributions. However, if their spouse is covered by a workplace retirement plan, they can only deduct the full amount of their contribution if their combined MAGI in 2024 is $230,000 or less. If their combined MAGI is $240,000 or more, they can’t take a deduction. And if they themselves are covered by a retirement plan at work, they can deduct the full amount of their contributions only if their combined MAGI is $123,000 or less. If their combined MAGI is $143,000 or more, they can’t take a deduction.

In 2025, people who are married and filing jointly and aren’t covered by a retirement plan at work can deduct the full amount of their contributions to a traditional IRA. But if their spouse is covered by a workplace retirement plan, they can deduct the full amount only if their combined MAGI is $236,000 or less. If their combined MAGI is $246,000 or more, they can’t take a deduction. And if they themselves are covered by a retirement plan at work, they can deduct the full amount of their contributions only if their combined MAGI is $126,000 or less. If their combined MAGI is $146,000 or more, they can’t take a deduction.

Withdrawals

Whether you choose a Roth or traditional IRA, the idea is to keep your money in the account without touching it until retirement, when you begin making withdrawals. In fact, both types of IRA accounts have early withdrawal penalties.

With a traditional IRA, individuals who take withdrawals before age 59 ½ will generally be subject to a 10% penalty, plus taxes. A Roth IRA typically offers more flexibility: Individuals may withdraw their contributions penalty-free at any time before age 59 ½. However, any earnings can typically only be withdrawn tax- and penalty-free once the individual reaches age 59 ½ and the account has been open for at least five years. This is known as the Roth IRA 5-year rule.

That said, there are exceptions to the IRA withdrawal rules, including:

•   Death or disability of the individual who owns the account

•   Qualified higher education expenses for the account owner, spouse, or a child or grandchild

•   Up to $10,000 for first-time qualified homebuyers to help purchase a home

•   Health insurance premiums paid while an individual is unemployed

•   Unreimbursed medical expenses that are more than 7.5% of an individual’s adjusted gross income

Building a Strong Investment Strategy

As you explore the best IRA for young people, you’ll want to make sure that you’re getting the most out of your investing strategy to help you achieve financial security. Here are some ways to do that.

Contribute to a 401(k) and an IRA.

If your employer offers a 401(k), enroll in it and contribute as much as you can. If possible, aim to contribute enough to get the matching contribution, which is, essentially, “free” or extra money that can help you build your savings.

If you don’t have a workplace 401(k) — and even if you do — open an IRA as another account to help save for retirement. Contribute as much as you are able to. With an IRA, you typically have more investment options than you do with a 401(k), and you can also choose the type of IRA that could give you tax advantages.

Automate your contributions.

With a 401(k), your contributions usually happen automatically. Opening an investment account for an IRA could help you do something similar. Many brokerages allow you to set up automatic repeating deposits in an IRA. This way you don’t have to even think about contributing to your account — it just happens.

Understand your risk tolerance.

When you’re deciding what assets to invest in, consider your risk tolerance. All investments come with some risk, but some types are riskier than others. In general, assets that potentially offer higher returns (like stocks) come with higher risk.

If a drop in the market is going to send your anxiety level skyrocketing, you may want to make your portfolio a little more conservative. If you’re willing to take risks, you might want to be a bit more aggressive. Either way, try to find an asset allocation that balances your tolerance for risk with the amount of risk you may need to take to help meet your investment goals.

Diversify your investments.

Building a diversified portfolio across a range of asset classes — such as stocks, bonds, and REITs (real estate investment trusts), for instance — rather than concentrating all of it in one area — may help you offset some investment risk. Just be aware that diversification doesn’t eliminate risk.

Reassess your portfolio regularly.

Once or twice a year, review the performance of your portfolio to make sure it’s on track to help you get where you want to be in terms of your financial future.

Maximizing Your IRA Investments

After you open an IRA, contribute up to the annual limit if you can to help maximize your investments. If you’re not sure how to fund an IRA, you can start with a few basic techniques.

For instance, you could use your tax refund to contribute to an IRA. That way, you won’t be pulling money out of your savings or from the funds you have earmarked to pay your bills. The same is true if you get a raise or bonus at work, or if a relative gives you money for a birthday. Put those dollars into your IRA.

Another way to fund an IRA is to make small monthly contributions to it. You could start with $50 or $100 monthly. You could even set up a vault bank account specifically for money designated to your IRA so that you don’t end up spending it on something else.

Finally, when you change jobs, consider rolling over your 401(k) into an IRA (learn more about an IRA transfer vs. rollover). Once you’ve rolled the money over, you can choose how to invest it.

Considerations for Young Adults Looking to Start Investing

Young adults who are ready to begin investing should aim to get started as soon as possible. Thanks to the power of compounding returns, the longer your money has to compound, the bigger your account balance may be when you reach retirement.

When choosing an IRA, consider the tax advantages of traditional and Roth IRAs to decide which type of account may be most beneficial for your situation. Once you’ve opened an IRA, try to contribute as much as you can afford to each year, up to the annual limit.

Young adults should also think about their financial goals, at what age they plan to retire, and what their tolerance is for risk. Each of these factors can affect how they invest and what kinds of assets they invest in.

The Takeaway

An IRA can be a great way for young adults to start saving for retirement. The earlier they start, the longer their money may have to grow, which can make a big difference over time.

In order to choose the best IRA for young people, weigh the different tax benefits of Roth and traditional IRAs. If you’re leaning toward a Roth IRA, make sure you meet the income limit requirements, and if you’re considering a traditional IRA, check to see if you can deduct your contributions.

Once you’ve chosen the right IRA for you, start contributing to it regularly if you can. And no matter how much you’re able to contribute, remember this: Getting started with retirement savings is one of the most important steps you can take to build a nest egg and help secure your financial future.

Ready to invest for your retirement? It’s easy to get started when you open a traditional or Roth IRA with SoFi. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).

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FAQ

What are the different types of IRAs?

There are several types of IRAs. Two of the most popular are traditional and Roth IRAs, which individuals with earned income can open and contribute to. Contributions to traditional IRAs are made with pre-tax dollars and the contributions are generally tax deductible; the money is taxed on withdrawal in retirement. Contributions to Roth IRAs are made with after tax dollars, and the money is withdrawn tax-free in retirement.

Other types of IRAs include SEP IRAs for self-employed individuals and small business owners, and SIMPLE IRAs for small businesses with 100 employees or fewer.

Which IRA is suitable for young adults?

It depends on an individual’s specific situation, but for young adults choosing between a traditional or Roth IRA, a Roth may be the better choice for those in a low tax bracket now and who expect to be in a higher tax bracket in retirement. That’s because with a Roth, contributions are made with after tax dollars and distributions are withdrawn tax-free in retirement. With traditional IRAs, contributions are deducted upfront and you pay taxes on distributions when you retire.

Still, it’s important to weigh the different options and benefits to choose the IRA that’s best for you.

What factors should young adults consider when choosing an IRA?

Young adults should consider their current tax bracket and the tax bracket they expect to be in during retirement when choosing an IRA. If they’re in a low tax bracket now and anticipate that they’ll be in a higher tax bracket when they retire, a Roth IRA may make more sense since distributions are withdrawn tax-free in retirement. Conversely, if they’re in a higher tax bracket now than they expect to be in retirement, a traditional IRA may be a better option.

How can young adults maximize their IRA investments?

To maximize IRA investments, young adults should start contributing money to their IRA as early as possible. The longer their money has to compound, the bigger their IRA balance may grow over time. In addition, they should contribute as much as they can to their IRA each year, up to the annual limit ($7,000 for those under 50 in tax years 2024 and 2025).


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Can You Buy a Car with a Credit Card?

You can buy a car with a credit card in certain circumstances, or at least cover a portion of the purchase, such as the down payment. However, it’s likely not a good idea. That’s because you’ll face high credit card interest charges and potentially fees, and you’ll drive up your credit utilization (that is, if your credit limit is even high enough to cover a car purchase).

Before swiping your card for a new set of wheels, pause to ask yourself whether this is really the best way for you to purchase your vehicle. There are alternative options to help you purchase a car that may not cost you to the same extent.

Key Points

•   Dealerships might accept credit cards for car purchases, often with additional fees.

•   Using a credit card for a car can lead to high interest costs if not paid off quickly.

•   Large car purchases can spike credit utilization, negatively affecting credit scores.

•   Rewards and 0% interest offers on credit cards can provide financial benefits when buying a car this way.

•   Alternatives like auto loans or personal loans usually offer more favorable terms and lower interest rates.

What to Know About Buying a Car With a Credit Card

In short, the benefits of using a credit card to buy a car will likely outweigh the perks. That being said, it is possible to do — assuming your credit limit is high enough and that you can find a dealership that will accept credit card payments for car purchases. Not all dealerships do, and many that do will tack on a fee for credit card payments.

Perhaps the biggest draw to buying a car with a credit card is the potential to earn rewards. You might also be able to take advantage of a promotional offer that features 0% interest for a limited period of time. But be sure to consider those perks against the risks. If you don’t pay off your full balance before interest kicks in, you’ll be paying at a high rate — much steeper than car loans, for instance. You also could do damage to your credit if you’re late on payments or if your automobile purchase eats up too much of your credit limit.

Buying a Car With a Credit Card

If, after considering the drawbacks, you decide you want to use a credit card to buy a card, here’s a step-by-step look at how to do so.

1. See if the Dealership Takes Credit Card Purchases

You’ve decided how much you want to spend on a new car, and you’ve negotiated a fair price with a dealer. But before slapping down your plastic to buy a new or purchase a used car, you’ll first need to check with your car dealership to verify that they accept credit card purchases. Additionally, you’ll need to find out which cards they accept and how much of the total purchase price they will allow you to charge.

If you go to a dealer that won’t accept credit card purchases, or that limits the amount, you’ll have to decide whether to pay another way or to go to another place that sells the car you want and allows credit card purchases.

2. Check Your Credit Limit To Determine if It’s High Enough

If you’ve selected a car at a dealership that takes credit card payments, your next step is to check your credit limit to determine whether it’s high enough to use one card. You may need to spread out the purchase across different types of credit cards.

If your combined limits aren’t enough, you could pay the difference with a cashier’s check and still reap some of the rewards available through credit card use. Or, you could ask your credit card companies to increase your credit limits.

3. Notify Your Credit Company

It makes sense to notify your credit card issuers that you intend to use your credit cards to make a large purchase. If you don’t regularly make large purchases on your credit cards, the transaction might get flagged as potentially fraudulent and could get declined.

4. Get Strategic With Credit Card Rewards and Promos

At a car dealership that does let you pay for a car with a credit card — or at least a portion of it — you might consider using a card that offers credit card rewards. If you have cash to pay the charge before it starts accruing interest, you’re basically getting a no-interest, short-term loan while taking advantage of credit card perks.

5. Determine How You’ll Pay Off Your Balance in Time

Before handing over your credit card to buy a car, make sure you know how you’ll pay off your balance. Ideally, you’ll pay it off in full by the statement due date, so as to avoid accruing interest on what’s likely already a hefty charge. Or, if your credit card has a 0% introductory APR offer that you’re taking advantage of, determine how you’ll pay off the full balance before the standard interest rate kicks in and interest charges start accruing.

If you’re not sure you can pay off your car before interest kicks in, you might reconsider whether you realistically can use a credit card to buy a car. Instead, you might consider ways to save money on your car purchase, such as buying a high-mileage car or weighing the cost of leasing vs. buying a car.

Recommended: What Is a Charge Card?

Why Some Car Dealers Don’t Accept Credit Cards

On the surface, it might seem odd that auto dealers wouldn’t accept credit cards. After all, they want to make a sale, right? Of course they do, but, like other merchants, auto dealers must pay credit card processing fees for each credit card transaction they make. These fees tend to be between 1.5% and 4%, and they can add up pretty quickly when you consider that cars can cost in the tens of thousands of dollars. By rejecting credit cards, dealers can save themselves the expense and hassle of paying these fees.

If a dealer that normally doesn’t allow credit card purchases makes an exception, expect them to tack on convenience fees of a few percentage points to help them cover the cost of the transaction. Pay close attention to these fees because they may offset any benefit you might gain from using a rewards card.

If a dealer that normally doesn’t allow credit card purchases makes an exception, expect them to tack on convenience fees of 2% to 4% to help them cover the cost of the transaction. Pay close attention to these fees because they may offset any benefit you might gain from using a rewards card.

How Much Will Buying a Car With a Credit Card Cost You?

The cost to buy a car with a credit card can exceed the vehicle’s sticker price. For one, it’s likely that you’ll see a convenience fee added to your bill. Some dealerships may have this already baked into their prices, but for others that don’t commonly accept credit cards, they’ll add it on themselves to cover their processing costs. Typically, convenience fees run anywhere from 2% to 4% of the purchase amount, which may be enough to offset any credit card rewards you’d earn.

Second, your costs could increase thanks to interest charges. If you buy a car with a credit card and then don’t immediately pay off the full statement balance, interest can start to accrue. Average credit card interest rates are around 24% as of January 2025. That can start adding up fast on a car purchase that’s likely in the tens of thousands of dollars.

Pros of Car Buying With a Credit Card

Under certain circumstances, using a credit card to buy a vehicle may be a strategy you’d consider, especially if you have enough money to pay off the balance in full when your statement comes. Here’s a look at the upsides to buying a car with a credit card.

Fast and Easy Way to Buy a Car

With a credit card, you’ll have a fast and easy way to purchase your car of choice. You can skip the hassle of filling out loan paperwork and waiting to find out if you’re approved.

Potential to Earn Rewards

By purchasing a car with a credit card, you may earn rewards — something you wouldn’t get if you simply used a cashier’s check to buy the car. But before you get too swept up in your purchase’s rewards potential, see if the amount you’ll earn in rewards will offset how much you may end up paying in fees or interest.

Take Advantage of a Zero-Interest Promo

You may have slightly longer to pay off your purchase if you use a no-interest credit card. Often, these 0% interest offers last for a certain period of time, usually anywhere from six to 21 months. In order to avoid interest payments, you must finish paying off your vehicle in that time period. Still, it offers a little leeway.

Keep in mind that this strategy may be riskier than paying off your full balance immediately though. If, for some reason, you can’t pay off the balance within the introductory no-interest period due to unforeseen circumstances, the card will revert to its regular rate, which may be quite high. Should that happen, the situation can go downhill from there. Some credit card companies will then charge the full interest rate on the entire purchase, not just on the remaining balance.

Recommended: When Are Credit Card Payments Due?

Cons of Car Buying With a Credit Card

In contrast to the few upsides, there are a number of major drawbacks to turning to your credit card to make a car purchase.

High Credit Card Interest Rates

The biggest reason not to buy a car with your credit card is that credit card interest rates are typically much higher than other available options. The average credit card APR was 24% in mid January 2025. In contrast, for those with prime credit scores, the average interest rate for an auto loan to purchase a new car was 6.70%, while for used cars it was 9.63%.

Credit Card Fees

You also might get stuck with some costly fees by buying a car with a credit card. For starters, there’s the previously mentioned fee that the dealership will likely charge you for the convenience of using your credit card. As noted, convenience fees typically run 2% to 4% of the purchase amount.

That’s not the only fee you might run into either. For example, let’s say that your strategy is to purchase a car on your current credit cards, then transfer the balance to a zero-interest credit card. Besides the challenges listed above, you may add balance transfer fees to the mix. These fees can be as high as 5%, which, on a $20,000 car, is $1,000.

Potential to Harm Your Credit Score

Another major downside of purchasing a car with a credit card is that it can majorly increase your credit utilization, which accounts for 30% of your FICO® score. With the price of a car, it can be easy to push your credit utilization ratio way past the recommended 30%, which could translate to negative effects to your credit.

Further, if you miss payments or are late making them, that could lead to further damage to your credit score.

Recommended: Does Applying For a Credit Card Hurt Your Credit Score?

No Addition to Your Credit Mix

Here’s something else to consider: Having different kinds of debt can actually help with your credit score. So using an installment loan, such as a traditional auto loan, to buy your car instead of a credit card may be helpful to your overall long-term financial situation. And if you have a good enough credit score to get approved for an auto loan with lower interest rates than the average credit card interest rate, you could come out ahead.

Other Options for Buying a Car

While technically you can pay for a car with a credit card, it might not be your best option. Here are a couple of alternatives to consider.

Auto Loan

If you decide to finance some or all or all of your auto purchase, you can apply for a car loan through the dealership or other lenders. Auto loans are typically secured loans that use the vehicle as collateral. So, if you fail to make payments, your lender has the option to repossess the vehicle to cover some of your debt.

Dealers are often able to get same-day financing approved, but there may be some pressure to buy while the salesperson takes advantage of your excitement. Banks and private lenders may take longer to approve an application, but sometimes offer better deals on terms or interest rates. Taking emotion out of the equation when buying a car will allow you to compare rates and terms to get the best deal for your financial situation.

Personal Loan

You may also want to consider buying a car with a personal loan, which is an unsecured loan that’s not backed by collateral. Personal loans can be used to cover many expenses, including the cost of buying a car.

Because they are unsecured, interest rates on personal loans may be higher than other auto financing options, depending on the applicant’s creditworthiness.

The Takeaway

While you can buy a car with a credit card, there are potential pitfalls and fees to be aware of as you make your decision about how to pay. If you find a dealership that accepts credit card payments and you decide it’s the best path for you, make sure to take the necessary steps of checking in on your credit limit, alerting your credit card company, and making a plan for prompt repayment. It might, however, be better to select another option to cover your car purchase, and reserve your credit card for other spending.

Whether you're looking to build credit, apply for a new credit card, or save money with the cards you have, it's important to understand the options that are best for you. Learn more about credit cards by exploring this credit card guide.

FAQ

Do car dealers accept credit cards?

It depends. Many dealers won’t accept credit cards due to the processing fees they’d incur, but some do. In those cases, dealers may pass the cost along to the consumer in the form of a convenience fee.

Can you use a credit card for a car down payment?

It’s more common for dealers to allow you to use a credit card to pay for a portion of your purchase, such as your down payment, as opposed to the entire car purchase. Still, some dealers won’t accept credit cards at all.

Is it better to pay for a car with a credit card or loan?

It’s likely better to use a loan to pay for a credit card. That’s because loans tend to have significantly lower interest rates than credit cards.


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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.

This content is provided for informational and educational purposes only and should not be construed as financial advice.

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 .

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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Should I Pay Off Debt Before Buying a House?

Ready to buy your own home? There’s a lot to consider, especially if this is your first time applying for a mortgage and you’re carrying debt. While having debt is not necessarily a deal-breaker when you’re applying for a mortgage, it can be a factor when it comes to how much you’ll be able to borrow, the interest rate you might pay, and other terms of the loan.

Understanding how the home loan process works can help you decide whether it’s better to pay off debt or save up for a downpayment on a home. Here’s what you need to know.

How to Manage Debt before Buying a Home

Understand Your Debt-to-Income Ratio

When lenders want to be sure borrowers can responsibly manage a mortgage payment along with the debt they’re carrying, they typically use a formula called the debt-to-income ratio (DTI).

The DTI ratio is calculated by dividing a borrower’s recurring monthly debt payments (future mortgage, credit cards, student loans, car loans, etc.) by gross monthly income.

The lower the DTI, the less risky borrowers may appear to lenders, who traditionally have hoped to see that all debts combined do not exceed 43% of gross earnings.

Here’s an example:

Let’s say a couple pays $600 combined each month for their auto loans, $240 for a student loan, and $200 toward credit card debt, and they want to have a $2,000 mortgage payment. If their combined gross monthly income is $8,000, their DTI ratio would be 38% ($3,040 is 38% of $8,000).

The couple in our example is on track to get their loan. But if they wanted to qualify for a higher loan amount, they might decide to reduce their credit card balances before applying.

That 43% threshold isn’t set in stone, by the way. Some mortgage lenders will have their own preferred number, and some may make exceptions based on individual circumstances. Still, it can be helpful to know where you stand before you start the homebuying process.

Recommended: How to Prepare for Buying a New Home

Consider How Debt Affects Your Credit Score

A mediocre credit score doesn’t necessarily mean you won’t be able to get a mortgage loan. Lenders also look at employment history, income, and other factors when making their decisions. But your credit score and the information on your credit reports will likely play a major role in determining whether you’ll qualify for the mortgage you want and the interest rate you want to pay.

Typically, a FICO® Score of 620 will be enough to get a conventional mortgage, but someone with a lower score still may be able to qualify. Or they might be eligible for an FHA or VA backed loan. The bottom line: The higher your score, the more options you can expect to have when applying for a loan.

A few factors go into determining a credit score, but payment history and credit usage are the categories that typically hold the most weight. Payment history takes into account your record of making on-time or late payments, or if you’ve filed for bankruptcy.

Credit usage looks at how much you owe in loans and on your credit cards. An important consideration in this category is your credit utilization rate, which is the amount of revolving credit you’re currently using divided by the total amount of revolving credit you have available. Put more simply, it’s how much you currently owe divided by your credit limit. It is generally expressed as a percent. The lower your rate, the better. Many lenders prefer a utilization rate under 30%.

Does that mean you should pay off all credit card debt before buying a house?

Not necessarily. Debt isn’t the devil when it comes to your credit score. Borrowers who show that they can responsibly manage some debt and make timely payments can expect to maintain a good score. Meanwhile, not having any credit history at all could be a problem when applying for a loan.

The key is in consistency — so borrowers may want to avoid making big payments, big purchases, or balance transfers as they go through the loan process. Mortgage underwriters may question any noticeable changes in your credit score during this time.

Recommended: What Credit Score is Required to Buy a House?

Don’t Forget, You May Need Ready Cash

Making big debt payments also could cause problems if it leaves you short of cash for other things you might need as you move through the homebuying process, including the following.

Down Payment

Whether your goal is to put down 20% or a smaller amount, you’ll want to have that money ready when you find the home you hope to buy.

Closing Costs

The cost of home appraisals, inspections, title searches, etc., can add up quickly. Average closing costs are 3% to 6% of the full loan amount.

Moving Expenses

Even a local move can cost hundreds or even thousands of dollars, so you’ll want to factor relocation expenses into your budget. If you’re moving for work, your employer could offer to cover some or all of those costs, but you may have to pay upfront and wait to be reimbursed.

Remodeling and Redecorating Costs

You may want to leave yourself a little cash to cover any new furniture, paint, renovation projects, or other things you require to move into your home.

Trends in the housing market may help you with prioritizing saving or paying down debt. So it’s a good idea to pay attention to what’s going on with the overall economy, your local real estate market, and real estate trends in general.

Here are some things to watch for.

Interest Rates

When interest rates are low, homeownership is more affordable. A lower interest rate keeps the monthly payment down and reduces the long-term cost of owning a home.

Rising interest rates aren’t necessarily a bad thing, though, especially if you’ve been struggling to find a home in a seller’s market. If higher rates thin the herd of potential buyers, a seller may be more open to negotiating and lowering a home’s listing price.

Either way, it’s good to be aware of where rates are and where they might be going.

Inventory

When you start your home search, you may want to check on the average amount of time homes in your desired location sit on the market. This can be a good indicator of how many houses are for sale in your area and how many buyers are out there looking. (A local real estate agent can help you get this information.)

If inventory is low and buyers are snapping up houses, you may have trouble finding a house at the price you want to pay. If inventory is high, it’s considered a buyer’s market and you may be able to get a lower price on your dream home.

Price

If you pay too much and then decide to sell, you could have a hard time recouping your money.

The goal, of course, is to find the right home at the right price, with the right mortgage and interest rate, when you have your financial ducks in a row.

If the trends are telling you to wait, you may decide to prioritize paying off your debts and working on your credit score.

Awarded Best Online Personal Loan by NerdWallet.
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Remember, You Can Modify Your Mortgage Terms

If you already have a mortgage, you may be able to make some adjustments to the original loan by refinancing to different terms.

Refinancing can help borrowers who are looking for a lower interest rate, a shorter loan term, or the opportunity to stop paying for private mortgage insurance or a mortgage insurance premium.

Consider a Debt Payoff Plan

If you decide to make paying down your debt your goal, it can be useful to come up with a plan that gets you where you want to be. Many of the financial changes would-be buyers make to save money for a home will also work to help you pay down debt. In an April 2024 SiFi survey of 500 prospective homeowners, cutting back on nonessential expenses was the most popular step — 49% of people had tried it. Almost as many (41%) had taken on an additional job or side hustle. And more than one in four people (26%) had downsized their current living situation to cut costs.

As you think about saving to pay down debt, remember that not all debt is not created equal. Credit card debt interest rates are typically higher than other types of borrowed money, so those balances can be more expensive to carry over time. Also, loans for education are often considered “good debt,” while credit card debt is often viewed as “bad debt.” As a result, lenders may be more understanding about your student loan debt when you apply for a mortgage.

As long as you’re making the required payments on all your obligations, it may make sense to focus on dumping some credit card debt.

Recommended: Beginners Guide to Good and Bad Debt

The Takeaway

Should you pay off debt before buying a house? Not necessarily, but you can expect lenders to take into consideration how much debt you have and what kind it is. Considering a solution that might reduce your payments or lower your interest rate could improve your chances of getting the home loan you want.

When you consolidate your credit card debt, you typically take out a personal loan, ideally with a lower rate than you’re paying your credit cards, and use it to pay off all of your credit cards. You then end up with one balance and one payment to make each month. This simplified the debt repayment process and can also help you save money on interest.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.


SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.


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.


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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Mortgage Servicing: Everything You Need to Know

Mortgage Servicing: Everything You Need to Know

A mortgage servicer is a company that manages a home loan; they may send your statement and collect and process your payment every month, as well as provide customer support.

A mortgage servicer is often different from your lender, or the institution that approved your application and loaned you the funds to buy your property.

To help you understand the finer points of mortgage loan servicing, here’s a handy guide to help.

What Is Mortgage Servicing?

A mortgage servicer is the company that manages your mortgage payments. A mortgage servicer is not necessarily the same as a mortgage lender; nor is the company the holder of your mortgage note.

Because of the way the mortgage market works, a servicer is needed to ensure that all the correct parties are paid on time and that any issues with the borrower or the loan are handled properly.


💡 Quick Tip: SoFi’s Lock and Look + feature allows you to lock in a low mortgage financing rate for 90 days while you search for the perfect place to call home.

First-time homebuyers can
prequalify for a SoFi mortgage loan,
with as little as 3% down.

Questions? Call (888)-541-0398.


How Does Mortgage Servicing Work?

Mortgage servicing begins after you close on your loan. At this point, a servicer may take over from the lender to manage the day-to-day needs of the loan.

The mortgage note likely will have already been sold on the secondary mortgage market to a government-backed home mortgage company such as Fannie Mae or Freddie Mac. These companies then bundle similar mortgage types and sell them as investments.

On the borrower’s side, here’s how it works: One company gives them a loan, one company holds their mortgage note, and yet another company is responsible for taking care of the administrative tasks of the loan (though some borrowers will have the same lender and servicer).

Most borrowers will only see who the company taking care of these tasks is. That’s the mortgage servicer, which collects your payments, responds to your inquiries, and ensures that the proper entities are paid, including the owner of your mortgage note and all parties that need to be paid from your escrow account.

Recommended: What Is Mortgage Underwriting?

Which Parties Are Involved in Mortgage Servicing?

Mortgage servicing has a few layers.

Servicer

The servicer collects payments and sends money to the mortgage note holder and the entities paid from an escrow account for property tax, homeowners insurance, any mortgage insurance premiums, any HOA (homeowners association) dues, etc.

Lender

When it comes to mortgage servicer vs. mortgage lender, the lender originated your loan. It may be the same entity that services your mortgage loan, but the lender also can transfer or sell the rights to service your mortgage. Even if your loan stays with the same company, the person who originated your loan won’t be who you contact when you need to make a payment.

Investor

Investors buy your mortgage when it is bundled with other mortgages of the same type from one of the government-backed home mortgage companies (such as Fannie Mae or Freddie Mac) and some financial institutions. Holders of deed in lieu of foreclosure.

If a homeowner is unable to continue payments and foreclosure is unavoidable, the servicer initiates the process and maintains the property until it is sold.

Maintain Escrow Accounts

Mortgage servicing companies are also responsible for maintaining escrow accounts.

They will take your mortgage payment, which is usually divided into principal and interest that goes to the holder of your mortgage note, and a payment into an escrow account for taxes, insurance, and any mortgage insurance and HOA dues. By maintaining the escrow account, the mortgage servicer can ensure that all the entities are paid on time.

Not all mortgages require an escrow account. Whether a new home loan will require one is among the mortgage questions to ask your lender.

Keep in Touch With Borrowers

In the event a new servicer is secured, the transfer must be done in a timely manner that enables the new servicer to comply with applicable laws and duties to the consumer. Borrowers should receive a letter at least 15 days before the date of the transfer.


💡 Quick Tip: Not to be confused with prequalification, preapproval involves a longer application, documentation, and hard credit pulls. Ideally, you want to keep your applications for preapproval to within the same 14- to 45-day period, since many hard credit pulls outside the given time period can adversely affect your credit score, which in turn affects the mortgage terms you’ll be offered.

Do I Need to Know Who My Mortgage Servicer Is?

Yes, it’s good to have this information. Your mortgage servicer is your primary point of contact for paying back your mortgage. It is essential that you know who your servicer is and where to send your mortgage payments.

It is possible for the rights of servicing your mortgage to be transferred to another company. In this case, the terms of your mortgage won’t change, just the company that administers your mortgage.

Recommended: 6 Simple Ways to Reduce Your Mortgage Payment

How to Find Out Who Your Mortgage Servicer Is

There are several ways to find out who your mortgage servicer is. Here’s where to look:

Billing Statement

At closing, you provided an address where the servicer should send statements. The name and contact information of your mortgage servicer will be included in the statements sent to you. This is how most new homeowners find their servicer’s information.

Payment Coupon Book

In addition to a mortgage statement you’ll receive every month, you’ll also typically be mailed a coupon book at the beginning of your mortgage servicing.

MERS Servicer Identification System

The MERS® Servicer ID is a free service where you can find the name of your servicer or mortgage note holder. You can call 888-679-6377 or input your information online .

To find your servicer with this system, you’ll need to provide one of these three things:

•   Property address

•   Borrower name and Social Security number

•   The unique mortgage identification number

The Takeaway

A mortgage servicer handles the day-to-day management of a mortgage, sending out statements and collecting payments, for instance. They are an important part of making sure a home loan runs smoothly.

Before mortgage servicing is even a thought, you’ll need to find a mortgage. And that means finding the right lender.

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

Why do I need a mortgage servicing company?

A mortgage servicing company ensures that your payments get to the right parties. Many mortgages are not held by the lending institutions that originated them; instead, they’re sold as investments on the secondary mortgage market.

Can my mortgage servicer change?

Yes. Your mortgage servicer may transfer the mortgage servicing rights for your loan to another company. Your old servicer generally should send a notice at least 15 days before the transfer of the servicing rights.

Is my mortgage servicer different from the lender?

Often, yes. Your mortgage servicer can be the same company as the one that originated your loan, but it’s not unusual for another servicer to take over the management of payments.


Photo credit: iStock/LaylaBird

*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.

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.


+Lock and Look program: Terms and conditions apply. Applies to conventional purchase loans only. Rate will lock for 91 calendar days at the time of preapproval. An executed purchase contract is required within 60 days of your initial rate lock. If current market pricing improves by 0.25 percentage points or more from the original locked rate, you may request your loan officer to review your loan application to determine if you qualify for a one-time float down. SoFi reserves the right to change or terminate this offer at any time with or without notice to you.

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.

External Websites: 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.

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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How Rising Inflation Affects Mortgage Interest Rates

How Inflation Affects Mortgage Interest Rates

The inflation rate doesn’t directly affect mortgage rates, but the two tend to move in tandem. Rising inflation shrinks purchasing power as prices of goods and services increase. Higher prices can then influence the Federal Reserve’s interest rate policy, affecting the cost of borrowing for lending products like mortgages. Then, as inflation cools, mortgage interest rates can be expected to ease as well.

Inflation Rate vs Interest Rates

Several factors may cause inflation, an increase in the overall price of goods and services over time.

The Federal Reserve, the central bank of the United States, tracks inflation rates and trends using several key metrics, including the Consumer Price Index (CPI), to determine how to direct monetary policy. A target inflation rate of 2% is considered ideal for maintaining a stable economic environment over the long run, and many borrowers have been relieved in recent months to see the inflation rate, which trended upward in 2022, begin to ebb, coming closer to the target goal.

Lenders charge interest to borrowers who take out loans and lines of credit as a premium for the right to use the lender’s money.

Higher rates can make borrowing more expensive while also providing more interest to savers. People borrowing less and saving more can have a cooling effect on the economy.

When the economy is slowing down too much, on the other hand, the Fed may lower interest rates to encourage borrowing and spending.


💡 Quick Tip: SoFi’s Lock and Look + feature allows you to lock in a low mortgage financing rate for 90 days while you search for the perfect place to call home.

What Affects Mortgage Rates?

Inflation rates don’t have a direct impact on mortgage rates, but there can be indirect effects because of how inflation influences the economy and the Federal Reserve’s monetary policy decisions.

The Federal Reserve does not set mortgage rates. Instead, the central bank sets the federal funds rate target, the interest rate that banks lend money to one another overnight. A Fed increase in this short-term interest rate often pushes up long-term interest rates for U.S. Treasuries.

Fixed-rate mortgages are tied to the yield on 10-year U.S. Treasury notes, which are government-issued bonds that mature in a decade. When the 10-year Treasury yield increases, the 30-year mortgage rate tends to do the same.

So in terms of what affects fixed-rate mortgage rates, movement in the 10-year Treasury yield is the short answer. Higher yields can mean higher rates, while lower yields can lead to lower rates. But overall, inflation rates, interest rates, and the economic environment can work together to sway mortgage rates at any given time.

If you track the average 30-year fixed-rate mortgage rate and the average annual inflation rate, you’ll see that the percentages often move more or less in concert. Here’s a look at the past 22 years and some key dramatic years before that.

Year

Average Inflation Rate

Average Mortgage Rate

2022 8 4.87*
2021 4.7 2.96
2020 1.2 3.11
2019 1.8 3.94
2018 2.4 4.54
2017 2.1 3.99
2016 1.3 3.65
2015 0.1 3.85
2014 1.6 4.17
2013 1.5 3.98
2012 2.1 3.66
2011 3.2 4.45
2010 1.6 4.69
2009 -0.4 5.04
2008 3.8 6.03
2007 2.8 6.34
2006 3.2 6.41
2005 3.4 5.87
2004 2.7 5.84
2003 2.3 5.83
2002 1.6 6.54
2001 2.8 6.97
2000 3.4 8.05
1981 10.3* 16.63
1980 13.5 13.74
1979 11.3 11.20
1978 7.6 9.64
1975 9.1 9.05
1974 11.0 9.19

*In October 1981 the rate hit a historical peak of 18.45%

Sources: Consumer Price Index and Freddie Mac

First-time homebuyers can
prequalify for a SoFi mortgage loan,
with as little as 3% down.

Questions? Call (888)-541-0398.


Inflation Trends for 2024

In September 2022, the U.S. inflation rate hit 8.2%, well beyond the Federal Reserve’s 2% target inflation rate. While prices for consumer goods and services were up almost across the board, the most significant increases were in the energy category. Many consumers noticed inflation because of increased food prices: In the year ending August 2022, prices for food at home increased 13.5%, the largest 12-month percentage increase since the year ending March 1979. Prices for food away from home increased 8%.

Rising inflation rates in 2021 and 2022 are thought to have been driven by a combination of increased demand for goods and services, shortages on the supply side, and higher commodity prices due to geopolitical conflicts. The Federal Reserve responded by raising interest rates — 11 times between March 2022 and October 2023. Mortgage interest rates also trended north to 7%. But the Fed’s measures appear to have had the desired result, putting the brakes on inflation, although it remained above the target. By early 2024, inflation seemed to be moderating when compared to recent years.

Recommended: Understanding the Different Types of Mortgage Loans

Is Now a Good Time for a Mortgage or Refi?

There’s a link between inflation rates and mortgage rates. But what does all of this mean for homebuyers or homeowners? Despite increases, mortgage rates are still below average when viewed through a historical lens. In fact, mortgage-servicing costs are nearly half the size that they were in 2006-2008. As the Fed continues to pursue interest rate bumps, it could make sense to buy or refi sooner rather than later.

Buying a home now could help you lock in a deal on a loan and get a reasonable mortgage rate.

The same is true if you own a home and are considering refinancing your existing mortgage. However, when refinancing a mortgage, the math gets a bit trickier. You might need to determine your break-even point — when the money you save on interest payments matches what you’ll spend on closing costs for a refinance.

To find the break-even point on a refi, divide the closing costs by the monthly savings. If refinancing fees total $3,000 and you’ll save $250 a month, that’s 3,000 divided by 250, or 12. That means it’ll take 12 months to recoup the cost of refinancing.

If you refinance to a shorter-term mortgage, your savings can multiply beyond the break-even point.

Keep in mind that the actual rate you’ll pay for a purchase loan or refinance loan will depend on things like your credit score, income, and debt-to-income ratio.


💡 Quick Tip: Lowering your monthly payments with a mortgage refinance from SoFi can help you find money to pay down other debt, build your rainy-day fund, or put more into your 401(k).

The Takeaway

Inflation appears to be ebbing but homebuyers can likely expect continued variations in interest rates in 2024. It’s true that buying a home or refinancing when mortgage rates are lower could mean substantial savings over the life of your loan. But if you’re ready to buy and your finances are in good shape, it doesn’t make sense to wait for slight changes in interest rates — if you’re ready to own your own home, the time is right for you.

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.


Photo credit: iStock/Max Zolotukhin

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.

+Lock and Look program: Terms and conditions apply. Applies to conventional purchase loans only. Rate will lock for 91 calendar days at the time of preapproval. An executed purchase contract is required within 60 days of your initial rate lock. If current market pricing improves by 0.25 percentage points or more from the original locked rate, you may request your loan officer to review your loan application to determine if you qualify for a one-time float down. SoFi reserves the right to change or terminate this offer at any time with or without notice to you.

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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