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SoFi

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LAST UPDATED: August 27th, 2021

In addition to a variety of mortgage products for home purchase and refinance, SoFi offers home equity solutions for those looking to get cash from accessing the equity in their home.

SoFi’s home equity loans are provided by Spring EQ, a mortgage company that offers a faster mortgage process and increased opportunities to save more money. Throughout the entire home equity loan process you will work with Spring EQ representatives, a team that is committed to answering your questions and making the process as easy as possible.

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The Good

  • Pre-qualify in 2 Minutes
  • Fast Funding
  • Lower Monthly Payments
  • Keep Your First Mortgage
  • No Hidden Fees

Pre-qualify in 2 Minutes

Before completing a full application for a home equity loan, you can check your rates and terms by pre-qualifying, a process which will only take a few minutes.

Fast Funding

You can get your cash in as little as two weeks with as few as four documents required. This is much faster than many other companies in the industry with the average time to closing on a home equity loan being two to six weeks.

Lower Monthly Payments

SoFi home equity loans provided by Spring EQ could save you as much as $530 on your monthly payment. This is made possible by Spring EQ’s low fixed rates.

Keep Your First Mortgage

With a SoFi home equity loan, you aren’t required to refinance your first mortgage, allowing you to keep your mortgage rate if preferred. In addition, qualified borrowers have the opportunity to access a large portion of their home’s equity. To see if you qualify, speak with a SoFi or Spring EQ representative.

No Hidden Fees

SoFi doesn’t have any hidden fees, so there shouldn’t be any surprises throughout the home equity loan process.

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The Bad

  • Not Available in All States

Not Available in All States

SoFi’s home equity loan products have a wide reach through Spring EQ, but residents of the following states won’t be able to access the product through either company:

  • Alaska
  • Idaho
  • Massachusetts
  • Missouri
  • New York
  • North Dakota
  • South Dakota
  • Wyoming
  • West Virginia

If you live in any of the states listed above, you will need to look into other options for your home equity needs.

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The Bottom Line

If you are looking to access your home equity quickly and without much hassle, SoFi home equity loans, provided by Spring EQ, might be a good option for you. The loan process itself is much faster than you might see with other lenders, with Spring EQ able to get you your cash within two weeks. For qualified borrowers, you may be able to access a much larger sum of your home equity than you could otherwise.

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