I have 20% read for down payment, but would rather use 10% to make sure i have emergency funds. Anyone have experience with sofi on mortgages, friends that have used them have only used them for student loans.
I was one of their very first mortgage customers and got a good rate back then. This is almost 3.5 years ago. Now I think they are not really competitive on rates. There are tons of desi mortgage brokers, some in nations top 20 list who do 10 percent DP with no PMI. Check out Risha Kilaru.
I have used SoFi for a mortgage on a flip. Quite recently too. I found the experience smooth. I have probably taken out 20 mortgages/refis in the last 23 years so I had a library of experiences to compare it to.
Sofi felt too scammy for me. Rates weren't competitive even after all their hoops (eg wanted me to get a personal loan and pay it off to get a lower rate) and when I passed they got super aggressive.
Usbank has good mortgage products. I got 10% down, no pmi, 30 year fixed with 3.5% interest rate. They also have 5% down. For 10% down you need to have 6 months of expense saved, 1 year if going with 5%. You probably won't get 3.5% now, that was in 2016. But still good options.
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I like sofi... but would advise to also check out better mortgage.. they have better rates..