San Francisco-based Social Finance continued its expansion in the mortgage industry and announced its latest tool that helps bring the homebuying process one step closer to being fully online.
Recently, SoFi has been moving past its standard student loan refinancing products and growing into the next important stage for financial borrowers, purchasing a home.
The new tool allows both homebuyers and those looking to refinance their mortgage to secure personalized loan rates and get prequalified via their smartphone, tablet or online.
“The mortgage experience leaves much to be desired. You enter a lot of information, and instead of seeing rates you get phone calls. Lots of phone calls. Usually during your dinner. That’s not the way modern homebuyers, particularly Millennials, want to shop for a loan,” said Mike Cagney, CEO of SoFi.
“We’ve created a fast, simple and flexible online way to get personalized quotes in real time, along with access to a SoFi mortgage specialist if you need more help. This is the start of a fundamental shift in how people will shop for loans,” he added.
This launch follows SoFi’s 2015 plans to bring the entire mortgage experience online for the modern homebuyer – from prequalification to closing.
Since launching mortgages in October 2014, SoFi has more than tripled its mortgage presence to 20 states and the District of Columbia.