Top 10 Mortgage Lenders of 2018

    When you decide to buy a home, you are in it for the long haul. It would in all probability be the largest financial decision you take in your entire life. And if you do decide to go down that road, you will end up having a mortgage payment for 15, 20 or 30 years. Hence it would not only be a smart decision but an essential one too, to window shop around to find the best mortgage lenders out there. Finding the best mortgage lender for you encompasses more than just finding one with a good interest rate. You would ideally want to be attached to the best mortgage lenders which are staffed by thorough professionals who would guide you through the entire process.

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    9SoFi Mortgage

     

    SoFi has been looking to make a mark in the space of mortgage lenders by welcoming large borrowers who earn high incomes but have not managed to save up for down payments.

    This underwriting approach is significantly different from the other traditional lenders that are very cautious about venturing into the jumbo lending arena. With strict credit scoring criteria and strict debt-to-income ratios, almost all of the other lenders show great alacrity in rejecting applicants than what SoFi does. SoFi, on the other hand, will look minutely at the customer’s disposable income as a much more comprehensive way of assessing them for a home loan. SoFi was also amongst the very first mortgage lenders to start offering an entirely digital lending platform, coupled with a unique underwriting approach which was termed as risky by quite a few sources.

    SoFi specializes in jumbo and interest-only loans. It has a slightly different assessment process than other lenders. Though it does analyse FICO scores as part of its application process, it also takes into account other factors such as professional history and career prospects, free cash flow (income) and history of responsible bill payments in order to determine an applicant’s overall financial health. Moreover, it does not even levy private mortgage insurance for loans where less than 20% down payment has been paid.

    SoFi along the lines of most of its competition has gone completely digital or online in its quest to make the process easier for its customers. And unlike other companies in the space, SoFi believes in building long-lasting relationships with communities at large and comes up with career services and community events regularly. SoFi prides itself in the fact that a huge number of borrowers would not have homes if it were not for SoFi as they offer flexible down payments ranging from 10% to 50% even on jumbo loans.

     

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