It seems like a far-off dream, buying your own space in DC—somewhere out there with misty visions of backyard treehouses, vacations to Venice, and your hypothetical kids in tire swings. But here’s the thing: it doesn’t have to be that way. To help squash those youthful misconceptions, we’re running a series with marketplace lender SoFi on just how you, Regular Person, can actually own your own home before the big 3-0.
Last week: down payments get the axe. This week: paperwork is stupid.
FALLACY #2: Buying a house is top-5 on the list of Life’s Little Nightmares.
THE TRUTH: No one in 2015 should be scheduling time for paperwork.
Finance in general is confusing, slow, and seemingly opposed to good sense. Then suddenly, you’re in the housing market and it’s worse than you imagined. The traditional lending process is archaic and mind-numbing; you should expect to file tons of paperwork, track down fax machines, go on meetings and take long phone calls in the stairwell at work.
Don’t own a printer, scanner, fax machine? Looks like you’ll be getting to know that sketchy internet cafe on 8th.
Wanna submit a form as a PDF? Better figure out where to buy stamps instead.
Looking for an app? An app, that’s hilarious. Also, get ready for a website last optimized for Windows ME.
Expecting to meet a loan officer outside bank hours? What are you, a princess?
FINE, SO WHAT’S THE ANSWER? Ditch the old process. Buying a home is not like it was when your dad did it.
SoFi is a marketplace lender that’s making waves as a new way of doing things. They’ve modernized the process, so you can actually get everything done before wigging out and deciding to rent for the rest of your life.
Here’s how SoFi’s different:
- See what rates and loan amounts you may qualify for from your laptop or phone
- Put as little as 10% down so you can buy a home sooner
- Upload application documents online
So, are you 20-something? Ready to buy? Having a place to call your own in a treacherous market like ours really is attainable. We don’t bank, watch TV or order food like our parents, so why buy a house like they did?
Stay tuned next week for another common anxiety about home buying and to see how SoFi is subverting a murky industry with affordable rates, way less paperwork, and—who knew!—transparency.
If you’re ready to buy a home, save yourself some headache and see what SoFi can offer you. You can put as little as 10% down and see your rates in 2 minutes. Learn more.
This post is a sponsored collaboration between SoFi and Gothamist staff.
