Sora saves Mehta family nearly $30K in 15 minutes
Sora has just helped a client save thousands of dollars
Introduction
Neil and Monika are liver transplant doctors in San Francisco where they live with their two sons (ages 7 and 10). The Mehta’s current home loan is a 7-year ARM set to increase significantly this fall given its adjustable rate nature. With interest loans as high as they are today, Neil was worried about the rates he would receive when refinancing. When Neil reached out to his lender, Wells Fargo, to refinance his loan, he received a quote of 4.5% for a 7-year ARM. While doing some shopping, this rate seemed to be competitive given the pricing and relatively low fees. Neil had heard about Sora and decided to reach out to see if we could find a better deal quickly - given the rate lock offer timing.
What was the process like?
Neil provided the necessary information into Sora such as his remaining loan balance, credit score, income, assets and last four digits of his social security in less than two minutes. Scanning retail and wholesale lenders, Sora was able to find him a 4.0% 7-year ARM with the same total closing costs. Neil took this “real” quote he had gotten from a Sora wholesale lender back to Wells Fargo, who agreed to match the offer (after earlier saying this was the best they could do). The whole process took Neil less than 15 minutes.
So how much did Sora save the Mehtas?
By lowering the Mehta Family mortgage rate by 50bps, Sora was able to save Monika and Neil $263 / month on their mortgage payments. If they were to take these $263 savings and invest it at market rate of returns (6-10%) by themselves or with their financial advisor, over the 7 year period, they would have gained about $26-30K of assets in his pockets (see image below). Essentially, 15 minutes with Sora will contribute substantially to the Mehta children’s college fund.
Conclusion:
If your clients are currently looking for a new loan or hoping to refinance their loan, see how much Sora can save them. Sign up to schedule a demo here to join our ~30 financial advisors and real estate agents who are ensuring that their clients never have to overpay for their loans again.