Sora saves a Connecticut family as much as $160K

Sora has just helped another client save thousands of dollars

Introduction

A Connecticut family was looking to buy a new home. The husband works at a technology company while the wife is a Nurse Practitioner. They had heard about Sora through the husband’s employer, and decided to get help finding a new mortgage, given how high and volatile rates have been recently. While putting out feelers for rates, they were originally offered 5.125% by their local lender with ~$8,000 in total closing costs.

What was the process like?

The family provided the necessary information to Sora such as their loan size, credit score, income, assets, property address and last four digits of their social security. However, in the time that they were working to get their house into contract, rates unfortunately skyrocketed, with their local lender increasing their rate to 5.60%. Due to the agreement with the home seller, the family also required a 70-day rate lock, further increasing the fees they were seeing. Scanning retail and wholesale lenders, Sora was able to find them a 5.375% 30-year fixed loan with much lower PMI and closing costs from a wholesale lender. They took this “real” quote they had gotten from a Sora wholesale lender back to their local lender, who agreed to match the offer, even waiving the origination fee, lowering the PMI and reimbursing appraisal fees. The family said, “Sora helped save me money, but just as importantly, the company was super responsive and helped demystify the entire mortgage shopping and rate locking process.”

So how much did Sora save the family? 

By lowering their mortgage rate by 22.5bps, Sora was able to save the family $71 / month on their mortgage payments and $25.6K in interest payments alone. If they were to take these $71 savings and invest it at market rate of returns (6-10%) by themselves or with their financial advisor, over the 30 year period, they would have gained about $71K-160K of assets in their pockets (see image below). This savings number does not even take into account the closing costs savings. Essentially, 15 minutes with Sora paid for nearly one-fifth to one-third of their home purchase price.

Conclusion:

If your clients or employees 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 ~35 financial advisors and multiple employers who are ensuring that their clients and employees never have to overpay for their loans again