Achieve vs. SoFi home equity loans compared

A home equity loan is a way to borrow against the equity in your home. If you're comparing a SoFi home equity loan with an Achieve Loans HELOC, you're looking at two online-first lenders that take different approaches to rate structure, loan limits, and the borrowing experience.

This side-by-side comparison covers what each lender offers so you can decide which one works for you. Rates and terms change, so confirm current details directly with each lender before you apply.

Achieve Loans HELOC at a glance

Achieve Loans offers a fixed-rate HELOC, which is a revolving credit line. You can borrow, repay, and borrow again, up to your credit limit, during the draw period. The fixed rate means your interest rate stays the same for the life of the loan.

A HELOC through Achieve Loans could have a credit limit up to $700,000, with flexible repayment terms of 10, 15, 20, or 30 years, and a five-year draw period. You can get an estimated rate through online prequalification that uses a soft credit pull and won't impact your credit.

Average funding time for a HELOC through Achieve Loans is 11 business days, though it could be as soon as five days in some cases. There’s no prepayment penalty if you want to pay off the loan early. 

SoFi home equity loan at a glance

SoFi offers a fixed-rate home equity loan, which is a one-time loan that disburses as a lump sum at closing. If you need to borrow more later, you'll need another loan.

Home equity loans through SoFi could have amounts up to $750,000, as well as repayment terms from five to 30 years. SoFi also has a variable-rate home equity line of credit (HELOC) for borrowers who want revolving access to their home equity. The variable rate means your interest rate could change with the market during your loan term.

Both products are available through a fully digital application with a soft credit pull to check rates. SoFi takes a bit longer to process home equity loan applications, so you may wait up to around 30 days. If you're approved, you’ll usually receive funds within three business days. SoFi also charges no prepayment penalty.

Loan type and rates

SoFi offers a fixed-rate home equity loan or a variable-rate HELOC. If you want the flexibility of a HELOC, you'll have to accept a variable interest rate if you go with SoFi.

Achieve Loans offers a fixed-rate HELOC, which could be the best mix of both options. You'd get the stability of a fixed rate while keeping the flexibility of a revolving credit line.

Qualification and credit

Both lenders consider similar factors, including:

• Credit profile: Lenders will check your credit score and credit report with at least one, but often all three, major credit bureaus.

• Home equity: This is typically measured with your combined loan-to-value ratio (CLTV), which is your total mortgage debt divided by your home's market value.

• Income and existing debts: Each lender will calculate your debt-to-income ratio (DTI), which is your total monthly debt divided by your gross (pre-tax) monthly income.

Achieve Loans may accept borrowers across a range of credit profiles, including those who might not qualify elsewhere, with a minimum 600 credit score as the threshold. SoFi’s home equity products tend to have stricter credit requirements of at least 680. 

That said, both Achieve Loans and SoFi will consider your full financial picture. The best way to gauge your approval chances is to prequalify with both lenders.

Funding speed and the application experience

Speed is often a deciding factor when choosing a home equity lender. Achieve Loans offers a prequalification decision in minutes and could fund your HELOC in as little as five days, with an average of 11 business days. The prequalification step uses a soft credit check, so it won’t affect your credit score.

SoFi's home equity loan can close in as little as seven days, although it could take up to 30 days. If you’re approved, it’ll usually disburse your funds within a few business days. SoFi also uses a soft pull to check your rate before you formally apply. 

Both lenders offer online applications, so you can start the process from home. Keep in mind that actual timelines depend on factors like documentation, appraisal scheduling, and state-specific requirements. 

Which lender is right for you?

The right lender depends on your personal goals and financial situation. If you want a fixed-rate HELOC or a lender with broader credit accessibility, Achieve Loans could be the right fit. If you want a one-time loan with a fixed rate or a variable rate HELOC, SoFi may be the better option.

Before you decide, get a prequalified estimate from each lender so you can compare rates, fees, and terms on your specific financial situation.

If you’re ready to get started with Achieve Loans, you can get a free rate estimate in minutes with no impact to your credit.