SoFi Mortgage Review 2021

By Peter G. Miller

Please note: In response to the coronavirus pandemic, lenders are changing their requirements continuously. Although we strive for accuracy at the time of publication, please be sure to check with the lender for updated details on down payments, credit scores, etc.

At a glance

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4.2

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Loans offered

Conventional fixed-rate mortgages, adjustable-rate mortgages (ARMs), jumbo mortgages; refinancing options include rate-and-term refinancing and cash-out refinancing; home equity loans
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Nationwide availability

Available in 42 states and the District of Columbia; not available in Alaska, Hawaii, Missouri, New Hampshire, New Mexico, New York, South Dakota and West Virginia
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Min. credit score required

Minimum credit score requirements not available

Pros and cons

Pros

  • Can apply online
  • Doesn’t have the costs and overhead of a branch banking system
  • Offers a variety of member services, such as personalized financial planning and career coaching
  • Membership includes a social component
  • Online prequalifications in two minutes

Cons

  • Not available in all states
  • Cannot apply for financing in person; there are no brick-and-mortar locations
  • Doesn’t offer FHA, USDA or VA loans, reverse mortgages or home equity lines of credit (HELOCs)

SoFi overview

SoFi (Social Finance, Inc.) is a digital personal finance company that offers a variety of mortgages and other financial products. Established in 2011, SoFi differs significantly from traditional banks, combining financial services with social networking. It has one million members and has funded more than $50 billion in loans. It does not have a network of brick-and-mortar-branches. SoFi offers several mortgage products:

  • Conventional fixed-rate mortgages
  • Adjustable-rate mortgages (ARMs)
  • Refinancing including rate-and-term refinancing, cash-out refinancing (with cash typically paid within 30 days) and jumbo refinancing
  • Home equity loans (through a partnership with Spring EQ), with cash paid in less than three weeks

Loan types

  • Conventional fixed-rate mortgages
  • Adjustable-rate mortgages (ARMs)
  • Rate-and-term refinancing
  • Cash-out refinancing
  • Jumbo refinancing
  • Home equity loans

Lender fees

SoFi generally charges a $1,000 processing fee for mortgage products. However, applicants can save $500 on their mortgage loan or refi processing fees if they are an eligible SoFi member.

Minimum borrower requirements

Loan eligibility, according to SoFi’s website, depends on such factors as an individual’s credit score and credit history, monthly income and expenses, assets and employment status and history.

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