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SoFi Mortgage Review 2023

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At a glance

SoFi
NMLS: 1121636
Editor's take

SoFi is good for borrowers who prefer an all-online experience and want to use SoFi’s additional financial services.

Bankrate Score
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4.9
Rating: 4.9 stars out of 5
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Customer Rating
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3.0
Rating: 3 stars out of 5

2 ratings

Mortgage Percent

Loans offered

Conventional, jumbo, VA, fixed-rate, adjustable-rate; refinancing; home equity loan; investment property

Credit Good

Min. credit score required

620 for conventional loans; 600 for VA loans

Location

Nationwide availability

All states except Hawaii (no refinances in New York)

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Min. down payment

3%-5% for conventional loans; none for VA loans

At a glance

SoFi

NMLS: 1121636

4.9

Rating: 4.9 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, VA, fixed-rate, adjustable-rate; refinancing; home equity loan; investment property

Location

Nationwide Availability

All states except Hawaii (no refinances in New York)

Credit Good

Min. credit score required

620 for conventional loans; 600 for VA loans

SoFi overview

Founded as Social Finance in 2011 to help borrowers manage student loans, SoFi began offering mortgages in 2014. Today, the company has funded more than $73 billion in loans, which include everything from wedding loans to car refinances. It offers a range of services, including investing, credit cards and checking accounts for more than 5.5 million members. Those interested in and eligible for a mortgage with SoFi can prequalify online in less than two minutes. The lender typically issues conditional approvals in one to two business days, with closings on purchases averaging 30 days. While SoFi has big name recognition, thanks in part to its purchase of naming rights for the Los Angeles Rams’ football stadium, SoFi is a small player in the mortgage market.

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Bankrate insight

SoFi's Member Rate Discount encourages you to do business with the lender. If you already have one type of SoFi loan, such as a student loan, you'll get a 0.125 percent break on another type of loan, such as a mortgage.

Pros and cons of SoFi

Pros
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    $2,000 closing guarantee

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    Fast online prequalifications

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    Option for $350-$9,500 rebate if you work with a SoFi partner real estate agent

Cons
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    Doesn’t offer FHA or USDA loans

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    No branch locations (everything happens online or in the app)

Our Editor’s Take on SoFi

SoFi is good for borrowers who prefer an all-online experience and want to use SoFi’s additional financial services.

How Bankrate scored SoFi

To determine SoFi’s Bankrate Score, Bankrate’s editorial team rated it and other lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. (Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews.) We derived its overall score by considering three basic factors:

  • Affordability: As an online lender, SoFi’s mortgage rates are very competitive. Notably, you’ll pay a flat lender fee instead of a percentage-based fee. Depending on how much you borrow, this might mean you save some money.

  • Availability: SoFi lends to borrowers in the majority of states in the U.S. It has limited mortgage options, however, and requires a higher down payment for a conventional loan (unless you’re a first-time homebuyer).

  • Borrower experience: SoFi is a membership-driven company that does business primarily online, so you can expect convenience when working with this lender. You’ll need to become a member to take full advantage of some of its perks, however.

Affordability: 5/5

Affordability differs from lender to lender, so comparing costs is key.

SoFi updates its 10-year, 15-year, 20-year and 30-year APRs daily on its website. All publicly advertised rates assume you’re making a 20 percent down payment, however. To get loan offers tailored to your situation, you’ll need to provide some contact information and other details via an online form. SoFi charges a $1,495 administration fee, according to a company spokesperson, but SoFi members get $500 off this cost. (Membership is free.) Note: You can lock in your rate with SoFi for 90 days at the time you’re preapproved. However, if you don’t enter into a purchase agreement by day 60 of the 90-day window, you’ll be subject to a $250 fee. This’ll be refunded at closing. On the plus side, if you do sign a purchase agreement by day 30 of the 90-day period, you’ll get a 0.125 percent further discount on your rate.

Availability: 5/5

This factor can make the overall mortgage application process smoother or more challenging.

While SoFi is licensed to lend mortgages in most states, it offers only conforming and non-conforming (jumbo) conventional loans and VA loans. To qualify for a conventional loan, you’ll need a credit score of at least 620 and a debt-to-income (DTI) ratio of no more than 50 percent. If you’re an eligible first-time homebuyer, you can get a conventional loan for as little as 3 percent down. If it’s not your first home, however, you’ll need to put down 5 percent. For a VA loan, you’ll need a credit score of at least 600.

Borrower experience: 4.7/5

Know what to expect when you work with a specific lender.

SoFi has been providing mortgages since 2014. While the company isn’t accredited by the Better Business Bureau, it does have an A+ rating from the organization, along with “Great” reviews from Trustpilot. SoFi is a digitally-focused company, and its mobile app is in the top 100 finance apps in the Apple App Store. You can complete the entire application for a mortgage online; there’s also a Home Loan Help Center with calculators, insights into local housing markets and other information to help with the home-buying process.

How to apply for a mortgage with SoFi

You can apply for a purchase loan or refinance on SoFi’s website or app. You can also call 833-408-7634 Monday through Friday from 8 a.m. to 8 p.m. CT, or Saturday, 10 a.m. to 2 p.m. CT.

Here are some tips to prepare for the process:

  1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.

  2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.

  3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with SoFi

SoFi can help you refinance your existing mortgage to a new loan. Before you start, think about your goals: Are you refinancing to adjust your current mortgage’s rate and term? Do you want to tap into home equity? Once you’ve settled on those details, you can apply through the bank’s website or app, or by phone.

Compare SoFi to other lenders

SoFi
Rating: 4.9 stars out of 5
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4.9

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LoanDepot
Rating: 4.4 stars out of 5
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4.4

Bankrate Score
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Read full review
Rocket Mortgage
Rating: 4.5 stars out of 5
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4.5

Bankrate Score
Info
Read full review

Loans offered

Conventional, jumbo, VA, fixed-rate, adjustable-rate; refinancing; home equity loan; investment property

Loans offered

Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; construction and renovation loans

Loans offered

Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity loan; investment property; flex-term

Min. credit score required

620 for conventional loans; 600 for VA loans

Min. credit score required

620 for conventional loans, 700 for jumbo loans, 580 for FHA loans, 620 for VA loans

Min. credit score required

620 for conventional loans, 680 for jumbo loans, 580 for FHA loans, 580 for VA loans

Down payment

3%-5% for conventional loans; none for VA loans

Down payment

3.5% for FHA loans

Down payment

3% for conventional loans; 10%-15% for jumbo loans; 3.5% for FHA; none for VA loans

Nationwide availability

All states except Hawaii (no refinances in New York)

Nationwide availability

Available in all U.S. states

Nationwide availability

All U.S. states

SoFi customer ratings and reviews

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NMLS: 1121636

3.0

Rating: 3 stars out of 5

2 ratings

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This lender has 1 reviews.

Knowledge
Rating: 3.5 stars out of 5
Level of service
Rating: 4.5 stars out of 5
Professionalism
Rating: 3 stars out of 5
Responsiveness
Rating: 3 stars out of 5
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50% of customers would recommend this lender.

of 1 reviews

The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.

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