SoFi Mortgage Review 2020

By Peter G. Miller

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Bankrate’s editorial team researches, reviews and rates lenders to help you find one that fits your needs. Our experts consider a range of factors, including rates, loan types, time to close, fees and more. Reviews are updated regularly. Bankrate is an independent, advertising-supported comparison service. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy.

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4.1

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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.

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:
  • SoFi combines financial services with social networking.
  • It does not have a network of brick-and-mortar branches.
  • It operates online.
“SoFi,” according to the company, “helps people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing and protecting give our more than 900,000 members fast access to tools to get their money right. SoFi membership comes with the key essentials for getting ahead, including career advisors and connection to a thriving community of like-minded, ambitious people.” SoFi offers several mortgage products:
  • Conventional fixed-rate mortgages
  • Adjustable-rate mortgages (ARMs)
  • Jumbo mortgages
  • Home equity loans (through a partnership with Spring EQ)

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

Minimum credit score

SoFi does not disclose its minimum credit score requirements.

Loan types

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

Pros

  • Can apply for mortgage financing online with a computer or smartphone
  • 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

Cons

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

Find your mortgage match

Get paired with your best mortgage offers in 2 minutes or less.

SoFi overview

Loan types

  • Conventional fixed-rate mortgages
  • Adjustable-rate mortgages (ARMs)
  • Jumbo mortgages
  • Home equity loans
  • Refinancing including rate-and-term refinancing and cash-out refinancing

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 the company, depends on such factors as an individual’s credit score and credit history, monthly income and expenses, assets and employment status and history. SoFi lists general eligibility criteria at www.sofi.com/eligibility-criteria/.

Get started with SoFi

Borrowers can apply online.

Hours

Monday - Friday: 6 a.m. - 6 p.m PST Contact: 844-763-4466

SoFi consumer rating and reviews

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