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SoFi Mortgage Review 2024

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At a glance

SoFi
NMLS: 1121636
Editor's take

While SoFi has big name recognition, it’s a relatively small player in the mortgage market. This could be the lender for you if you’re already a SoFi member — they get special discounts on mortgages — or prefer an all-online experience with the ability to prequalify in minutes.

Bankrate Score
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4.6
Rating: 4.6 stars out of 5
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Customer Rating
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4.0
Rating: 4 stars out of 5

4 ratings

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, refinancing and more

Credit Good

Min. credit score required

620 for conventional loans, 600 for FHA loans, 600 for VA loans

Location

Nationwide availability

All U.S. states except Hawaii (no refinances in New York)

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Min. down payment

3%-5% for conventional loans, 3.5% for FHA loans, none for VA loans

At a glance

SoFi

NMLS: 1121636

4.6

Rating: 4.6 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, refinancing and more

Location

Nationwide Availability

All U.S. states except Hawaii (no refinances in New York)

Credit Good

Min. credit score required

620 for conventional loans, 600 for FHA loans, 600 for VA loans

SoFi overview

SoFi has funded more than $7.5 billion in mortgages since it began offering them in 2014. The membership-based financial services company has more than 6 million members taking advantage of everything from credit cards to wedding loans. Those interested in and eligible for a mortgage 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.

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Bankrate insight

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

Cons
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    Doesn’t offer USDA loans

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

Our Editor’s Take on SoFi

While SoFi has big name recognition, it’s a relatively small player in the mortgage market. This could be the lender for you if you’re already a SoFi member — they get special discounts on mortgages — or prefer an all-online experience with the ability to prequalify in minutes.

How Bankrate scored SoFi

  • Affordability: As an online lender, SoFi’s mortgage rates are very competitive (as of this review). 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: 9.8/10

SoFi updates its 10-year, 15-year, 20-year and 30-year APRs daily on its website. These advertised rates assume you’re making a 20 percent down payment, however. To get loan offers tailored to you, 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: 10/10

SoFi is licensed to lend mortgages in most states and offers conforming and non-conforming (jumbo) conventional loans, FHA 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 an FHA or VA loan, you’ll need a credit score of at least 600.

Borrower experience: 7.6/10

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 “Excellent” reviews from Trustpilot. SoFi is a digitally-focused company, and its mobile app is in the top 50 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 mortgage with SoFi online or by phone at 833-408-7634. Its business hours are Monday through Friday from 8 a.m. to 8 p.m. CT, and 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 offers both rate-and-term and cash-out refinancing options. As with a home purchase loan, you’ll save $500 on the lender’s fee.

Compare SoFi to other lenders

SoFi
Rating: 4.6 stars out of 5
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4.6

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Bethpage Federal Credit Union
Rating: 4.9 stars out of 5
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4.9

Bankrate Score
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Read full review
First Mortgage Direct
Rating: 4.8 stars out of 5
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4.8

Bankrate Score
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Read full review

Loans offered

Conventional, jumbo, FHA, VA, refinancing and more

Loans offered

Conventional, jumbo, FHA, refinancing and more

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Min. credit score required

620 for conventional loans, 600 for FHA loans, 600 for VA loans

Min. credit score required

620 for conventional loans, 500 for FHA loans

Min. credit score required

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

Down payment

3%-5% for conventional loans, 3.5% for FHA loans, none for VA loans

Down payment

3% for conventional loans, 3.5% for FHA loans

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

Nationwide availability

All U.S. states except Hawaii (no refinances in New York)

Nationwide availability

Available in all U.S. states except Texas

Nationwide availability

All U.S. states

SoFi customer ratings and reviews

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NMLS: 1121636

4.0

Rating: 4 stars out of 5

4 ratings

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This lender has 3 recent reviews.

Knowledge
Rating: 4.3 stars out of 5
Level of service
Rating: 4.8 stars out of 5
Professionalism
Rating: 4 stars out of 5
Responsiveness
Rating: 4 stars out of 5
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1 star
75%
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75% of customers would recommend this lender.

of 3 reviews

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