SoFi Mortgage Review
SoFi at a glance
 | Minimum credit score: 620 Minimum down payment: 3%-5% Available loan products and programs: Conventional, Jumbo, Home equity, VA |
Our verdict: SoFi will best serve buyers who want a fixed-rate conventional or jumbo loan, especially if they’re searching for a loan term that other lenders may not offer.
| Pros | Cons |
|---|---|
Several loan term options: choose from 10-, 15-, 20- or 30-year terms Cash-out refinancing and HELOCs also available Many types of financial services available under one roof, including personal loans, student loans, credit cards, insurance and investment products | No adjustable-rate purchase options No customer service access on weekends Not available in all states |
Social Finance Inc., which goes by SoFi, is an online personal finance company and lender founded in 2011 and based in San Francisco. The company began offering mortgages in 2014 and is now licensed to lend in 48 states and the District of Columbia.
SoFi’s mortgage products
Conventional
- Purchase mortgages with fixed 10-, 15-, 20- and 30- year loan terms are available with only a 3% down payment for first-time homebuyers or 5% down payment for other buyers.
- Rate-and-term refinances can help homeowners save on their monthly mortgage payments or shorten their loan term. Just be aware that Sofi can’t currently issue refinances in every state that it is able to issue purchase loans in.
- Cash-out refinances are available for homeowners who have at least 5% equity and want to use it to access cash.
Jumbo
- Jumbo home loans are offered to buyers in the market for high-priced homes. You’ll only have to put a minimum of 10% down, and no matter your down payment you won’t pay private mortgage insurance (PMI).
Home equity
- Home equity lines of credit (HELOCs) with SoFi are offered through a partnership with SpringEQ, which will issue the loan.
FHA
- Not offered by this lender.
VA
- Military service members and veterans may be eligible for a loan backed by the U.S. Department of Veterans Affairs (VA). VA loans don’t require a down payment and are easier to qualify for than conventional loans. SoFi requires a minimum 600 credit score for their VA loans and won’t charge an origination fee.
SoFi mortgage rates and fees
SoFi does publish rates online, but they’re all based on a $325,000 loan with a 20% down payment. Rates aren’t customizable unless you enter a good deal of personal information, including your email address, phone number and residential address.
| Mortgage rates published online? | |
| Rate information updated daily or weekly? | |
| Lender fees disclosed? |
SoFi application experience
You can begin the loan process by applying for prequalification online but, if you’re hoping to jump right in, know that you can’t apply for a SoFi mortgage online unless you first go through the prequalification process.
If you choose to proceed with a loan, expect to meet in person for your closing — SoFi doesn’t offer any electronic or remote notary closing options.
SoFi’s customer service experience
SoFi’s customer support is accessible through a variety of channels including phone, email and chat. But if you expect to need help outside of weekdays, or in the later hours of the day, SoFi might not be for you. You won’t be able to reach anyone on the weekends, and chat support is only manned during the same hours as the phone lines: 6 a.m. to 6 p.m. PT, Monday through Friday.
How does SoFi compare to other lenders?
| SoFi | Lower Mortgage | Better Mortgage | |
|---|---|---|---|
| Lender rating | |  | |
| Minimum credit score | 620 | 500 | 620 |
| Minimum down payment | 3%-5% | 0% to 3% | 0% to 3.5% |
| Loan products and programs |
|
|
|
| Rate spread* | 0.29% | 0.72% | 0.14% |
How we rated SoFi
LendingTree’s mortgage lender rating is based on a five-point scoring system that factors in several features, including digital application processes, available loan products and the accessibility of product and lending information.
LendingTree’s editorial team calculates each rating based on a review of information available on the lender’s website. Lenders receive a half-point on the “offers standard mortgage products” criterion if they offer only two of the three standard loan programs (conventional, FHA and VA). In some cases, additional information was provided by a lender representative.
SoFi’s scorecard: 5/5
Publishes rates online
Offers standard mortgage products
Includes detailed product info online
Shares resources about mortgage lending
Provides an online application