SoFi Mortgage Review 2023 | US News

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What Types of Mortgage Loans Does SoFi Offer?

SoFi offers a complete online borrowing experience for homebuyers seeking fixed-rate mortgages, as well as existing homeowners hoping to refinance. SoFi offers:

  • 10-, 15-, 20- and 30-year fixed-rate conventional loans
  • Refinance loans
  • Cash-out refinance loans
  • Student loan cash-out refinancing

  • FHA loans
  • VA loans
  • USDA loans

SoFi customers can also access home equity loans through lender Spring EQ.

You can prequalify and apply for a SoFi mortgage online, with SoFi mortgage loan officers and representatives available to help. If you apply for a home equity loan through SoFi’s partnership with Spring EQ, you can typically expect to receive funds in under three weeks.

SoFi charges a lender fee, and the borrower must pay the appraisal, title, credit and other fees. If the loan-to-value ratio on your mortgage is more than 80%, you will also be required to obtain borrower-paid mortgage insurance. There is no prepayment penalty for paying your home loan off early.

Customers with an existing SoFi personal loan or student loan or who have a SoFi Invest account with at least a $50,000 balance may qualify for a $500 discount on their mortgage or refinancing processing fee. You can also buy discount points to decrease your interest rate by making a bigger down payment.

How Can You Qualify?

To qualify for a mortgage or mortgage refinance loan with SoFi, borrowers must live in a state where loans are available and be working with a primary residence, second home or investment property. For cash-out refinance loans, borrowers must have at least 20% equity in their homes, and for traditional refinance loans, borrowers need at least 10% equity. The down payment required for mortgages is as low as 5% for qualified borrowers.

You should have a FICO credit score of at least 620 when you apply for a mortgage from SoFi. SoFi also considers other attributes such as your income and employment to determine your eligibility.

SoFi offers home mortgages in Washington, D.C., and 46 states. Mortgages are not available from SoFi in Hawaii, Missouri, New Mexico or New York.

Is SoFi Reputable?

SoFi has an A+ rating with the Better Business Bureau, but it is not BBB accredited. The lender has a poor rating of 2.7 stars out of 5 with Trustpilot based on more than 2,500 reviews.

In 2021, the Consumer Financial Protection Bureau received 14 mortgage-related complaints about SoFi Mortgage, an affiliate of SoFi Lending Corp. The most common complaints involved:

  • Difficulty closing on a mortgage.
  • Trouble during the payment process.
  • Issues with applying for a mortgage or refinancing a mortgage.

The company provided a timely response to each complaint and closed all with an explanation.
SoFi Mortgage has an overall 3.9-star out of 5 rating from U.S. News, with 3 stars for affordability, 4.4 stars for customer service and 4 stars for eligibility. The median overall rating by U.S. News for mortgage lenders is 4.2

Customers can contact SoFi with questions about home loans by email at homeloans@sofi.com or by phone at 844-763-4466 Monday through Friday from 6 a.m to 6 p.m. Pacific Time. You can also speak with a mortgage loan officer during your mortgage application process.

What Are Some of SoFi’s Online Features?

SoFi’s mortgage application and approval process takes place online. Borrowers can get prequalified in as little as two minutes, select a mortgage loan, complete and submit loan paperwork and receive funding. SoFi also has a mobile app that customers can use to find a mortgage rate.

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