6.475% APR

Compare SoFi mortgage rates

Written by Holden Lewis
May 2, 2022

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Loan purpose
Showing results for: Good (720-739), 30-year fixed, Single family home, Primary residence

About These Rates: The lenders whose rates appear on this table are NerdWallet’s advertising partners. NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a lender’s site. The terms advertised here are not offers and do not bind any lender. The rates shown here are retrieved via the Mortech rate engine and are subject to change. These rates do not include taxes, fees, and insurance. Your actual rate and loan terms will be determined by the partner’s assessment of your creditworthiness and other factors. Any potential savings figures are estimates based on the information provided by you and our advertising partners.

Top rated national lenders

At a glance
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  • Caters to self-service users who want to apply for a home loan online and talk to a human only as necessary.
  • Estimates the loan amount you’ll qualify for within minutes.
  • Streamlines the online process with document and asset retrieval capabilities, including the ability to edit your preapproval letter.
  • Learn more
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  • An online process with human help as needed.
  • Makes it easy to see customized mortgage rates.
  • Offers an "underwriter reviewed" preapproval letter in as little as 24 hours.
  • Appraisal guarantee promises loan won’t change even if appraisal is lower than expected.
  • Learn more

Learn more about SoFi

SoFi is best for

SoFi wants to serve jumbo borrowers who have high incomes but little saved for down payments.

This contrasts with traditional lenders that are reluctant to enter the jumbo loans scene. With strict credit scoring criteria and debt-to-income ratios, typical lenders are more likely to deny applicants than SoFi. SoFi looks closely at disposable income, a more complete approach to evaluating a would-be borrower for a loan.

SoFi was among the first lenders to offer an all-digital platform, combined with a different approach to underwriting that considers factors such as professional history, career prospects, income and track record of bill payments to assess an applicant. SoFi also doesn’t charge private mortgage insurance, even on loans for which less than 20% is put down, according to the company.

What does SoFi’s mortgage underwriting process consist of?

With many mortgage players, you’ll be asked dozens of questions and then be transferred to someone else so you can start the process all over, says Michael Tannenbaum SoFi’s vice president of mortgages. At SoFi, in a single sitting you’ll get an upfront, underwritten loan approval, which can show sellers that you’ve been assessed as a trustworthy buyer with the means to acquire a home.

Armed with this, SoFi clients have more leverage when they make offers. When you’re approved for a specific product, you’ll work with a loan officer who will help shepherd your application through underwriting and to the closing table.

What does SoFi do best?

  • Considers your nontraditional credit history.

  • Provides flexible down payments that range from 10% to 50%, including jumbo loans.

  • Closing time on average is 28 days.

  • Doesn’t require private mortgage insurance on its loans, even when the down payment is less than 20%.

  • Doesn’t charge fees related to the application, loan origination or broker commissions

Where does SoFi fall short?

Even though the company is a leading full-service lender, there might be some drawbacks:

  • Requires a minimum home loan amount of $100,000, which prices out lower-cost markets.

  • Before getting rate quotes, you need to sign up and provide personal information.

  • Difficult to determine if you might qualify for a loan with no income requirements.

MORE: NerdWallet’s SoFi Mortgage review

About the author: Holden is NerdWallet's authority on mortgages and real estate. He has reported on mortgages since 2001, winning multiple awards.

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