SoFi Mortgage Review 2023
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Our Take
4.5
The bottom line:
SoFi excels in online convenience for conventional loan borrowers, but to see customized mortgage rates, you must create an account.
Full Review
Pros & Cons
Pros
- Borrowers with an existing loan or investment account from SoFi may qualify for a $500 discount on mortgage fees.
- Mortgage rates tend to be on the low side, according to the latest federal data.
- Offers jumbo loans with a minimum down payment of 10%.
Cons
- Does not offer government-backed loans, such as FHA or VA.
- Requires users to create an account to see customized mortgage rates.
- SoFi conforming mortgages are unavailable in Hawaii.
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Full Review
What borrowers say about SoFi mortgage
NerdWallet’s lender star ratings assess objective qualities, including rates, fees and loan offerings. To assess borrowers’ subjective experiences with lenders, NerdWallet has gathered customer satisfaction ratings from Zillow.
SoFi receives a customer rating of 4.86 out of 5 on Zillow, as of the date of publication. The score reflects nearly 1,650 customer reviews.
SoFi mortgage variety of loan types
5 of 5 stars
SoFi offers conforming conventional mortgages with a minimum down payment requirement of as little as 3% for first-time home buyers. Options include 10-, 15-, 20- and 30-year fixed-rate mortgages and 5-, 7- or 10-year adjustable-rate mortgages. The lender originates conforming mortgages in most states and Washington, D.C., but not in Hawaii. SoFi resumed offering jumbo mortgages in all 50 states after a temporary suspension during the coronavirus pandemic.
Borrowers looking for government-backed mortgages, such as FHA loans and VA loans, will have to go elsewhere. SoFi doesn't offer those products or connect borrowers with state housing finance agency down payment assistance programs.
Getting a mortgage through SoFi or using any other product through the company qualifies you for SoFi membership. Benefits of membership include access to networking events, complimentary financial planning and career coaching. Members can also get rate discounts on other types of SoFi loans.
» MORE: Our review of SoFi student loans
SoFi HELOC
The lender also offers a home equity line of credit, or HELOC. These first or second mortgages are a way for homeowners to access existing home equity without refinancing or selling their home. Funds obtained with a second mortgage can be used for expenses such as home improvements, education costs or debt consolidation.
SoFi’s HELOC allows borrowers to access up to 95% of their home’s equity, up to $500,000.
» MORE: Best HELOC lenders
SoFi mortgage ease of application
5 of 5 stars
SoFi can give you an upfront mortgage preapproval online if you qualify for a loan. Preapproval shows sellers that you've been vetted as a qualified buyer with the financial ability to purchase a home.
Once you choose and get approved for a specific mortgage product, you'll work with a SoFi loan officer who will shepherd your application through underwriting, answer your questions and guide your loan to the closing table.
SoFi's digital platform features electronic employment verification, importing of asset statements from U.S. financial institutions, online document exchange, e-signature and loan process updates.
SoFi does not have branches for in-person service. Mortgage loan officers and representatives provide help throughout the process online and by phone.
» MORE: Best online mortgage lenders
SoFi mortgage rates and fees
3 of 5 stars
SoFi earns 2 of 5 stars for average origination fee.
SoFi earns 4 of 5 stars for average mortgage interest rates.
Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.
SoFi mortgage rate transparency
3 of 5 stars
SoFi publishes a few general mortgage rates on its site. To get a customized rate quote, you'll need to fill out an online form with your personal information. SoFi will conduct a soft credit check — one that doesn't impact your credit score — to check rates and terms to see what you qualify for. After you choose a product and continue the application, SoFi will request a full credit report from one or more of the consumer credit reporting agencies.
Alternatives to SoFi mortgage
Here are some comparable lenders we review that borrowers can consider.
U.S. Bank offers online preapproval. For residents of SoFi’s home state of California, Golden 1 Credit Union also offers member discounts.
More from NerdWallet
Methodology
NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: variety of loan types (purchase, refinance, fixed and adjustable, for example), ease of application, rates and fees and rate transparency. Among the factors we consider when scoring these categories are options to apply for and track loans online, the level of detail about mortgage rates on lender websites and our analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These scores generate ratings from 1 star (poor) to 5 stars (excellent).
