SoFi Mortgage Review 2023

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 4.67 out of 5 on Zillow, as of the date of publication. The score reflects more than 315 customer reviews.

SoFi mortgage variety of loan types

• 3 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 mortgages. The lender originates conforming mortgages in most states and Washington, D.C., but not in Hawaii. SoFi has 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 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.

» MORE: 'Should I buy discount points?' calculator

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: 5 tips for finding the best mortgage lenders

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