SoFi Home Loans
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SoFi Home Loans

 3.9/5 (533 ratings)
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SoFi Home Loans
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Written by Taylor Sansano
Edited by Sally Jones

About SoFi Home Loans

SoFi (NMLS #1121636 and #696891) is an online personal finance company. It offers a variety of financial products and services, including fixed-rate home loans with terms ranging from 10 to 30 years and down payments as low as 3%. SoFi also provides rate-and-term refinancing and cash-out refinancing for eligible homeowners. Mortgages are available in every state except Hawaii, and the company doesn’t offer refinancing in New York.

Overall Satisfaction Rating

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Pros

  • Online application process
  • $2,000 on-time closing guarantee
  • Pre-qualifications available
  • Down payments as low as 3% for first-time buyers

Cons

  • No adjustable-rate mortgages (ARMs)
  • No government-backed mortgages, like FHA or VA loans

Bottom Line

SoFi doesn’t offer many different types of mortgages, but it does provide multiple term lengths and several perks for borrowers. You can also get pre-qualified in minutes without affecting your credit, so it might be worth checking if SoFi has an offer that works for you.

Top SoFi Home Loans Reviews

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Rated with 5 stars
Verified

I started with a loan consolidation, and it was a great process. I waited about a year and applied for a mortgage. It also was a wonderful experience. I can honestly say my intera...

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Rated with 4 stars
Verified

Refinancing my mortgage was a long-term goal of mine and finding the right company to invest in was a challenging feat to achieve. This opportunity gives me the chance to get the ...

Read full review

Rates

SoFi offers only fixed-rate mortgages, and its current interest rates vary based on the length of your loan. These rates are published and updated daily on SoFi’s website.

For a more accurate look at what your rates may be, you can also use its mortgage rate calculator, which gives you a look at what your rates could look like based on your location, loan and down payment amounts, property type and credit score.

Since 2019, SoFi’s average rates for home purchase loans have been at least 0.13% below the national average, with 2021 seeing average home interest rates that were 0.23% lower. This can be significant, as a slightly lower interest rate could save you thousands over the lifetime of your loan.

SoFi Home Loans average home purchase rate vs. national average

YearDifference from national average
2021-0.23%
2020-0.13%
2019-0.15%
Information pulled from public Home Mortgage Disclosure Act data. Rates reflect noncommercial home purchase loans only.

Application process

SoFi Home Loans doesn’t have any physical branches, so most of the application process is done online. You can get pre-qualified for a loan on SoFi’s website to check what rates and terms you qualify for. This process will involve a soft credit pull (so it won’t affect your credit score), but your results are subject to change once an actual hard credit pull is done.

During the pre-qualification process, SoFi will ask questions about where you are in the application process, your loan and down payment amount, your Social Security number and more.

If the rates and terms you pre-qualify for match what you’re looking for, you can continue through the full application process. However, certain parts of this process can’t be done online, like signing documents.

As an added benefit, SoFi also offers an On-Time Close Guarantee, which reimburses you $2,000 if SoFi delays your closing beyond the scheduled date in your purchase contract.

A ConsumerAffairs reviewer from South Carolina had this to say about their experience with SoFi:

“I started with a loan consolidation and it was a great process. I waited about a year and applied for a mortgage. It also was a wonderful experience. … SoFi is a great company from everything I have seen, and I’ve had numerous communications with their employees.”

SoFi Home Loans application features

FeaturesAvailability
Online application
Mobile document uploadUndisclosed
Physical branchesX
Publishes minimum rate on website
Rate lockUp to 90 days
Pre-qualification (no hard credit pull)
Certified approval letterX

Loan types

SoFi offers 10-, 15-, 20-, and 30-year fixed-rate mortgages with down payments as low as 3%. Its offerings also include jumbo loans for up to $3 million with as little as 10% down. However, it doesn’t work with any government-backed loan programs, so it doesn’t provide FHA, VA or USDA loans.

SoFi denied about a quarter of all applications for home purchase loans between 2019 and 2021.

Loan applications for home purchases only by year

202120202019
Home purchase applications2,4981,4831,020
Home purchase loans closed887447301
Home purchase applications denied506387325
Home purchase preapprovals denied000
Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.

Refinancing

Refinancing is the bulk of SoFi’s business, making up more than 80% of its loans originated since 2019. SoFi offers both rate-and-term and cash-out refinances, with rate-and-term loans generally being its more popular option.

Refinancing became more popular in 2020 and 2021 when interest rates hit historic lows, incentivizing many homeowners to refinance. When rates are low, mortgage refinancing can be a good idea because it may help you get better terms or rates, potentially saving you significant money on interest. However, rate increases throughout 2022 may slow this trend.

Home purchase vs. refinance loans by year

202120202019
Home purchase loans9.41%6.33%13.54%
Refinance loans51.87%67.15%54.84%
Cash-out refinance38.32%26.51%31.62%
Information pulled from public Home Mortgage Disclosure Act Data. Includes conventional, USDA, VA and FHA mortgages.

Requirements

You may be eligible for a conforming conventional loan from SoFi with a down payment as low as 3% (5% if you’re not a first-time buyer) and a debt-to-income ratio (DTI) of up to 50%. Your DTI represents your amount of debt in relation to your gross income. Lenders often use DTI to determine your borrowing ability. The general rule of thumb is that you should have a DTI below 43% with most lenders, so the fact that SoFi’s requirement is 50% may help borrowers with more debt.

In addition to your down payment and DTI, SoFi will look at things like your credit score (620 is a typical minimum in the industry), property eligibility and employment status.

National mortgage requirements by type

Min. credit scoreMin. down paymentCompare with other lenders
ConventionalTypically 620Typically 3%Mortgage lenders

Nonconforming conventional loans (like jumbo loans) often have stricter requirements for borrowers. For example, SoFi’s jumbo loans require you to put at least 10% down.

For information on other loan types, read our guides on FHA, VA and USDA loans.

Cost and fees

SoFi isn’t forthcoming about its mortgage fees. The company doesn’t charge prepayment penalties, but it does charge lender fees. You’ll likely also have to pay additional closing costs, such as an appraisal fee, title fee and credit report fees.

SoFi offers a 3% down payment program, but it’s only available for qualifying first-time homebuyers. All other borrowers are required to put down at least 5% (10% on jumbo loans).

FAQ

What is SoFi?

SoFi is a digital finance company that offers multiple products and services, including:

  • Banking
  • Personal loans
  • Credit insights
  • Student loan refinancing
  • Private student loans
  • Investing
  • Home loans
  • Credit cards
  • Insurance
  • Auto loan refinancing
Is SoFi legit?

SoFi is licensed as a lender in most of the U.S., and it has funded over $50 billion in loans. At the time of publishing, SoFi has a 3.9-star overall satisfaction rating on ConsumerAffairs.

SoFi was fined $110,000 in 2019 for operating as a mortgage servicer in Pennsylvania without a license. It has since received a mortgage servicer license in that state.

Where are SoFi home loans available?

SoFi offers home purchase loans in every state except Hawaii and refinancing in every state except Hawaii and New York.

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How do I know I can trust these reviews about SoFi Home Loans?
How do I know I can trust these reviews about SoFi Home Loans?
  • 4,010,719 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

For more information about reviews on ConsumerAffairs.com please visit our FAQ.

Page 1 Reviews 0 - 10
Rated with 1 star
Verified Reviewer
Original review: June 3, 2022

I should have read the reviews first. By far the worst company I have ever used for financing. Supposed to be a 6 week closing and turned into 4 months. Poor communication, never respond to emails, and they make so many mistakes that it has added months onto my closing date. I even had to file a complaint just to get the loan team to give me an update after 6 weeks. I had my own mortgage attorneys which was put in my application and relayed to the loan officer 5-6 times in emails and they still used their own attorneys for the title and tried to charge me $2,000. That little trick on their part added a month onto the closing date.

They know interest rates have soared so I'm stuck with them and now they don't care how long it takes. My hope is for people to read the reviews so you can save yourself from the stress of working with SoFi. Use a bank where you can reach someone, trust them to communicate, and they don't make so many mistakes.

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    Rated with 1 star
    Verified Reviewer
    Original review: Nov. 5, 2021

    After being pre-approved by Sofi they ordered a Home Appraisal which I paid $525. Shortly after the appraisal communication with Sofi all but stopped. On the rare occasion I was able to get a human on the phone they apologized with one excuse or another. I was promised a callback within a hour. Those callbacks never come.

    13 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Sept. 14, 2021

    My sister was re-financing with Sofi and referred me. We have 750-815 credit scores, good income, only debt is rental mortgages. We wanted to cash out duplex A for a down payment on a commercial building. On April 20, we were pre-approved. Everyone was very nice and I submitted all the documentation, with a closing date of May 28. It was going so well, we decided to lower the interest rate on duplex B. Since Sofi already had all the information, it should be easy to do both at once. That delayed closing because we needed the other appraisal. I received the second appraisal mid June. In the meantime, my sister's loan was denied, even though she also has great credit, good income, no debt.

    In the meantime I'm sending more detailed information for the Underwriters. Every few days they want "a couple more things", Asset updates, HOA information, work verification, new bank statements, pay stubs, etc, etc, etc. I thought about going elsewhere, but it looked like this would close as soon as they got the next couple of things.

    Now it is July 29. I will be out of town, unable to get records, from August 14-22. The Seller is tired of extending and having his building off this hot market. He has given us an August 20 deadline. I'm completely frustrated. I told Sofi to focus on duplex A so we can save our purchase. August 2, I contacted the manager to get this done. He said the Underwriters keep finding items and just need 2 more things. Another manager contacted me Thursday, August 12, and assured me that they were working hard, and the Underwriters were ready to send it to the Closing Department. I stressed that we had to sign by Wednesday to save our purchase. We would meet a Notary any time/place on Wednesday. No one contacted us, in spite of our emails and answering machine messages, on Monday or Tuesday.

    I contacted another lender that said she could do our re-fi in 4 weeks or less. Late on Wednesday I got an email saying the appraisal on duplex B was approved. I had received a copy of that appraisal 2 months before! That showed that they were still wasting time on that loan instead of getting the important one finished. I also got an email saying that the Underwriters cleared both loans, and they were working on a close date.

    They didn't have a date, just working on it, after 4 months! I was furious and realized if the Seller would not extend again, Sofi had cost me the deal. If he would extend, I would go with the other company. I responded "Too little, too late. We will not be using Sofi." The next morning I had calmed down and emailed everyone saying if they gave us a firm closing date to present to the seller, we would close on both loans. Crickets. None of the 4 people I emailed and left messages for responded.

    Finally I got an email response saying once a deal is withdrawn it cannot be re-instated. They can drag it out 4 months, but purge it instantly? They have all the information, but can't use it? I have been in sales for 30 years and have never seen a time that a customer changed their minds that a manager didn't reach out to try to save the deal. This should have been a slam dunk, two loans for the work of one, great borrower, perfect scenario.

    I can't wrap my head around why they dragged it out for 4 months, then didn't try to save it. Because they refused my sister too, the only thing I can think is that they are not looking for great borrowers. They may be looking for people that they have a chance to foreclose on, or won't pay the loan off early. Either way, don't waste your time and mental health on Sofi! FYI the Seller extended, and the new loan was closed 3 weeks from the application date!

    20 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Aug. 23, 2021

    I paid this loan in full via a check from a title company. Sofi deposited the check. It cleared the title company account immediately but sofi did not apply to our account until 9-10 days later. I received a text that said they received the payment on and applied to the account August 18. I called on August 23, and was informed by Zack that the payment was applied to the account on August 19. Clearly that was a lie. The check cleared the title company on or about August 10. Zack informed me it was going to take 20 days for the refund. I can’t understand why they are holding my money and is concerned that there is employee embezzlement or a lack of integrity in this company.

    22 people found this review helpful
    Rated with 4 stars
    Verified Reviewer
    Original review: July 28, 2021

    Refinancing my mortgage was a long term goal of mine and finding the right company to invest in was a challenging feat to achieve. This opportunity gives me the chance to get the break that I’ve been looking for.

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: March 16, 2021

    I applied for a home mortgage through. I have a good credit score of 790 and high income. To my surprise, I was declined with one of the reasons being that I had too many accounts, which I found odd. The loan officer I spoke with was very unprofessional and said there was nothing I could do. Literally use any other bank.

    22 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: July 30, 2020

    I had an initial great first impression of SoFi. I am a first time home buyer and had gotten a preapproval from them. They gave me a nice competitive interest rate, facilitated the initial loan documents quickly, and everything seemed to be well on its way. My home wasn't closing for another 2 months so I figured I had plenty of time. I submitted everything they wanted me to submit, and was even told I've completed my part. Things were looking good right up until literally 3 days before closing.

    Suddenly, the assistant who was in charge of my loan shoots me an email with a long list of items to be completed. She spoke on the phone with me with attitude, saying it's because of me not providing them these documents that they wouldn't be able to close on time. I told her how could I have known SoFi needed these documents from me when it was literally the first time I've heard it! They've had TWO MONTHS to process this! I worked hard to get everything to them that, but no one followed up with me.

    My buying agent and I called AND emailed 3 different people and couldn't get through for DAYS. Finally, less than a day before closing their senior loan officer calls to say that his higher up will contact me. Then guess what? No one calls. I am now left without a place to live because I've already given notice to my property manager and I can't live in the new house either. This is terrible quality customer service without any recognition of the hardships they've caused due to gross negligence. SoFi lures you in and then does not pay you any attention afterwards without any other excuse besides being busy. I definitely do NOT recommend.

    57 people found this review helpful
    Rated with 2 stars
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    Verified Reviewer
    Original review: July 8, 2020

    We started the mortgage refi process in March. All good until May. We have been trying to close since then. This company has the worst follow up. We are at our wit's end with them. This should be an easy deal for them. 80% LTV, good credit and income. We’ve had to extend our rate lock twice with a potential third extension in a week. They have received all of our documents yet continue to ask for items already submitted. What good is the upload feature on the dashboard??

    32 people found this review helpful
    Rated with 2 stars
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    Verified Reviewer
    Original review: April 29, 2020

    I applied for a home refinance with SoFi. The process started out fine but after getting a second opinion with a different lender, I decided to go with the other lender as they were offering a lower interest rate and thousands of dollars less in closing costs. The loan officer at SoFi asked for the disclosure to see if he could match it. It's now been several days and zero communication from SoFi. During this same time, SoFi keeps asking for additional documentation. My income was already electronically verified but now I need to provide copies of my last 2 years W-2s. Had I not already made up my mind to change lenders, the lack of courtesy/professionalism from them and the need for additional documents has certainly pushed my decision over the top now. Lastly, I already prepaid for the appraisal and no one at SoFi seems to want to help to get it refunded back to me.

    34 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Oct. 29, 2019

    My attempted refinance with Sofi was one of the most disappointing experiences I have ever had. First, the loan officer assigned to my loan implied that the cost of the appraisal would be rolled into the loan. Then, all the higher-ups said woah wait a minute you have to pay for the appraisal and then get a credit at closing. I said fine and paid the $525, only to have the company use a shady, two-bit third-party appraiser who valued my home over 11.5 percent lower than its actual value (as determined by the honest appraiser sent by Better.com just one month later—an exceedingly impeccable company with whom I am now proud to be refinancing). 320k with Sofi vs 360k with Better. WOW.

    Additionally, when I asked Sofi whether they could beat the excellent points and closing costs offered by Better, I heard crickets for over 24 hours! Then, when I brought this up with the supervisor, she simply stated she should have responded when she saw it. Uhh...aren’t you in the customer service business, lady? Moreover, the hapless woman who originally stated that Sofi would cover the appraisal cost rolled into the loan accused me of attempting to give Sofi the runaround when I was following up on that statement. She evidently didn’t realize I was on the email chain, as she tried to recall the message (any Sofi employees reading this, the recall only works for INTERNAL communications). The accusations and tone toward a customer were so poor that they assigned me a new loan officer, but to no avail.

    Ultimately, with lots of family in the real-estate business doing very well at it, there are just some banks that attempt to overprotect their collateral by shadily devaluing it with a lowball appraisal, which additionally guarantees lots of extra PMI (sweet, sweet $100 a month, baby, big money!) for young professional mortgages with 10 percent down, as my original mortgage is. This is a shady entity that doesn’t respect the customer further than they can monetize him or her, and I recommend you stay far away. Stay honest, my friends.

    23 people found this review helpful
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    ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page. Specific sources for this article include:
    1. Federal Financial Institutions Examination Council (FFIEC), “HMDA Dataset Filtering.” Accessed September 12, 2022.
    2. Freddie Mac, “30-Year Fixed-Rate Mortgages Since 1971.” Accessed September 12, 2022.
    3. NMLS Consumer Access, “SoFi Lending Corp.” Accessed September 12, 2022.
    4. NMLS Consumer Access, “SoFi Bank, National Association.” Accessed September 12, 2022.

    SoFi Home Loans Company Information

    Company Name:
    SoFi Home Loans
    Website:
    www.sofi.com