SoFi Home Loans

SoFi Home Loans Reviews

SoFi Home Loans Reviews
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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.

Pros & Cons

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

Featured Reviews

Verified
Murrells Inlet, SC

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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Verified
New Brunswick, NJ

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

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

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

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

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

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.

SoFi Home Loans Reviews

Stars Rating

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  • 6%
  • 7%

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    Page 1 Reviews 0 - 10
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    Loan Process

    Reviewed Nov. 11, 2023

    In October 2023 I started working with Andrea ** for a home mortgage, she claims to have more than 20 years of experience related to home loans and I trust her, but unfortunately, she did not look at all the documents I provided, and after I paid for the appraisal and home inspection she said my income is not enough to have that amount of loan, that was so easy to be realized in the beginning but she could not. She caused me to lose my money for nothing and my time.

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      Customer ServiceStaff

      Reviewed Aug. 22, 2023

      After the tedious application process, I was contacted by Kent **, an incredibly rude and childish rep for SoFi. He suggested a phone call, I responded that my preference is communication in writing, and he immediately started sending sarcastic, snarky emails. Way out of line and weird. Maybe he's a keyboard troll by night and forgot he was at work? Dunno, but it's a major red flag that SoFi is okay being represented by anyone so unprofessional and a huge red flag that they avoid putting info in writing. Super shady. Obviously the next step is withdrawing my application, but SoFi is set up so only the "professional" can do that, something I've never seen before. I hope Kent ** is just a bad apple having a bad day, but this definitely isn't anything I'd put up with.

      Reviewed Dec. 18, 2022

      I have had a home loan with SoFi for three years and if I could get a decent rate somewhere else I would leave. They use a South Carolina Company to force insurance on their clients. This has cost me thousands of dollars and countless hours trying to fix something as simple as a condo that has insurance as part of the HOA. This is a very regular HOA function, and I cannot believe as I am writing this, I have been paying over $500 a month into my escrow account for an insurance policy that is both not needed and unenforceable. If you can get a loan any place else, do it as it will cost you money and heartache. Anyone want to join me for a class action fraud lawsuit?

      Customer ServiceStaffLoan ProcessRates

      Reviewed 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.

      Customer Service

      Reviewed 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.

      Customer ServiceSales & MarketingStaffLoan ProcessRatesTransparency

      Reviewed 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!

      Reviewed 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.

      Reviewed 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.

      StaffLoan Process

      Reviewed 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.

      Customer ServicePunctuality & SpeedStaffLoan ProcessRates

      Reviewed 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.

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      Sources
      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