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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
- Online application process
- $2,000 on-time closing guarantee
- Pre-qualifications available
- Down payments as low as 3% for first-time buyers
- No adjustable-rate mortgages (ARMs)
- No government-backed mortgages, like FHA or VA loans
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.
ConsumerAffairs has collected 21 reviews and 606 ratings.
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Reviewed 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??
Reviewed 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.
Reviewed 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.
Reviewed Oct. 12, 2019
Do NOT ever use SoFi for a mortgage refinance. I’ve financed and refinanced a home loan many times and this was hands down the worst experience I’ve ever had. I was halfway through a refi with another company when Mike ** with SoFi made me a better offer and said he’d give me 3% with no points if I went with him instead. I agreed to proceed with SoFi.
After receiving documents where it said title would be held as “husband and wife” because I’d mentioned I was married (though I’d marked Sole owner), I said that was incorrect and it should be “wife and wife” or preferably “with spouse”, so I was not forced to out myself, if I was holding title with her. After conversing over this, and indicating “domestic partners” was not an equal equivalent he was in every further call dismissive and unprofessional. He literally answered phone calls from me, “*long pause*, * deep, long, heavy sigh*, What?” After waiting for a while with what seemed like no progress, despite me having returned every requested deliverable within the same day requested, I asked for an update and was dismissed then my file was transferred to another handler with little explanation.
Tangelia was pleasant and professional, but I feel like she was handed the file at the point where the promised closing date had become impossible. My closing date was repeatedly delayed, even to the point where I had notaries calling to confirm scheduling, only to be canceled by SoFi because they were not actually ready. It was incredibly frustrating.
After missing several closing dates and having my rate lock extended without me explicitly agreeing, I asked if there was any wiggle room to renegotiate a better rate, since I knew Fed rates had dropped since I’d started the process. No one called or discussed this with me, or said this was still the best they could do. Instead, they finally sent closing documents which suddenly included points I never agreed to pay, and included several new fees never previously disclosed. The cash out was nearly $1000 less than any previous disclosure documents. But they created a new disclosure document at the same time as closing documents to pretend the comparison matched up.
I repeatedly attempted to contact Tangelia, both by phone and email, to explain these discrepancies, and was completely ignored. By now I’d waited almost a month and a half to close a loan I could have had funded weeks earlier if I’d stuck with the first company and not bought Mike’s bait and switch lie. Do NOT believe their offer. Do not trust their promises. They WILL screw you in the end, when you are too exhausted, and desperate to be done, to fight back. You will think they will give you a great deal, but don’t be fooled! It’s a sham to get you to go with them. They will jerk you around and cheat you by the time they are done.
Reviewed April 12, 2019
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 interactions with SoFi have been superior to other lenders I have done business with over the years. I’m perplexed when reading the negative reviews. We all know that people will post negative, but rarely post positive. Some of the things I read also tell me that SoFi is making sure they are lending to people that can prove their identity and income. Who really applies for a loan and refuses to give their address? Why would someone that doesn’t have a steady job expect to receive a loan they couldn’t obtain elsewhere without the same information they are requesting? SoFi is a great company from everything I have seen and I’ve had numerous communications with their employees. Judge for yourself and you won’t be disappointed!
Reviewed March 23, 2019
It took months to get my loan approved through SoFi (understandable since they were wildly popular). Their process is promising - take into consideration education, history while issuing a loan. I have excellent credit, solid history, etc. and qualified/received the loan. The experience was off to a solid start. I never missed a payment, and pride myself on a consistent financial history. Now I am in the midst of trying to sort out injustice with a notoriously corrupt mortgage service company whom Sofi sold my loan to. All I can do is pour through one-star reviews of others who are sharing a similar experience.
My battle is just beginning with the mortgage company and, from the looks of it, I will be just one voice in a sea of collateral damage. That said: I would not be going through this right now had I not chosen SoFi in the first place. I understand SoFi is trying to disrupt the loan industry. Their principals about transparency and my interactions with them were well despite workload delays.
Where the sense of betrayal comes in begins with their selling my loan off to Shellpoint Mortgage. It is not much different than, say, hiring a housekeeper and then finding out months later she duplicated your housekey and gave it to a gang of burglars. These are my finances, my credit history, and now they are being mistreated by a company I certainly would have avoided had I done a quick search of. I will revise this feedback if anything changes, but for the time being, I stand by this statement: SoFi offers support to financially reliable people and then sells their loans off to predatory, corrupt organizations.
Reviewed Sept. 26, 2018
We were approved for one $45,000 SOFI loan at 7.99% quickly to finish the remodel on our home. At that time we had $50,000 in revolving debt for the first phase of the remodel. In early September 2018 we refinanced our house and pulled $90,000 of our $240,000 in equity to pay off all revolving debt from the remodel including SOFI. In fact, we just received our "thank you" letter from SOFI showing a zero balance last week. Now we have one last phase of the home to complete... The pool! We liked our first experience with SOFI so we thought, let's take another SOFI loan for the pool. We were quickly declined and the young girl on the phone told us it’s a computer generated model and there is nothing they can do. My wife has been in finance for 15 years and asked if she could speak with a credit analyst to have them look at our report together. The young girl said they do not have credit analysts. We should have been approved quickly.
Below is a breakdown of our credit worthiness at the time of denial: 1) Credit Score over 750 and will be over 800 again once the LAST account shows a zero balance from the refinance on the home. 2) Very good income with debt to income below 30%. 3) Same job for 15+ years. 4) Perfect pay history with SOFI and every other creditor. 5) We only have one mortgage payment and two car payments on our credit now. Again, DTI below 30%.
I would rate our first experience with SOFI as FIVE STARS. Our second experience for the time being until they take a second look at our application is ONE STAR because we are a very good credit risk and should not have been declined for a second loan. I was really liking SOFI until one hour ago. I like having a go to lender for quick loans. I remodel and flip homes while my wife works the 8-5. We will go back to our other bank who we have used before for a quick personal loan. They also do them and have the money in your account in 2 days. That would be BBVA Compass Bank everyone. Cheers SOFI. My wife and I were just looking into being investors with SOFI as well ;) [insert angry face emoji here].
Thank you for taking the time to provide this feedback and we are very sorry to hear you had such a poor experience in applying for your second Personal Loan with SoFi. There are multiple factors considered when reviewing applications and it would be difficult to provide a satisfactory response without knowing the specific details of your application. If you would like to discuss the matter, please give us a call at (855)456-7634.
Reviewed Aug. 18, 2018
I called SoFi to get pre-approved on Thursday Aug 9th. The woman who fielded my call (person #1) was very reluctant to answer questions about mortgage loans and kept referring me to the online application. After speaking with her, I went to the SoFi homepage and began filling out the 4 page pre-approval form. After completing page 3, their system did not allow me to proceed to the final page because it thought I had entered incorrect information, which I didn't. A box appeared at the bottom of page 3 suggesting that I call a mortgage specialist if I felt that I was receiving the message in error.
I called the mortgage specialist (person #2) who told me that someone in-house will review my application and get back to me, but all the mortgage specialists were gone for the weekend. (Really? On Thursday afternoon? Gone for the weekend??) Person #2 said I would receive a call back early the next week with regard to my loan application. Monday and Tuesday came and went and no call.
On Wednesday Aug 15th, I called SoFi again and spoke with person #3. Person #3 found my information in their system, but could not give me an explanation why my application had not been processed yet. Person #3 then mentioned that he flagged my application to be expedited to be reviewed by another mortgage specialist (person #4) and that I can expect to receive a call back within 48hrs. At the time of this writing it is after business hours on Friday, well past the 48hr mark, and I have not received ANY feedback as to the status of my application for pre-approval.
Incidentally, SoFi is the third bank I've contacted regarding a mortgage. The first two banks had me pre-approved within 48 hours of the initial call and had sent me a pre-approval email so could pass along to my real estate agent. It's been over a week now with SoFi and I've heard nothing from them. This bank is a JOKE. In the last 3 years, I've contacted 6 different banks regarding a mortgage loan and to get pre-approved. SoFi is by far the most unprofessional experience I've had with a financial institution with regard to a mortgage loan.
Lastly, to the customer review agent from SoFi who might be reading this review. Be advised that my wife works for a large tech company which currently refers SoFi to their new hires and employees. As a result of the experience we've had with this bank, my wife will be submitting a requesting to her company that SoFi be removed from the list of reputable financial lenders for the employees of her company.
We want to offer our sincerest apologies for what was clearly a very poor experience in applying for our Mortgage product.
As our customer experience is our highest priority, we truly appreciate your feedback and would love an opportunity to discuss this matter with you in further detail to determine where we can improve our application process and customer experience, moving forward.
If you would be willing to discuss this further, please contact us at (855)456-7634. Thank you!
Reviewed June 11, 2018
I applied for a small home improvement loan - $5,000. My credit is excellent. After I got to the part about how much education I had, I answered and I was declined. I have only a bit of college. I have a $10,000 signature loan with Goldman Sachs that required zero docs or other items. I think it’s illegal to discriminate based on education!
Hi Mary, thanks for sharing your feedback. We consider a number of factors when determining eligibility for a Personal Loan; including income, monthly expenses, credit history, and overall credit score. Education history can be helpful, but is not required to be approved for a SoFi Personal Loan. To review your application specifically, please do not hesitate to reach out at 855-456-7634. We look forward to speaking to you.
Reviewed Feb. 14, 2018
I applied for a mortgage very small on a large home that I own free and clear. I've never seen such incompetence in finance. Took more than three weeks and they couldn't get it done in time of the rate lock. Now rate's much higher. Not worth it. Very very inexperienced on all front. Same paperwork three times.
Hello Pat, thank you for telling us about your experience. We recognize that we did not meet our customer service goals with your interactions and application. We regret any inconvenience and hope you'll reconsider SoFi in the future.
Reviewed Aug. 15, 2017
I submitted an application through Lending Tree and SoFi came back with an offer - with an interest rate and payment. I uploaded the requested documents - driver's license and proof of income. Then the system declined the application due to 'Low FICO Score'. 745 - isn't a low FICO score. But the bigger question is did they not see this when they did the initial pre qualification? Now I have a hard pull on my credit report from them which will make harder to get the financing we need for our home. Thanks for nothing SoFi. Deceptive company - SoFi.
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