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SoFi Mortgage Review: A Seamless Online Application Experience

Review Updated
Kimberly Rotter, AFC®
By: Kimberly Rotter, AFC®

Our Mortgages Expert

Eric McWhinnie
Check IconFact Checked Eric McWhinnie
Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

SoFi is an online bank, lender, and robo-advisor that wants to be your one-stop shop for finances. One way it makes its menu of products available is by offering relationship discounts on home loans to eligible borrowers. SoFi customers also get exclusive perks, some of which carry a high price tag elsewhere. A SoFi Mortgage is a great choice for borrowers who are excited about taking advantage of Sofi's benefits.

Take a look at our SoFi Mortgage review to learn more about whether this is the best mortgage lender for your next home loan.

SoFi Mortgage

Best for: Online application process

Rating image, 4.0 out of 5 stars.
4.0/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Bottom Line

SoFi has a complete digital mortgage and refinance application process. It offers fast prequalification, membership discounts, and a modern experience. A potential fit for self-employed borrowers, based on SoFi’s nontraditional underwriting process that focuses on a combination of credit history, income, and assets.

Min. Credit Score

600

Min. Down Payment

  • 3%-5%

Key Features

  • Named the Best Mortgage Lender for Saving Money in 2023 by CNBC Select
  • No cost, fully underwritten mortgage pre-approval letters
  • Extended rate lock option allows to you lock in today’s rate for more than 90 days
  • Our on-time close guarantee offer is backed by $5,000
  • A dedicated mortgage loan officer to help you through the process

Loan Types

  • Conventional
  • FHA
  • VA
  • Jumbo

Fixed Rate Terms

  • 30y, 20y, 15y, 10y

Adjustable Rate Terms

  • 10/6, 7/6, 5/6

Alternatives to consider

It's important to compare mortgage lenders so you understand all your options. Here are a few of our favorite lenders, listed side-by-side so you can see how they each stack up against their competition:

Lender Min. Down Payment Credit Score Next Steps
  • 3%
  • 620
  • 0% - 3.5%
Circle with letter I in it. 0%-3.5% (FHA & VA loans) 3% (conventional loans)
  • 580 - 680
Circle with letter I in it. 580 FHA 620 other mortgage products

Full SoFi Mortgage review

This lender is a good fit for: Current SoFi customers who can take advantage of relationship discounts.

Pros

  • Member benefits
  • Online application
  • Custom rate with soft credit inquiry
  • Services its loan

Cons

  • Limited loan options
  • Rate lock fee
  • Rate lock not available for all loans
  • No home equity loans or HELOCs

Top perks

Member benefits

SoFi Mortgage offers its mortgage borrowers and account holders various benefits, though eligibility varies depending on the benefit:

  • Fee discount: Eligible SoFi members (current borrowers or investing clients) can get a one-time discount of $500 off processing and fees. One way to become eligible for reduced lender fees is to already have a personal loan with SoFi. Another way is to maintain a minimum balance in a SoFi Invest account. If you have a SoFi product, check with the lender to see if you qualify for the member discount.
  • Other financial benefits: Members can get a rate reduction on a future loan (not a mortgage), plus exclusive invitations and discounts on products, services, and experiences. Home loans are not eligible for rate discounts.
  • Professional guidance: Members get free access to financial advisors and personalized career advice.
  • Community: Members get access to a private community.
  • Rate discount: If you submit a fully executed purchase contract within 30 days of locking your rate, SoFi will take one-eighth of a percent off your mortgage interest rate.

Online application

The SoFi Mortgage application is fully online and can connect to other financial institutions to get some of your required documentation (like account statements) automatically.

Custom rate available with soft pull

If you enter your personal information, you can get a custom SoFi Mortgage rate quote based on your credit profile. This does not result in a hard inquiry on your credit report or any damage to your credit score.

Low down payment mortgage options

SoFi offers a 3% down payment mortgage to first-time homeowners, and a 5% down payment mortgage to all other borrowers. (If your down payment is less than 20%, you'll need to pay for private mortgage insurance (PMI).

What could be improved

Limited loan options

SoFi Mortgage doesn't offer many kinds of mortgages. SoFi does not provide down payment assistance. You won't find government-backed loans here, and you won't find an adjustable-rate loan.

Rate lock

SoFi offers a 90-day rate lock to borrowers who are preapproved for a conventional (not government-backed) purchase loan. But you have to provide a credit card number within seven days of preapproval, and if you don't go through with the loan (or don't submit a purchase contract within 60 days), you'll be charged 0.25% of your loan amount. Ouch! That makes it harder to shop around. If you're shopping for a $500,000 loan, that's a $1,250 penalty for choosing another lender. Getting preapproved is the best  way to compare loan officers. Many other lenders offer a free rate lock. Opt in to SoFi's rate lock only if you've already researched loans and you're sure you don't want to consider other lenders.

Home equity loans or home equity lines of credit (HELOCs)

Some borrowers would prefer to tap their equity without refinancing their existing mortgage. SoFi refers home equity customers to a third party.

How to qualify

To get a home loan from SoFi, you must be a U.S. citizen or eligible resident alien and live in one of the 49 states (plus the District of Columbia) where SoFi lends. SoFi does not make loans in Hawaii.

You'll need a credit score of at least 620 to qualify for a SoFi mortgage. Your recent credit history should be free of late payments, unpaid collection accounts, bankruptcies, foreclosures, and short sales. If you have any of these derogatory items on your credit report, talk to a loan officer to find out whether a waiting period applies before you are eligible for a new mortgage.

The pillars of your mortgage application are DTI, credit score, and down payment (or equity if you're doing a refi). If any of those is weak, you need to make stronger showings in the other two. Ideally, your DTI should be under 36%, but don't worry too much if it's higher. In some cases, a well-qualified borrower (with a credit score over 670) with a debt-to-income ratio as high as 50% may qualify for a conventional loan at SoFi.

When you're ready to officially start the loan process, you must provide all the standard documentation required by mortgage lenders, including the following, at a minimum:

  • Last 1-2 years' tax returns, including W2s and/or 1099s
  • Last 1-2 months' bank statements
  • Last two pay stubs
  • Proof of identity
  • Proof of insurance

You can get a SoFi home loan for primary or secondary homes or for investment properties.

How are SoFi's refinance rates?

SoFi Mortgage does not publicly disclose its mortgage refinance rates. Also, the $500 member discount does apply to eligible refinance borrowers.

How are SoFi's rates compared to the national average?

SoFi's rates are in line with national averages. When we checked, the interest rate for a 30-year fixed rate mortgage looked slightly higher than the competition. But on closer review, we saw that SoFi does not charge any mortgage discount points for the rate displayed. (Points are required for some of the other displayed rates.) Other mortgage lenders may show a lower rate but charge upfront fees to get it.

SoFi Mortgage is right for you if:

You currently have a loan or investment account with SoFi. You could save money through its member discount.

You're someone who will appreciate the fully online application process. SoFi makes it easy to apply for your mortgage and submit all of your documents electronically.

You want to join SoFi. Members get free access to credentialed financial planners, experienced career coaches, estate planning services, plus other benefits. These are great perks you probably won't find with other mortgage lenders.

FAQs

  • SoFi's rates are right in line with national averages.

  • SoFi is a great choice for current SoFi members or anyone who is interested in SoFi's exclusive member benefits like loyalty discounts, free financial planning help, and career planning help. SoFi is also good for borrowers looking for a low down payment loan.

  • SoFi is a great choice for refinancing for current SoFi members, or anyone who is interested in SoFi's exclusive member benefits like loyalty discounts, free financial planning help, and career planning help.

  • You'll need a 5% down payment or 5% equity, and a 600 credit score. Also, your debt-to-income ratio should be below 50% for most loan options.

  • SoFi offers conventional fixed-rate purchase and refinance home loans. SoFi also offers a piggyback loan option, which means you get two mortgages -- one for 80% and one for 10%. You make a 10% down payment, and you don't have to pay for mortgage insurance. SoFi also offers investment property loans.

Our Mortgages Experts