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SoFi Mortgage Review: A Seamless Online Application Experience

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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

Bottom Line

Fast prequalification, membership discounts, and a modern experience explain its top pick status. A potential fit for self-employed borrowers, based on SoFi’s nontraditional underwriting process that focuses less on credit history and more on income and assets.

Min. Credit Score

  • N/A: Uses alternative data

Min. Down Payment

  • 5%

Key Features

  • Member discount
  • Fast prequalification
  • Fast financing

Loan Types

  • Conventional

Fixed Rate Terms

  • 30y, 20y, 15y, 10y

Adjustable Rate Terms

  • None

Full SoFi mortgage review

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


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


  • Limited loan options
  • Rate lock is not automatic
  • No home equity loans or HELOCs

Top perks

Member benefits

SoFi Mortgage offers its 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.

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.

What could be improved

Limited loan options

SoFi Mortgage doesn't offer many kinds of mortgages. SoFi offers just one low down payment loan program, and no down payment assistance. You can get a SoFi mortgage with 5% down, but you'll pay private mortgage insurance (PMI) on any conforming loan with a loan-to-value ratio greater than 80%. That's true even if you have a very low debt-to-income ratio (DTI) and an excellent credit score. You won't find government-backed loans here, and you won't find an adjustable-rate loan. SoFi did recently add investment property loans to its offerings.

Rate lock

SoFi does not offer an automatic interest rate lock, even when the borrower completes a purchase loan application and is pre-approved by SoFi's underwriters. SoFi considers requests for a 45-day rate lock only after receipt of a signed purchase contract or fully completed refinance application. Since mortgage interest rates tend to change daily (or sometimes even more often), the absence of a rate lock could make it hard to compare options when you shop around.

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.

Alternatives to consider

Bank of America could be the right fit if you need a home loan with a lower down payment requirement. It participates in multiple low down payment programs, offers its own down payment grants, and helps connect borrowers with other assistance programs. Bank of America's menu of services for borrowers with fewer resources is quite comprehensive. If you're considering a cash-out refinance, it also offers very low cost HELOCs worth your consideration.

Rocket Mortgage by Quicken Loans is another lender that could make your short list. Quicken Loans offers a free 90-day interest rate lock when your application is pre-approved. This rate lock has a float-down feature -- if rates go down, you get the lower rate. If rates rise, your rate is locked in and does not go up. Some borrowers appreciate the security that comes with those 90 days.

Bank of America Mortgage
Rating image, 5.0 out of 5 stars.
Rating image, 5.0 out of 5 stars.
Min. Down Payment
Credit Score
Key Features
  • Relationship interest rate and fee discounts
  • Ability to apply entirely online
  • No PMI offering
  • Loans up to $5 million
  • Online-only
  • High allowable debt-to-income
  • Low down payment options
Next Steps

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 46 states (plus the District of Columbia) where SoFi lends. SoFi does not make loans in Hawaii, Missouri, New Mexico, or New York.

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 700, more cash reserves) with a debt-to-income ratio as high as 43% 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 two years' tax returns, including W2s and/or 1099s
  • Last two months' bank statements
  • Last two pay stubs
  • Proof of identity

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 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.


  • 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 620 credit score. Also, your debt-to-income ratio should be below 43% 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.

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