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SoFi originates mortgage loans in Washington, DC and all states except Hawaii. Your SoFi membership can earn you discounts on your lender fees, but the lender’s mortgage offerings are limited and its minimum mortgage amount is high.
Conventional: 620
Minimum credit score
3%
Minimum down payment (Conventional)
Not available in: HI
State availability
Loan products offered | Conventional, Jumbo, Home equity, Refinance |
---|---|
Minimum credit score | Conventional: 620 |
Minimum down payment (Conventional) | 3% |
State availability | Not available in: HI |
NMLS # | 1121636 |
SoFi is not currently available on Finder
Have you considered Figure?
Speedy prequalification, minimal fees and a wide range of loans and terms with this HELOC lender.
If you’re looking for a conventional, fixed-rate mortgage with a customizable loan term, SoFi may be a good fit. It’s transparent about its rates and fees and offers a fully online application process, so you can apply on your own time without having to wait around for a loan officer to contact you.
And while SoFi charges a higher $1,495 lender fee for nonmembers, membership is free. So there’s no reason to pay this higher amount. Sign up as a SoFi member and qualify for its lower $995 lender fee if you decide SoFi is right for you.
While it doesn’t mean you’ll have a bad experience, SoFi’s customer reviews largely lean negative. It makes it harder to justify paying a lender fee for a service you might not be happy with when other, more highly rated lenders charge fewer to no lender fees at all.
Finding the right lender takes time and requires you to shop around. There’s no perfect lender for everyone, so consider what’s most important to you and decide on a lender that will contribute to making your homebuying experience a positive one.
To be eligible for a mortgage loan through SoFi, you must be:
Ultimately, your loan eligibility depends on your creditworthiness, income, employment status and property eligibility. Any loan with a loan-to-value (LTV) over 80% requires private mortgage insurance (PMI).
Required documents and information varies slightly by the loan type you’re interested in, but in general you need to supply:
SoFi claims its average lender fees are $995, but that includes a $500 discount for being a SoFi member. The average for non-members is $1,495.
In addition to lender fees, you are responsible for any third-party costs associated with buying or refinancing a new house, like getting an appraisal of the home, taking out a homeowners insurance policy and paying taxes.
To apply for a mortgage loan, start by viewing the interest rates available to you and get preapproved.
SoFi offers 10-, 15-, 20- and 30-year refinance loan terms for the following products:
SoFi doesn’t currently offer specialty loans, but it may expand its mortgage offerings in the future. For now, it offers home equity loans through Spring EQ, Selecting the Get Pre-Qualified button on SoFi’s website redirects you to the Spring EQ application.
SoFi doesn’t offer adjustable-rate mortgages (ARMs) or government-backed FHA, VA or USDA mortgages. And expect to pay at least a $995 lender fee.
Homebuyers looking for a lender with a stronger reputation that offers government-backed mortgage options and a similar streamlined mortgage process might consider ConsumerDirect Mortgage. It’s a highly rated online lender with reasonable lender fees and offers both FHA and VA mortgages in addition to conventional loans.
If you’re looking to avoid lender fees entirely, Better is another fintech lender that offers a mix of conventional and government-backed mortgages and a fully online application process.
Alternatively, compare top brands by home loan type, state availability and credit score. Select See rates to provide the lender with basic property and financial details for personalized rates.
Disclaimer: The partners on Finder's mortgage comparison tables are sorted in alphabetical order.
BBB rating | A+ |
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Trustpilot rating | Poor |
Customer reviews verified as of | 14 June 2022 |
Social Finance, known more commonly as SoFi, is a relatively new lender that got its start funding and refinancing student loans. In 2015, the company started offering mortgages, along with several other financial products. SoFi is authorized to offer an array of online financial services, including personal loans, credit cards, student loans, checking accounts, life insurance and investments.
In 2017, the press was focusing heavily on SoFi as it faced a sexual harassment lawsuit involving then-CEO Mike Cagney. The company replaced Cagney with a new CEO, Anthony Noto, and has stayed relatively scandal-free since.
In 2019, SoFi was accused by the Federal Trade Commission of falsely advertising how much customers can save through refinancing. There was no fine or monetary settlement, but the lender is required to make sure all of its future advertisements are fair and honest.
SoFi is not currently available on Finder
Have you considered Figure?
Speedy prequalification, minimal fees and a wide range of loans and terms with this HELOC lender.