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SoFi mortgage review

Customize your term options, but fees are high and many common mortgage products aren’t available.

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.

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Conventional: 620

Minimum credit score


Minimum down payment (Conventional)

Not available in: HI

State availability


Loan products offeredConventional, Jumbo, Home equity, Refinance
Minimum credit scoreConventional: 620
Minimum down payment (Conventional)3%
State availabilityNot available in: HI
NMLS #1121636

Our take on SoFi

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.

SoFi Requirements

To be eligible for a mortgage loan through SoFi, you must be:

  • At least 18 years old.
  • A US citizen, eligible permanent resident alien or nonpermanent resident alien.
  • Looking to purchase property that you intend to live in for at least 12 months or that is an investment property.
  • Purchasing a home in DC or one of the states where SoFi offers mortgage loans.

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:

  • Your full name and personal contact information.
  • W-2 forms from the previous two years.
  • Recent paycheck stubs.
  • Your most recent federal tax return.
  • A complete list of your debts, such as: credit cards, student loans and minimum payments and balances.
  • A list of your assets, including: mutual fund and brokerage statements, real estate and car titles and other investment records.
  • Proof of payment for your current rent or mortgage payments.

Costs and fees

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.

How to apply for a mortgage with SoFi

To apply for a mortgage loan, start by viewing the interest rates available to you and get preapproved.

  1. Visit SoFi’s website and select Find My Rate.
  2. Open an account with an email and password and choose Get Started.
  3. Enter personal information and select Next.
  4. Provide information about the loan you want. Choose Next to see the available rates, which requires a soft credit check that shouldn’t affect your credit.
  5. View your rates and choose to finish your application to get preapproved for a loan.

What types of mortgages can I get through SoFi?

  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
This company accepts mortgage refinance applications.

Refinance options available through SoFi

SoFi offers 10-, 15-, 20- and 30-year refinance loan terms for the following products:

  • Cash-out refinance. Use this option to tap into your home’s equity by replacing your loan with a loan of more than you owe and pocketing the difference as cash.
  • Rate-and-term refinance. This option allows you to lock in a lower interest rate or adjust your loan term, whether to get out from under an ARM, lower your monthly payment, or pay off your mortgage sooner.

Other specialty loans

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.

Alternatives to SoFi

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.

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Veterans United stands out from other lenders for its focus on serving the military community.

SoFi reviews and complaints

BBB rating A+
Trustpilot rating Poor
Customer reviews verified as of 14 June 2022
As of June 2022, SoFi has an A+ rating with the Better Business Bureau for closing 480 complaints over the past three years, and it earned 1.22 out of 5 stars from customers based on 110 customer reviews. The lender fares a little better on Trustpilot, where it gets a TrustScore of 2.5 out of 5 stars based on reviews from 2,567 users.
Customers who like SoFi comment on the ease of applying online and the friendliness and responsiveness of its customer service experts. But frustrated customers report difficulty being approved and applications that cite missing documents but don’t clarify what documents the borrower needs to upload.

Pros and cons of SoFi


  • Multiple fixed-rate terms. Customize your mortgage by choosing from four term options: 10 years, 15 years, 20 years or 30 years.
  • Membership perks. Become a SoFi member and get welcome and referral bonuses, a discount on your lender fees and loyalty discounts on personal loan interest rates.
  • Relaxed debt-to-income (DTI) requirements. Unlike other lenders who typically require a lower limit, SoFi’s DTI ratio limit is 50%, making it ideal for applicants with debt, such as high student loans.


  • Mortgages not available in Hawaii. Hawaii residents will need to find another mortgage lender.
  • High mortgage minimum. The smallest mortgage loan you can get is $100,000, which could be more than you need in some markets.
  • Common mortgage products not available. SoFi doesn’t offer adjustable-rate mortgages (ARMs) or federally backed loans, such as FHA, VA or USDA mortgage loans.

What is SoFi?

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.

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