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SoFi vs. Rocket Mortgage

Rocket Mortgage is our pick based on mortgage selection and reputation.

While both offer digital mortgages, Rocket Mortgage gets our vote for its reputation, bigger loan selection and transparent application process.

Our verdict: Rocket Mortgage is our choice

Rocket Mortgage and SoFi are both digital lenders boasting a streamlined digital application process and faster-than-normal closing times. But we think Rocket Mortgage has some advantages over its competitor.
Compared to SoFi, you can choose from a much wider range of loans with Rocket Mortgage, including conventional, government-backed and jumbo loans. SoFi only has conventional, jumbo and home equity loans, making it less useful for first-time homebuyers.
Then there’s reputation: While both companies have good customer ratings, SoFi was accused of false advertising by the Federal Trade Commission (FTC) in 2018. The FTC alleged that SoFi significantly inflated the amount a borrower could save by refinancing — and in some cases, offered loans that would cost the borrower more in the long run.

Overview: SoFi vs. Rocket Mortgage

SoFi
Rocket Mortgage
See rates
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At a quick glance
  • Consider this lender if you have student loan debt.
  • Choose another lender if you live in Hawaii.
  • Consider this lender for its competitive rates.
Loan products offered Conventional, Jumbo, Home equity, Refinance Conventional, Jumbo, FHA, VA, Refinance
State availability Not available in: HI Available in all states
Min. credit score 620 620
BBB Rating A+ A+
Trustpilot Rating Poor Great
Pros
  • Multiple fixed-rate terms
  • Membership perks
  • Fully-online application process
  • Learn how much you can qualify for in minutes
  • No prepayment fees
  • Most loans close within a week of application approval
Cons
  • Must put down at least 10%
  • Limited service
  • Mortgage can’t be used for investment
  • Doesn't offer USDA loans
  • Pre-approval requires a hard credit inquiry
More info Read Review Read Review

SoFi customer reviews

SoFi gets average marks from customers, earning 2.5 stars out of a 5-star rating on Trustpilot from 2,568 reviewers as of June 2022. But 77% of customers rate their experience as “excellent” and only 11% say they had a bad experience. Positive reviews report being happy with their loan officers’ responsiveness and communication level. However, a few unhappy customers report inept service from loan officers and broken promises.

Rocket Mortgage customer reviews

Rocket Mortgage gets a 3.9 out of 5-star rating on Trustpilot from over 4,000 reviewers as of June 2022. While 75% of reviewers say their experience was “excellent” or “great,” 19% of reviewers had a bad experience with the company. Positive reviews mention smooth and easy interactions, while some negative reviews mention processing delays and inaccurate appraisals.

Compare other mortgage options

SoFi and Rocket Mortgage are both highly rated lenders popular with thousands of Americans. However, if you’d prefer a fully digital mortgage that doesn’t require you to work with a loan officer, Better or Beeline might be a good choice.
Alternatively, if you’re an experienced buyer looking for a specialized loan, we recommend Draper & Kramer Mortgage or North American Savings Bank. Both these lenders offer a wide range of loan products for borrowers of all types, including investors, gig workers and those with less-than-stellar credit.
Find your perfect mortgage by comparing these lenders and lender marketplaces. Select See rates to get a personalized quote.

Disclaimer: The partners on Finder's mortgage comparison tables are sorted in alphabetical order.

Name Product Loan products offered State availability Min. credit score
AmeriSave
Not rated yet
AmeriSave
Conventional, Jumbo, FHA, VA, USDA, Refinance
Not available in: NY
620
Great customer reviews and customized rate quotes in three minutes with no SSN needed.
CrossCountry Mortgage
Conventional, Jumbo, FHA, VA, USDA, HELOC, Reverse, Refinance
Available in all states
620
Rocket Mortgage
Not rated yet
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
620
Apply online for free and lock in your rate for 90 days.
Veterans United
Not rated yet
Veterans United
Conventional, FHA, VA, USDA, Jumbo, Refinance
Available in all states
620
Veterans United stands out from other lenders for its focus on serving the military community.
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Written by

Writer

Kat Aoki was a personal finance writer at Finder, specializing in consumer and business lending. She’s written thousands of articles to help consumers make better decisions on their home loans, bank accounts, credit cards, cryptocurrency and more. Kat is well versed in working with leading brands in the real estate, mortgage and personal finance industries, and her expertise has been featured on Forbes Advisor, Lifewire and financial comparison sites like iSelect and realestate.com.au. She holds a BS in business administration from California State University, Sacramento and enjoys hiking and yoga in her spare time. See full bio

Kat's expertise
Kat has written 198 Finder guides across topics including:
  • Mortgages
  • Home equity loans
  • Mortgage refinancing

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