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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 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

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Get rates See rates See rates
Name SoFi
(NMLS #1121636)
Rocket Mortgage
(NMLS #3030)
At a quick glance
  • Consider this lender if you have student loan debt.
  • Choose another lender if you live in Hawaii, Missouri, New Mexico or New York.
  • Consider this lender for its competitive rates.
  • Choose another lender if you need a home equity loan or HELOC.
Loan products offered Conventional, Home equity, Refinance Conventional, Jumbo, FHA, VA, Refinance
State availability Not available in: HI, MO, NM, NY Available in all states
Min. credit score 620 620
BBB Rating A+ A+
Trustpilot Rating Average Great
Pros
  • Multiple fixed-rate terms
  • Membership perks
  • Fully-online application process
  • Fast service
  • More flexibility
  • Prepayment is OK
Cons
  • Must put down at least 10%
  • Limited service
  • Mortgage can’t be used for investment
  • Application fee
  • Some loans aren’t available
  • No physical locations
More info Read Review Read Review

SoFi customer reviews

SoFi gets good marks from customers, earning 4.69 stars out of a 5-star rating on Zillow from 315 reviewers as of December 2021. While the number of reviews is limited, most customers 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 3,600 reviewers as of December 2021. 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.

Name Product Loan products offered State availability Min. credit score
Rocket Mortgage
(NMLS #3030)
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
620
Streamline your mortgage from quote to final payment — all from your computer or phone.
AmeriSave
(NMLS #1168)
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.
SoFi
(NMLS #1121636)
SoFi
Conventional, Home equity, Refinance
Not available in: HI, MO, NM, NY
620
No hidden fees, multiple loan terms, and member discounts available.
Veterans United
(NMLS #1907)
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.
Better
(NMLS #330511)
Better
Conventional, Jumbo, FHA, Refinance
Not available in: HI, MA, MN, NV, NH, VT, VA
620
Online preapproval in minutes and no origination fees with this direct lender.
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