SoFi Mortgage Review 2023

Our specialists reply readers’ home-buying questions and write unbiased product critiques (this is how we assess mortgages). In some instances, we obtain a fee from our companions; nonetheless, our opinions are our personal.

Sofi Residence Loans: General Lender Ranking

Sofi Residence Loans: Execs and Cons

SoFi Mortgage Curiosity Charges and Charges

SoFi reveals a small sampling of rates of interest on its essential “dwelling loans” web page. To get there, hover over the “merchandise” menu on the high left of the web page. Pattern charges are proven close to the underside of this web page.

To see customized charges, click on on “discover choices” below SoFi’s pattern charges. This useful instrument permits you to see what fee you would possibly get based mostly in your buy value, down fee, credit score rating, and the placement of the property.

SoFi prices a $1,495 mortgage processing charge, which is what you pay for the service of getting SoFi originate your mortgage. Most debtors can pay some lender charges, comparable to a mortgage processing charge, as a part of their closing prices, whatever the lender.

In 2022, the typical borrower getting a conforming mortgage from SoFi paid $2,651 in origination prices, in line with the most recent Residence Mortgage Disclosure Act information. That is on the low finish in comparison with different mortgage lenders.

When you’ve beforehand gotten a private mortgage or pupil mortgage from SoFi or have a $50,000 minimal steadiness in your SoFi Make investments account, you could possibly get $500 off your mortgage processing charge in your first SoFi mortgage. This implies you’d solely pay $995.

Evaluate SoFi to Different Mortgage Lenders

SoFi Mortgage vs. Higher

Higher Mortgage is without doubt one of the finest on-line mortgage lenders. Its choices are much like SoFi’s.

These trying to preserve their closing prices down would possibly like SoFi over Higher, since Higher has comparatively excessive common origination prices, in line with HMDA information. Nevertheless it may nonetheless be value getting preapproved with each of those lenders to see which one can give you a greater fee, since they’re pretty comparable and the speed you get may even issue into your total prices. 

Sofi Mortgage vs. Rocket Mortgage

Rocket Mortgage is without doubt one of the finest mortgage refinance lenders on the market. Rocket additionally has a number of packages, together with its ONE+ mortgage, which supply help to low-to-middle earnings debtors in eligible areas. 

Each of those lenders have comparable choices, so should you’re enthusiastic about these two lenders, it is likely to be value getting preapproved with each to see which may give you the very best total deal. Each rank excessive in buyer satisfaction and provide handy on-line experiences.

How SoFi Mortgages Work

SoFi presents mortgages by a very on-line lending expertise. SoFi lends in all US states and Washington, DC, although it would not provide refinances in New York.

SoFi presents standard mortgages (each conforming and jumbo), FHA mortgages, VA mortgages, and HELOCs. You too can use SoFi to refinance your present mortgage, both with a rate-and-term refinance or a cash-out refinance. This lender would not provide USDA mortgages.

In April 2023, SoFi acquired Wyndham Capital Mortgage, one other on-line mortgage lender. In its press launch, SoFi famous that this acquisition will allow it to “broaden its suite of mortgage merchandise,” which implies SoFi could quickly provide a wider vary of mortgages.

In the case of your down fee, SoFi permits standard first-time dwelling patrons to place down as little as 3%. All different debtors might want to make a down fee of at the very least 5%.

Once you get a mortgage from SoFi, you may pay a mortgage processing charge as a part of your closing prices. This charge is $1,495, although present SoFi prospects could also be eligible for a $500 low cost.

Some lenders allow you to apply with different credit score information if you do not have a credit score rating or in case your present rating is poor. Various credit score information can embody issues like paid utility payments or your lease fee historical past. SoFi would not settle for different credit score information, making it a greater match for debtors who’ve a conventional credit score rating of at the very least 620.

You may name, e mail, or chat on-line with customer support Monday by Friday from 6 a.m. to six p.m. PT.

Is SoFi Reliable?

SoFi at present has an A+ score with the Higher Enterprise Bureau. BBB scores point out an organization’s degree of honesty in its promoting, transparency about its enterprise practices, and effectiveness in responding to buyer complaints.

SoFi has, nonetheless, been the topic of some authorized motion lately. SoFi was a defendant in a category motion lawsuit filed in 2020 claiming that SoFi unlawfully denied DACA recipients equal entry to their lending merchandise. SoFi agreed to settle the lawsuit. In 2021, SoFi Wealth settled a cost from the Securities and Change Fee claiming the corporate breached its fiduciary duties when it moved some account holders’ belongings into its personal ETFs, which brought on many of those prospects to incur capital beneficial properties. 

SoFi Mortgage FAQ

Why You Ought to Belief Us: How We Reviewed SoFi Mortgage

For our assessment of SoFi Mortgage, we used our methodology for reviewing mortgage lenders.

We take a look at 4 components — mortgage sorts, affordability, buyer satisfaction, and trustworthiness — and provides every a score between 1 and 5, then we common these particular person scores for the general lender score. Lenders get increased scores if they provide numerous mortgage sorts with inexpensive options, have optimistic buyer critiques, and haven’t any current public controversies.