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Sofi Home Loans: Overall Lender Rating
| Feature | Insider rating (out of 5) |
| Loan types | 3.5 |
| Affordability | 3.5 |
| Customer satisfaction | 4.63 |
| Trustworthiness | 4 |
| Total | 3.91 |
Sofi Home Loans: Pros and Cons
| Pros | Cons |
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SoFi Mortgage Interest Rates and Fees
SoFi shows a small sampling of interest rates on its main "home loans" page. To get there, hover over the "products" menu at the top left of the page. Sample rates are shown near the bottom of this page.
To see personalized rates, click on "explore options" under SoFi's sample rates. This helpful tool lets you see what rate you might get based on your purchase price, down payment, credit score, and the location of the property.
SoFi charges a $1,495 loan processing fee, which is what you pay for the service of having SoFi originate your mortgage. Most borrowers will pay some lender fees, such as a loan processing fee, as part of their closing costs, regardless of the lender.
In 2022, the average borrower getting a conforming mortgage from SoFi paid $2,651 in origination charges, according to the latest Home Mortgage Disclosure Act data. This is on the low end compared to other mortgage lenders.
If you've previously gotten a personal loan or student loan from SoFi or have a $50,000 minimum balance in your SoFi Invest account, you may be able to get $500 off your loan processing fee on your first SoFi mortgage. This means you'd only pay $995.
Compare SoFi to Other Mortgage Lenders
SoFi Mortgage vs. Better
Better Mortgage is one of the best online mortgage lenders. Its offerings are similar to SoFi's.
Those looking to keep their closing costs down might like SoFi over Better, since Better has relatively high average origination costs, according to HMDA data. But it could still be worth getting preapproved with both of these lenders to see which one can offer you a better rate, since they are fairly similar and the rate you get will also factor into your overall costs.
Sofi Mortgage vs. Rocket Mortgage
Rocket Mortgage is one of the best mortgage refinance lenders out there. Rocket also has a few programs, including its ONE+ mortgage, which offer assistance to low-to-middle income borrowers in eligible areas.
Both of these lenders have similar offerings, so if you're interested in these two lenders, it might be worth getting preapproved with both to see which can offer you the best overall deal. Both rank high in customer satisfaction and offer convenient online experiences.
How SoFi Mortgages Work
SoFi offers mortgages through a completely online lending experience. SoFi lends in all US states and Washington, DC, though it doesn't offer refinances in New York.
SoFi offers conventional mortgages (both conforming and jumbo), FHA mortgages, VA mortgages, and HELOCs. You can also use SoFi to refinance your current mortgage, either with a rate-and-term refinance or a cash-out refinance. This lender doesn't offer USDA mortgages.
In April 2023, SoFi acquired Wyndham Capital Mortgage, another online mortgage lender. In its press release, SoFi noted that this acquisition will enable it to "broaden its suite of mortgage products," which means SoFi may soon offer a wider range of mortgages.
When it comes to your down payment, SoFi allows conventional first-time home buyers to put down as little as 3%. All other borrowers will need to make a down payment of at least 5%.
When you get a mortgage from SoFi, you'll pay a loan processing fee as part of your closing costs. This fee is $1,495, though existing SoFi customers may be eligible for a $500 discount.
Some lenders let you apply with alternative credit data if you don't have a credit score or if your current score is poor. Alternative credit data can include things like paid utility bills or your rent payment history. SoFi doesn't accept alternative credit data, making it a better fit for borrowers who have a traditional credit score of at least 620.
You can call, email, or chat online with customer service Monday through Friday from 6 a.m. to 6 p.m. PT.
Is SoFi Trustworthy?
SoFi currently has an A+ rating with the Better Business Bureau. BBB ratings indicate a company's level of honesty in its advertising, transparency about its business practices, and effectiveness in responding to customer complaints.
SoFi has, however, been the subject of some legal action in recent years. SoFi was a defendant in a class action lawsuit filed in 2020 claiming that SoFi unlawfully denied DACA recipients equal access to their lending products. SoFi agreed to settle the lawsuit. In 2021, SoFi Wealth settled a charge from the Securities and Exchange Commission claiming the company breached its fiduciary duties when it moved some account holders' assets into its own ETFs, which caused many of these customers to incur capital gains.
SoFi Mortgage FAQ
SoFi's listed rates are relatively low and competitive with other lenders' rates. However, your own rate will depend on a variety of factors, including ones related to your personal financial situation. Raising your credit score, lowering your debt-to-income ratio, and saving for a larger down payment are all ways you can help ensure you get a better rate.
Yes, SoFi is a legit mortgage lender. If you're looking for a lender with a simple online process, SoFi might be a good fit for you. SoFi also has good reviews on its Zillow lender profile, with many customers praising the easy process and great communication.
According to a 2019 article on its site, SoFi refinances typically close in less than 30 days. Refinances often take between a month and 45 days to complete, so SoFi may have slightly faster closing times than competitors.
SoFi charges a $1,495 loan processing fee, though you may be able to get a $500 discount on this fee if you are a current SoFi customer.
Why You Should Trust Us: How We Reviewed SoFi Mortgage
For our review of SoFi Mortgage, we used our methodology for reviewing mortgage lenders.
We look at four factors — loan types, affordability, customer satisfaction, and trustworthiness — and give each a rating between 1 and 5, then we average these individual ratings for the overall lender rating. Lenders get higher ratings if they offer a large number of loan types with affordable features, have positive customer reviews, and don't have any recent public controversies.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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