SoFi Mortgage Review

SoFi is a San Francisco-based fintech company that specializes in online and mobile-first personal finance solutions. The company offers a complete suite of financial products. So, you can turn to SoFi for everything from home loans and credit cards to student loan refinancing and personal banking. In this SoFi mortgage review, we’ll take a look at the company’s home purchase, home equity, and mortgage refinance loans.

Pros and Cons of SoFi Mortgage  

Pros:

Cons:

What Does SoFi Mortgage Offer?

SoFi offers home financing solutions in four major categories: home purchase loans, home equity loans, mortgage refinance loans, and cash-out refinance loans.

Firstly, let’s take a closer look at SoFi’s home purchase loans:

Secondly, there are a few key details to know about SoFi’s home equity loans:

Thirdly, SoFi has two types of mortgage refinance loans:

What To Expect on the Site

In order to get a detailed quote, first, fill out a pre-qualification form on the SoFi website or mobile app. The entire process can be completed online in less than two minutes.

SoFi asks that borrowers meet the following criteria:

SoFi doesn’t attach contingencies to its pre-approvals, and it accepts applicants with debt-to-income ratios of up to 50%. Loan finalization requires proof of income.

Pricing

Specific pricing details are only available when you complete the pre-qualification process, so the two-minute process is a good place to start. We can outline a few key factors that will affect your offered annual percentage rate (APR):

In general, borrowers with higher annual incomes, relatively low debt-to-income ratios, and strong credit scores will qualify for lower APRs.

Fees vary, but SoFi states that they average $995 per loan as of June 2021. As of that date, the maximum amount a customer can borrow through SoFi’s home loan programs is $548,250. But SoFi extends this limit to $825,450 for customers buying homes in areas with unusually high median home values.

What People Are Saying About SoFi

As of June 2021, SoFi has an average TrustPilot score. Based on nearly 2,500 customer reviews, SoFi has a rating of 3.2 out of 5 stars:

We should note that this score is based on all of SoFi’s services, not just its home loans. Customers who left a SoFi mortgage review emphasize the accuracy and transparency of interest rates and quotes.

The Bottom Line

SoFi is a well-established online lender with a proven record for transparency, reliability, and value. The company offers a complete lineup of home loans. So, it can help first-time homebuyers secure a mortgage. And it can also help current homeowners tap into their equity and refinance for a better rate.

With this and its fast, no-obligation quote process in mind, SoFi merits consideration as you consider top mortgage lenders, home equity lenders, and mortgage refinance lenders.