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SoFi

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7 User Reviews
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Author: Kalicia Bateman

LAST UPDATED: March 7th, 2022

Founded in 2011, SoFi is an online finance company that provides multiple loan products, including personal loans, student loans, and home loans.

A SoFi mortgage is quick and easy to apply for, and the company is licensed to originate loans in 45 states and Washington, D.C. While most mortgage lenders offer a variety of traditional home loan types, SoFi only offers fixed rate mortgage options (30-, 20-, 15-, and 10-year). But, the company does offer investment property loans, which is a unique option among online mortgage lenders.

Continue reading for a full review of this company, or jump down to read SoFi mortgage reviews from real customers.

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The Good

  • Quick Prequalification and Approval Process
  • Investment Property Loans
  • Mortgage Refinance Options
  • Exclusive Member Discount

Quick Prequalification and Approval Process

You can pre-qualify for a mortgage loan on SoFi's website in as little as two minutes without any impact to your credit. Once you receive your rates and loan options, and choose to proceed with the application process, you will be connected with a mortgage loan officer (MLO) who can offer assistance and answer your questions. Once you're approved and have signed your paperwork, SoFi will send you your funds.

SoFi's timeline to closing is not disclosed on its website. The industry average to mortgage closing is 40 to 65 days.

Investment Property Loans

SoFi offers investment property loans, a unique option for the online mortgage lending industry. Unfortunately, specific information about this loan type isn't offered online. If you would like more information you will need to contact SoFi and speak with a representative or mortgage loan officer (MLO).

Mortgage Refinance Options

SoFi offers three mortgage refinance options:

  • Refinance — A simple refinance process that can help you get a lower rate, resulting in a lower monthly payment and more savings.
  • Cash-Out Refinance — Get cash from the equity in your home to pay off debt, finance home renovations, and more.
  • Student Loan Cash-Out Refinance — Get cash from the equity in your home to pay off your student debt.

SoFi's Student Loan Cash-Out Refinance product is a unique option, allowing you to leverage your home equity specifically for paying off your student debt. This isn't a product that you'll likely see with other lenders, although there may be a possibility that you could use a cash-out refinance with another lender to pay down student debt.

Exclusive Member Discount

If you are a SoFi member, you could save $500 on your mortgage loan or refinance processing fee.

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The Bad

  • Not Licensed Nationwide
  • No Government-Backed/Specialty Loans

Not Licensed Nationwide

SoFi is licensed to originate mortgage loans in 45 states and Washington, D.C. The company is currently unable to serve the following states:

  • Hawaii
  • Missouri
  • New Mexico
  • New York
  • West Virginia

No Government-Backed/Specialty Loans

SoFi doesn't offer government-backed loans, including FHA, VA, or USDA loans. These loan types can provide mortgage options for a wider variety of borrowers because they are often designed for low-credit borrowers, and have a lower minimum down payment requirement.

SoFi doesn't offer adjustable mortgage rate loans (ARMs) or jumbo loans, other typical loan products that you might see with other lenders.

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The Bottom Line

SoFi is a reliable and trustworthy lender in the online loan industry. In addition to personal loan and student loan products, the company offers home loans.

However, loan types are limited to 30, 20, 15, or 10-year fixed rate loans. SoFi doesn't offer adjustable rate mortgage loan (ARM), FHA loan, VA loan, USDA loan, or jumbo loan products, many of which are common mortgage options among lenders in the industry.

The prequalification and approval process for a SoFi mortgage is quick and easy, although the company doesn't disclose a specific closing timeline. But, you can save on your processing fees if you are a SoFi member, an added benefit for financing your home purchase with this company.

SoFi mortgage reviews are currently limited, so we are unable to provide an accurate recommendation of this company at this time.

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User Reviews

Star Rating

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7 Reviews

Review Breakdown

5 grade

14%

4 grade

14%

3 grade

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2 grade

0%

1 grade

71%

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David Miller

SoFi Mortgage does not honor what they advertise. I dealt with them for over two months on a Jumbo loan. The rate on the loan jumped arbitrarily while the market went down. They said it was an internal decision. In the end, they backed out of the loan at the last possible minute when I expected them to be sending closing docs to the Title company. They citing a water restriction on the well as the issue, which is part of the CA Water Conservation Act, and which nearly every rural property is subject to. I attempted to contact the CEO as hi e-mail address is in the portal, and instead of contacting me himself he had one of his minions call me . This company is a fraud. They are either very inexperienced with Mortgage loans or not financially sound. Do not use SoFi for Mortgages.

9 years ago

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Ashton Charleston, IL

SoFi online application stated that your credit will not be pulled during a prequalification. However, my credit was pulled. With a credit score of 707, I was denied which is fine because I was able to secure financing at another institution; my credit union. The puzzling thing is I am unsure what led to my denial; on what grounds was I denied because I have an excellent credit history, stable wages. Well, the online application did not ask for the amount of the desired property or my down payment. Just seem like certain people are denied based on some unknown reason. I say do not waste your time with SOFI...do they even have money to lend? Then, a representative called me for a week straight after I was denied. I was denied lets move one...kind of weird.

9 years ago

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Tprice

I went thru Sofia to get qualified for a mortgage in San Francisco. The experience was terrible. Here's why: (1) took more than 6 weeks for a prequal letter (should have taken a day at most) (2) they literally did the math wrong on my debt to income ratio multiple times - and I had to correct them (3) follow up response times were long, and sofi consistently dropped the ball (4) they tried to sell me student loan refinancing (at a rate higher than what I have) I ended up using a different mortgage servicer after wasting 6-8 weeks with them. Don't even bother!

9 years ago

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TG Rahway, NJ

Subsequent to completing the application and submitting all of the requested material, I was informed that I would get a rate between 4.5 % and 5.5 %. I was shocked because my credit scores are in the low 800s and high 700s, which should qualify me for the lowest rate possibly. I was able to secure a mortgage with another company for rate of 3.625% with 10% down and no PMI. Maybe Sofi is good for student loans, personal loans or for people with bad credit, but I would suggest that you use someone else if you have good credit and are looking for a mortgage.

10 years ago

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Zachary Johnson Phoenix, AZ

I called several times and there was never anybody to help. I called the mortgage dept but they said they left a message with the "real" mortgage dept and they would call me back. I left 2-3 messages and nobody ever called back, so I went with another option. I probably would have gone with Sofi had anybody called back.

9 years ago

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