SoFi
Author: Kalicia Bateman
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.
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.
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.
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.
Review Source
C Hall Richmond, VA
5 years ago
