SoFi Mortgage Review 2021 | US News
SoFi is an online lender founded in 2011 that offers fixed-rate mortgages. Refinance loans are also available, including cash-out refinance student loan cash-out refinance, a program that allows you to consolidate refinance your student loans your mortgage.
- Down payments as low as 5%.
- Prequalify apply for your mortgage online.
- Refinancing to consolidate your student loans mortgage.
- Federal Housing Administration, Department of Veterans Affairs U.S. Department of Agriculture loans are not supported.
- Charges a lender fee.
What Types of Mortgage Loans Does SoFi Offer?
SoFi offers a complete online borrowing experience for homebuyers seeking fixed-rate mortgages, as well as existing homeowners hoping to refinance. SoFi offers:
- 10-, 15-, 20- 30-year fixed-rate conventional loans
- Refinance loans
- Cash-out refinance loans
- Student loan cash-out refinancing
- FHA loans
- VA loans
- USDA loans
SoFi customers can also access home equity loans through lender Spring EQ.
You can prequalify apply for a SoFi mortgage online, with SoFi mortgage loan officers representatives available to help. If you apply for a home equity loan through SoFi’s partnership with Spring EQ, you can typically expect to receive funds in under three weeks.
SoFi charges a lender fee, the borrower must pay the appraisal, title, credit other fees. If the loan-to-value ratio on your mortgage is more than 80%, you will also be required to obtain borrower-paid mortgage insurance. There is no prepayment penalty for paying your home loan off early.
Customers with an existing SoFi personal loan or student loan or who have a SoFi Invest account with at least a $50,000 balance may qualify for a $500 discount on their mortgage or refinancing processing fee. You can also buy discount points to decrease your interest rate by making a bigger down payment.
How Can You Qualify?
To qualify for a mortgage or mortgage refinance loan with SoFi, borrowers must live in a state where loans are available be working with a primary residence, second home or investment property. For cash-out refinance loans, borrowers must have at least 20% equity in their homes, for traditional refinance loans, borrowers need at least 10% equity. The down payment required for mortgages is as low as 5% for qualified borrowers.
You should have a FICO credit score of at least 620 when you apply for a mortgage from SoFi. SoFi also considers other attributes such as your income employment to determine your eligibility.
SoFi offers home mortgages in Washington, D.C., 46 states. Mortgages are not available from SoFi in Hawaii, Missouri, New Mexico or New York.
Is your dream home within reach? U.S. News’ mortgage calculator will show you how much house you can afford.
Is SoFi Reputable?
SoFi has an A+ rating with the Better Business Bureau, but it is not BBB accredited there is government action recorded against the company. The lender has an average rating with Trustpilot based on more than 2,000 reviews.
In 2020, the Consumer Financial Protection Bureau received 18 mortgage-related complaints about Social Finance SoFi Mortgage, an affiliate of SoFi Lending Corp. The most common complaints involved:
- Difficulty closing on a mortgage.
- Trouble during the payment process.
- Issues with applying for a mortgage or refinancing a mortgage.
The company provided a timely response to each complaint. It closed 17 of the complaints with an explanation one with monetary relief.
SoFi Mortgage has an overall 3.8-star out of 5 rating from U.S. News, with 3 stars for affordability, 4 stars for customer service 3 stars for eligibility.
Customers can contact SoFi with questions about home loans by email at [email protected] or by phone at 844-763-4466 Monday through Friday from 6 a.m to 6 p.m. Pacific Time. You can also speak with a mortgage loan officer during your mortgage application process.
What Are Some of SoFi’s Online Features?
SoFi’s mortgage application approval process takes place online. Borrowers can get prequalified in as little as two minutes, select a mortgage loan, complete submit loan paperwork receive funding. SoFi also has a mobile app that customers can use to find a mortgage rate.