SoFi is a fintech company that uses a membership model to offer a range of financial services and financial education tools to its members.
Licensed to issue mortgages in 45 states, SoFi offers competitive interest rates on purchase and refinance mortgage loans. However, its loan offerings are limited.
In this review:
SoFi mortgage purchase review
Best for:
- SoFi members
- Borrowers with good credit
- Borrowers who plan to remain in their home for many years
SoFi’s mortgage options consist of fixed-rate conventional loans with terms ranging from 10 to 30 years. The no-frills program lets you buy a primary home or investment property with as little as 5% down, but you’ll need private mortgage insurance (PMI) if your down payment is less than 20%.
To find out what rates you might qualify for, you’ll have to submit your contact information as well as information about the property, and consent to a soft credit pull. Alternatively, you can call to speak with a loan officer and get mortgage rates without providing contact information.
If you’d like, you can complete your entire SoFi loan application process online. And if you sign up as a member, you’ll get $500 off SoFi’s $1,495 mortgage origination fee.
Other member benefits include a rewards program and member experiences — such as financial webinars, career networking opportunities, and social activities.
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| Credible rating | 
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| Mortgage programs | Conventional |
| Fixed-rate loan terms | 10, 15, 20, 30 years |
| Rates and fees | Rates depend on loan and borrower qualifications. SoFi charges a $1,495 ($995 for members) origination fee. |
| Min. down payment | 5% |
| Min. credit score | 660 |
Pros and cons of buying a home through SoFi
Here’s a quick rundown of the pros and cons of taking out a mortgage loan through SoFi:
Pros
- Competitive rates
- Member discount on origination fee
- Straightforward, easy-to-understand loan program
Cons
- Must give personal information and agree company’s terms to get rates online
- Limited loan types — no adjustable-rate mortgages; no FHA loans, VA loans or USDA loans; and no jumbo loans
- Stringent credit requirements
Learn More: 13 Tips for First-Time Homebuyers: Your Must-Know Advice
SoFi mortgage refinancing review
Best for:
- Borrowers who want to reduce their interest rate, change their loan term, or refinance from an adjustable rate to a fixed rate
- Borrowers with high-interest debt
- Borrowers with student loans
As with its purchase loans, SoFi’s basic refinance loan is a no-frills product you can use to reduce your interest rate, change the term of your loan, or refinance from an adjustable-rate loan to a fixed rate. You can qualify for a refinance loan with as little as 10% equity in your home.
SoFi offers two cash-out refinance loans:
- Standard cash-out refinance: With a traditional cash-out refinance, you’ll pay off your existing mortgage, replace it with a more expensive loan, and receive the extra cash as a lump sum, minus any closing costs. You can use the cash as you like — to pay down high-interest debt, for example, or pay for home renovations.
- Student loan cash-out refinance: Offered in partnership with Fannie Mae, this program automatically disburses money from your refinance proceeds to your student loan servicer to pay down your student loan balance.
Refinance loans have the same perks as purchase loans, including competitive rates and a $500 membership discount on your loan processing fee.
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| Credible rating |
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| Mortgage refinance programs | Conventional refinance, cash-out refinance, student loan cash-out refinance |
| Fixed-rate loan terms | 10, 15, 20, 30 years |
| Rates and fees | Rates vary according to loan type and borrower’s qualifications. $1,495 origination fee ($995 for members). |
| Min. credit score | 660 |
| Min. loan-to-value ratio | 90% for refinance; 80% for cash-out refinance |
Pros and cons of refinancing through SoFi
There’s a lot to consider before you submit your loan application — review the pros and cons of SoFi’s refinancing process before proceeding.
Pros
- Membership discount
- Unique student loan cash-out refinance
- Online application
Cons
- Rates not publicly available
- No variable-rate loans or government-backed loans
- Not available in all states
Compare multiple lenders first
If SoFi’s online application appeals to you but the company isn’t licensed in your state, there are other digital lenders to consider. Rocket Mortgage, a digital mortgage platform offered by Quicken Loans and a Credible partner lender, is one option.
It’s not membership-based so it doesn’t offer the discounts and perks SoFi members get, but it does have comparable rates, a wider range of loan options, and availability nationwide.
Be sure to also compare rates and other loan details from a variety of lenders. As an online mortgage broker, Credible makes this process easy. A single form and a few minutes of your time can get you personalized rates from our partner lenders — simply compare your options and choose the best loan for you.
The company above is one of Credible’s approved partner lenders. Because they compete for your business through Credible, you can request rates from them by filling out a single form. Then, you can compare your available options side-by-side. Requesting rates is free, doesn’t affect your credit score, and your personal information is not shared with our partner lenders unless you see an option you like. Credible receives compensation if you close a loan with one of our partner lenders. The rates you receive and the fees you pay (if any) are not impacted by this compensation.
