SoFi Mortgage Review 2024 | US News ~ Latest News

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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- and 30-year fixed-rate conventional loans.
FHA loans.
VA loans.
Home equity loans and lines of credit.
Refinance loans.
Cash-out refinance loans.

How Does SoFi Work?

You can prequalify and apply for a SoFi mortgage online, with SoFi mortgage loan officers and representatives available to help. If you apply for a home equity loan, SoFi may assist you by obtaining the loan through its partner, Spring EQ. If so, you can typically expect to receive funds in under three weeks.

What Are SoFi’s Terms, Fees and Conditions?

SoFi charges a lender fee, and the borrower is responsible for the appraisal, title, credit report and third-party 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.

What Discounts Does SoFi Offer?

SoFi customers are eligible for a $500 discount on their origination fee if they have a personal or student loan with SoFi, a SoFi Money account with a balance greater than $0 or a SoFi Invest account with a balance greater than $10,000 at the time of approval.

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 at least the age of majority in their state.
Be a U.S. citizen (or their co-borrower or co-signer must be one), an eligible permanent resident alien or nonpermanent resident alien.
Be purchasing or refinancing a primary residence, second home or investment property.

For cash-out refinance loans, borrowers must have at least 20% equity in their homes, and for traditional refinance loans, borrowers need at least 10% equity. The down payment required for mortgages is as low as 3% for qualified borrowers.

What Credit Score Do You Need?

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 and employment to determine your eligibility.

Where Does SoFi Operate?

SoFi offers a range of home mortgages in 48 states and Washington, D.C. Mortgages are not available from SoFi in Hawaii and purchase only in New York.

Is SoFi Reputable?

SoFi has an A+ rating with the Better Business Bureau. The lender has an excellent rating of 4.6 stars out of 5 with Trustpilot based on more than 7,500 reviews.

In 2023, the Consumer Financial Protection Bureau received 4,485 mortgage-related complaints about SoFi. The most common complaints involved trouble during the payment process and struggling to pay the mortgage. The company provided a timely response to all but 48 complaints and closed 4,376 with an explanation.

How Is SoFi’s Customer Service?

Customers can contact SoFi with questions about home loans by email at mortgage@sofi.com or by phone at 844-763-4466 Monday through Friday from 9 a.m to 6 p.m. Eastern 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 and approval process takes place online. Borrowers can get prequalified in as little as two minutes, select a mortgage loan, complete and submit loan paperwork and receive funding. SoFi also has a mobile app that customers can use to find a mortgage rate.