SoFi Mortgage Review 2024
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Our Take
4.5
SoFi stands out for its convenient one-stop-shopping setup, thanks to the lender’s affiliation with a real estate agent platform and homeowners insurance quote comparison tool. While SoFi offers standard purchase and refinance mortgage options, the lender does not provide construction or renovation loans. Most likely to appeal to conventional loan borrowers, as conventional loans made up 87% of SoFi’s originations last year.
Pros
- Offers a credit up to $10,000 if closing exceeds the contract date and the lender is at fault.
- Sample mortgage rates are highly customizable.
- Borrowers can lock in their rate for up to 91 days after preapproval.
Cons
- Borrowers may experience difficulty with customer service.
Lender | Min. credit score | Min. down payment | |
|---|---|---|---|
580 | 3% | Visit Lenderat New American Funding at New American Funding | |
620 | 3% | Visit Lenderat NBKC at NBKC | |
580 | 3.5% | Visit Lenderat Rocket Mortgage, LLC at Rocket Mortgage, LLC |
Full Review
SoFi is a non-bank lender based in San Francisco. Purchase loans are available in all states except Hawaii, and refinances are available in all states except Hawaii and New York.
🏠 Popular loan types include: conventional loans; VA; FHA; jumbo; rate-and-term refinance; cash-out refinance
💵 Home equity borrowing options: HELOC
SoFi's conventional loans have an unusually wide range of term options, including 10-, 15-, 20- and 30-year loans. Borrowers may benefit from SoFi’s connections with local real estate agents, as well as the lender’s tool for comparing homeowners insurance quotes.
If the closing process surpasses the date outlined in the contract because of SoFi's actions, borrowers may be eligible for up to $10,000 in closing credits.
Borrowers can also access up to 90% of their home equity with a SoFi HELOC, which is more than many competitors.
» MORE: How to apply for a mortgage
How we score SoFi mortgage
Every year, NerdWallet writers and editors use the latest data and independent research to score lenders on an overall rubric, reflecting factors that are most important to mortgage borrowers. Select Why This Category Matters below to learn more.
SoFi has a NerdWallet home loans rating of 4.5 stars overall. Here’s a breakdown of this year’s score.
Category | Star rating |
|---|---|
Average mortgage rates and fees | |
Mortgage rate transparency | |
Variety of loan types | |
Customer experience |
- Why This Category Matters
Average mortgage rates and fees (30%)
Our team analyzes federal data to compare mortgage lenders’ origination fees and offered mortgage rates, measuring annual averages across all loan types, as reported by the lenders. The lowest combination of average rates and fees earns the highest star rating in this category. (It’s worth noting that loans considered higher risk, including those such as FHA loans that are easier to qualify for, often have higher interest rates and fees.) Pro tip: In some cases, paying upfront fees may lower a borrower’s mortgage interest rate.
Mortgage rate transparency (25%)
We check how straightforward it is to comparison-shop rates online. NerdWallet’s transparency ratings are higher for lenders that post sample rates on their sites, and highest for sites with self-serve tools that allow shoppers to see what rates might be like for their particular loan. Pro tip: Borrowers who compare customized rate quotes by applying to three or more lenders could save thousands of dollars over the life of their loan.
Variety of loan types (25%)
Finding the right mortgage is different for each borrower. The highest star ratings in this category are awarded to lenders that our research shows offer a wide range of loan types, improving the odds that a borrower will find the best match for their needs: options for purchase and refinance; fixed-rate and adjustable-rate loans; government-backed FHA, VA or USDA loans; renovation or construction loans; and home equity loans or HELOCs.
Customer experience (20%)
How easy is it to interact with this lender? The highest-rated lenders in this category offer features that are convenient and clarifying for borrowers, such as: an online application, multiple customer service options, a helpful mobile app and candid closing timeline communications.
What borrowers say about SoFi mortgage
NerdWallet’s lender star ratings assess objective qualities, including rates, fees and loan offerings. To help you understand borrowers’ subjective experiences, NerdWallet has gathered customer satisfaction ratings from Zillow. We also contacted SoFi customer support.
→ Average customer rating on Zillow
Customer rating: 4.65 out of 5, as of the date of publication. Rating reflects more than 300 customer reviews.
🤓 Our Nerds say…
We were not able to get in touch with a live representative right away by calling SoFi’s customer service line. Instead, we were placed on a seven-minute hold before being prompted to receive a call back.
There’s also a chat feature, which SoFi reports as being staffed by live agents during working hours, before switching over to a virtual assistant. However, this appears to be available only to current customers who log in to their accounts first.
Alternatives to a home loan from SoFi
We recommend comparing mortgage rate offers from three or more lenders.
Borrowers who find SoFi’s rate lock feature appealing may also be interested in Pennymac, which offers a similar 90-day “Lock & Shop” option.
Borrowers who like SoFi’s flexible range of repayment terms could also be a fit for U.S. Bank, which also offers 10-, 15-, 20- and 30-year loans.
» MORE: Best mortgage lenders
More from NerdWallet
NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: average mortgage rates and origination fees, rate transparency to consumers, variety of loan types (purchase, refinance, fixed and adjustable, for example) and customer experience. Among the factors we consider in these categories are: options to apply for home loans online, typical time to close, mobile app experience, level of detail about mortgage rates on lender websites, and NerdWallet’s own analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These and other items inform detailed rubrics, which generate ratings from 1 star (poor) to 5 stars (excellent). Read more about how we rate mortgage lenders here.
