SoFi Mortgage Review 2021: Complete Digital Experience With Quick Financing

Wendy Wilson

SoFi offers a complete online experience from application to fast funding. The lender can help you buy your home (including investment property) or refinance an existing mortgage while making the process quick and easy. 

Overall rating

5.0

Summary: SoFi provides competitive rates with one of the fastest funding turnaround times in the industry (less than 30 days).

SoFi Mortgage

academy mortgage logo
NMLS #1121636

580+

Min. Credit Score

5%

Min. Down Payment


Reviews

5

Mortgage Application

5

Mortgage Products

5

Mortgage Fees & Rates

5

Customer Service

5

Safe & Secure

Pros

  • Transparency
  • Membership benefits
  • Loan on investment properties

Cons

  • Government loans not supported
  • Unavailable in some states

Best For

  • Online mortgage application
  • Fast financing
  • Personalized loans

Features

HQ2750 East Cottonwood Parkway #300
Cottonwood Heights, Utah 84121
Min. Loan Amount$100,000
Max. Loan Amount$548,250 ($825,450 in certain counties with higher median home prices)
Cash-Out LimitVaries
Min. Credit Score620+
Min. Down Payment5%
Min. Yearly IncomeVaries
Fixed-Rate Terms10, 15, 20, 30 years
Adjustable-Rate TermsN/A
Loan TypesConventional, Interest-only, Refinance, Cash-out
State RestrictionsNot available in AK, HI, MO, NH, NM, NY, WV

In depth review on SoFi Mortgage 

Financial statistics reveal that the US Mortgage debt stands at $16.67 trillion. SoFi offers competitively lower interest rates and downpayment as low as 5%. Some of the Mortgage options offered by SoFi include purchase loans, refinance, and equity loans.

The lender also offers its members a discount of up to $500 on a mortgage, which applies to the processing fee. 

SoFi Mortgage is best for

  • Online mortgage application: SoFi has made life easier by removing paperwork nightmares. You can complete your mortgage application online and also receive financing without ever meeting a loan officer in person.
  • Fast financing: Your purchase application can close in less than 30 days, which is one of the fastest in the industry.
  • Personalized loans: SoFi will assess your financial situation and see if there is flexibility in mortgage requirements, such as debt-to-income limits, which may help you qualify for more financing.

SoFi Mortgage benefits

  • Transparency: SoFi offers a calculator to determine your rates, and you can view your loan amount, monthly payment, cumulative interest, and payoff date. There are no hidden fees with the SoFi Mortgage.
  • Membership benefits: SoFi members enjoy up to a $500 discount on their processing fee. The loan processing fee for non-members is $1495. Members also enjoy free financial advice from accredited advisors and career coaching to help them through their financial situations. 
  • Investment properties: You can get a loan on an investment property and still have access to perks (membership benefits) if you were to mortgage or refinance your primary residence through SoFi

SoFi Mortgage drawbacks

  • Certain loans not supported: Jumbo, FHA, VA, and USDA loans are not supposed by the lender at this time.
  • Unavailable in some states: SoFi is not licensed to operate in the following US states, i.e., Alaska, Hawaii, Missouri, New Hampshire, New Mexico, New York, and West Virginia. 

Factors contributing to the overall rating

Mortgage application

5

SoFi Mortgage offers a user-friendly platform in which borrowers can sign up and apply for loans. You can use the mobile app or desktop platform to open a SoFi Account. 

Only individuals who reside in states where SoFi mortgage is licensed can apply for the loan. SoFi considers several factors to determine your eligibility. They include:

  • Credit Score 
  • Financial history 
  • Maximum debt-to-income
  • Monthly income vs. expense ratio
  • Employment status/history
  • U.S citizen, eligible permanent or nonpermanent resident alien
  • You will hold onto the property for at least 12 months
  • Purchasing or refinance a primary home, second home, or investment property

Mortgage products

5

SoFi members enjoy a few range of mortgage products, and you can typically close within 30 days. 

Purchase

Conventional LoansThe lender’s conventional loans are more flexible, with a downpayment ranging between 5% – 20%. Borrowers with a 5% down payment are required to pay PMI.

Refinance

Rate and term refinanceYou can only choose a fixed rate to refinance. 
Cash-out refinanceMembers can refinance their mortgages and simultaneously borrow more money. SoFi offers members a chance to utilize the equity in the homes to help remodel the house.  

Fees and rates

5

SoFi Mortgage charges a lender fee of $995, and you’ll be subject to any closing costs from third parties, such as appraisals. In addition, interest rates may vary depending on your credit score, co-signer, down payment, repayment period, and loan amount, among many others. 

The lender offers a calculator where you only need to enter the property value, downpayment, and repayment period (fixed or adjustable) to generate your rate. After determining your rate, you can view your loan amount, monthly payment, cumulative interest, and payoff date. 

You can receive a quote within 2 minutes on their website here.

Customer service

5

Members can also contact SoFi’s loan officers and receive guidance on the type of mortgage that suits their financial situation and goals. There is also a member specialist on standby should you have any other queries that do not fall under the mortgage category. 

The working hours for mortgage support staff is Monday to Friday from 6:00am to 6:00pm PST. 

You can contact their support through phone, email, or the chatbox on their app. 

Safe and secure

5

SoFi uses encryption technology to ensure your data is safe. The lender has also outlined several policies on member information collection and disclosure through the GLBA Privacy Notice covered under the Gramm-Leach Bliley Act, the Online Privacy Policy, and California residents are also covered under the CCPA (California Consumer Privacy Act). 

Is SoFi Mortgage right for you?

Sofi offers loan options to suit your financial situation and provides a complete digital experience allowing you to apply and get funding online. If you’re looking to get funding quickly (within 30 days or less), SoFi has you covered.