SoFi Review

68 reviews
Michael Dinich

In a Nutshell

Social Finance Inc, known as SoFi, is an online lender based in San Francisco. SoFi is best-known for its innovative underwriting process, best in class educational tools and resources, assistance, and easy to use applications.

pros

  • Minimum 10% down payment
  • No hidden fees or pre-payment penalties
  • 100% digital applications

cons

  • SoFi does not originate government insured loans
  • Not licensed in all states

SoFi at a Glance

Loan types
Purchase, refinance
Featured loans
Conforming, jumbo
Repayment terms
15- to 30-years
Minimum down payment
10%
Best for
Transparent, digital application and low down payment options

SoFi SoFi Visit SoFi

Overview

SoFi was founded in 2011 by 4 Stanford Graduate School of Business students who wanted to come up with a model that would compete with the traditional underwriting process used by banks. With the SoFi mortgage product, SoFi will consider non-traditional income such as Restricted Stock Options (RSU) for income qualifying. SoFi’s model has been very successful. To date it has issued more than $30 billion in loans and currently has over 700,000 clients, who they call members. 

Best For?

This service is intended for financially ambitious buyers with good credit scores looking to balance out their down-payment and monthly payments (based on APR) and may not have the standard amount to put down.

Types of Loans

SoFi offers a choice between fixed rates and adjustable rates. Here are some of the characteristics of a SoFi mortgage:

  • 100% online applications, from first rate quote through to closure
  • 2-minute pre-qualification. See how much you can borrow in 2 minutes
  • Jumbo loans up to $3 million with no PMI
  • Minimum down payment of 10%, which is half the standard 20% down required by most lenders for conventional loans
  • Considers non-traditional imcome
  • Borrower must be at least 18 years old, a US citizen or permanent resident, and live in one of the states where SoFi is licensed to offer its services (see Pros and Cons for excluded states)

The Application Process

SoFi’s powerful online underwriting system quickly looks over all your information to get you pre-qualified within a couple of minutes. It also automates much of the process, saving you the time of uploading dozens of pieces of documentation manually.

Each applicant is assigned a dedicated loan officer to guide them through the application process. The applicant can monitor the approval process in real-time through SoFi’s digital platform.

Here are the steps to applying for a SoFi mortgage:

  • Register for an account
  • Enter personal information: Includes name, email, phone number, current home address, whether you own or rent, and your monthly mortgage or rental payments
  • Enter details about the property you’re looking for: Purchase or refinance, location, primary/secondary home or investment property, how long you plan to live there, type of property, estimated purchase price, estimated down payment, and consent to a soft pull of your credit (which does not affect your credit score)
  • View pre-qualified rates and terms
  • Enter employment information: Begin by authorizing SoFi Mortgage to run a credit check, then fill in Social Security number, date of birth, employment status, employer name and contact details, and monthly income
  • Enter details about any assets: Choose whether to retrieve assets electronically or add assets manually. SoFi requires details about checking and savings accounts, life insurance, vehicles, stocks and bonds, retirement plans, business assets, and other assets
  • Enter details about any other properties under your ownership
  • Declare any outstanding court judgments against you, bankruptcies, foreclosures, lawsuits, loan delinquency, alimony or child support. State whether you’ll be borrowing any money to make your down payment

Pros and Cons

SoFi is committed to providing buyers the educational tools and resources, assistance, and easy-to-use application needed to navigate the home buying landscape and offers affordable down payments: Put as little as 10% down on loan up to $3 million and never pay any hidden fees or prepayment penalties.

The main drawback is that SoFi doesn’t offer its services in a number of states. 

Repayment Terms

SoFi offers repayment terms of 15, 20, 25, or 30 years on each of its loan options.

Help & Support

Although SoFi is a mainly digital business, it does offer phone support. When you begin your mortgage application, SoFi appoints you a loan officer to guide you through the process.

How This Company Compares


SoFi Mortgage
Quicken Loans
J.G. Wentworth

APRs start from

4.214%

Varies

4.027%

Min. Credit Score 

N/A

620

620 

Min. Down Payment

10%

20%

20%

Max Debt to Income

50%

50%

45%

Terms

15-30 years

10-30 years

15-30 years

Best For

First-time buyers and those looking for lower down payment options

Range of home loan options

Lowest rates

The above table compares conventional loans from SoFi Mortgage to conventional loans from other lenders. 

Summary

SoFi is an excellent option for borrowers who meet its minimum credit requirements but don’t have what the credit bureaus deem to be an “excellent” credit history and are looking for low down payment options. A SoFi mortgage is an excellent choice if you’re looking for a digital lender and do not have the traditional 20% for a down payment.

SoFi FAQ

Q: Will SoFi run a credit check when assessing my application? 

A: Yes, SoFi does run a credit check of its applicants, and yes, this will affect your credit score. 

Q: Where is SoFi based?

A: SoFi’s headquarters are in San Francisco. It also has a large office in Cottonwood Heights, UT.

Physical Address

SoFi Mortgage LLC

1 Letterman Drive, Building A

San Francisco, CA 94129

SoFi SoFi Visit SoFi


Disclaimer:

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org Opens A New Window.)

SoFi Lending Corp. is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age (provided you have the capacity to enter into a binding contract), because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. The federal agency that administers our compliance with these federal laws is the Federal Trade Commission, Equal Credit Opportunity, Washington, DC, 20580. (www.nmlsconsumeraccess.org )

✝ To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

Michael has worked in personal finance for over 20 years, helping families reduce taxes, increase their income, pay down debt and save for retirement. Michael is passionate about personal finance, saving money, and all things geeky.

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Top Reviews

Brad, IL
10 months ago

Ease of use

Brand satisfaction

Value for money

Service quality

They gave me money when I needed it for my student loans payment. I graduated from college because of my loan

Matt, NC
a year ago

Great and fast to use! Enjoy having so much freedom and open dialogue to help me pick the right plan.

Alex, NY
9 months ago

Once again, SoFi is very easy to get up and running and had the convenience of modern tech with modern financial instruments

Jeff, IL
7 months ago

Its the Best account I have had in 49 years! When they say "no fees" they mean "no fees". Period. I love my SoFi account.

Cheyenne, PA
8 months ago

I've only ever heard good things about SoFi to be honest. I have not had a negative experience

Laura, TX
10 months ago

Sofia is the first online lender I've ever worked with. Customer service can't be beat. The application process was quick and easy, and repayment plan is definitely something I can work with.

LeAnne, KS
7 months ago

It was very fast and you get your loan money within 2 days. Customer Service is nice. Easy to fill out online.

Rebecca, NY
9 months ago

Because it helps people keep their money safe. And you can deposit money in the account perfectly.

Ricardo, NJ
8 months ago

The efficiency, ease of application, customer service and quick process and approval was outstanding

Chris, TX
9 months ago

Sofi is the best lender I have done business with. They are hassle free and I don't have to worry.

Michael, NJ
7 months ago

Sofi has great rates. I have no opposition to using this loan servicer. I am very glad I went with them

JW, NJ
a year ago

Easy to work with, answered questions, easy to make payments to, made information about the loan simple.

Enz, MD
7 months ago

SoFi helps members take control of their finances. From getting out of high-interest debt to managing your wealth, they were there to help get my money right.

KC, MN
10 months ago

They are a good company to do business with. They have a great website and great interest rates.

JW, OR
8 months ago

Easy to work with, answered questions, easy to make payments to, made information about the loan simple.

Sharon, TX
8 months ago

I rated them a high score because they were quick to respond to you, re: customer service. I did not get a loan with them because at the time my credit score was not acceptable to them and I didn't have the number of years tax returns they wanted. My credit score has since gone up considerably so I would reconsider applying again.

Anais, FL
8 months ago

I think they have a good system and they work very well. Their website is informative and has all the information I need.

Cassie, TX
10 months ago

Easy to use brand. App works well to keep up with my products that I have with the company.

Riya, TX
a year ago

Service is good and quick. It was easy to use and I was able to receive things quickly. Easy to use.

Suzie, NY
8 months ago

it's an easy company to deal with when it comes to refinancing loans at the right time of my life.

68 reviews