SoFi Mortgage Review 2025
Ratings and reviews are from real consumers who have used the lending partner’s services.
Ratings and reviews are from real consumers who have used the lending partner’s services.
600
0% to 10%
Conventional, FHA, VA, jumbo, HELOCs
- Loan terms of 10, 15, 20 and 30 years
- Access home equity with HELOCs and cash-out refinances
- One-stop lender for personal loans, banking, credit cards, student loans, investments, insurance and more.
- Adjustable rate purchase options not available except for VA loans
- Not available in every state
- Customer service not available on weekends
SoFi mortgage overview
Founded in 2011 as Social Finance Inc., SoFi is a digital financial services company based in San Francisco. The company started offering mortgages in 2014 and is licensed to issue and refinance mortgages in all states except Hawaii. In New York, it is limited only to purchase mortgages.
- Areas of service: All states except Hawaii, although refinances are not available in some states
- Digital service: Online-only lender
- Headquarters: 234 First Street, San Francisco, CA 94105
- Website: SoFi.com
SoFi rates, terms and fees
Rates
SoFi lists mortgage rates on its website, stating they are updated daily. However, these rates only apply to loans of $362,000. When compared to other lenders, SoFi’s rates are highly competitive, with an average rate at 0.26 percentage points above the average prime offer rate (APOR) in 2023. Lenders use the APOR as a benchmark for determining the lowest APR they are likely to offer for mortgages in the current market.
SoFi’s rate spread from 2022 to 2023 decreased 10%. That’s good news, given the lower the number, the less expensive the loan is.
Fees
For 2023, the average total loan cost for a SoFi mortgage was $6,097, based on data provided by the Federal Financial Institutions Examination Council (FFIEC). Those costs include application and appraisal fees, origination fees and other closing costs.
SoFi acknowledges it charges a lender fee, but doesn’t state what that lender fee is. You likely would have to ask what this fee is or wait until you receive a preapproval letter to see if it’s included in the estimated costs.
Although SoFi doesn’t offer the lowest fees for a home loan, its fees are highly competitive based on FFIEC data.
What discounts does SoFi offer?
Although borrowers can pay for discount points to lower their interest rate, home loans are not eligible for SoFi’s member discount — a 0.125% interest rate discount for borrowers who take out additional loans.
What types of mortgage loans does SoFi offer?
SoFi offers a variety of home loans including:
Conventional loans
SoFi offers three types of conventional loans: fixed-rate mortgages, rate-and-term refinances and cash-out refinances.
Conventional loan qualification requirements
- Down payment as low as 5% for well-qualified buyers
- 580 minimum credit score for cash-out refinance
FHA loans
Backed by the Federal Housing Administration, FHA loans offer homebuyers with less-than-perfect credit or low down payment funds an opportunity to purchase a home.
FHA loan qualification requirements
- 600 minimum credit score
- 3.5% minimum down payment
VA loans
Backed by the U.S. Department of Veterans Affairs, VA loans typically come with lower interest rates, closing costs and credit score requirements.
VA loan qualification requirements
- 600 minimum credit score
- Must provide a Certificate of Eligibility from the U.S. Department of Veterans Affairs
Jumbo loans
SoFi offers jumbo loans for up to $3 million without any private mortgage insurance requirement.
Jumbo loan qualification requirements
- Minimum 10% down payment
Home equity lines of credit
SoFi offers home equity lines of credit (HELOCs) that may be funded by SoFi or through a partnership with SpringEQ.
Home equity lines of credit qualification requirements
- Maximum of 90% of your home equity or $500,000
SoFi mortgage qualifications
| Credit score minimum | 600 |
| DTI ratio Debt-to-income (DTI) ratio compares your monthly gross income to your monthly debt payments. maximum | Conventional: Not disclosedFHA: Not disclosedVA: Not disclosedJumbo: Not disclosed |
| Down payment minimum | Conventional: 5%FHA: 3.5%VA: 0%Jumbo: 10% |
Don’t know your credit score? Get your free score on LendingTree Spring today.
How to boost your loan approval odds
How to apply for a SoFi mortgage
1. Choose your loan type
Go to Sofi.com, and choose the loan type you want from the top menu bar.
2. Get prequalified
Click on the “Get pre-qualified,” “View your rate” or “Get started” buttons to provide preliminary information so you can see the mortgage rates you likely could qualify for and possibly receive a prequalification letter.
3. Submit a loan application
Once you are prequalified, you will provide all requested documents to SoFi, who will review your application. If accepted, you will receive a verified preapproval letter to present when making an offer on a home.
Documents you’ll need for prequalification or preapproval
- Identification
- Tax documents
- Bank statement
- Pay stubs
- Debt and asset statements
- Gift letters (if you’re using gifted funds)
Find out more about how to apply for a home loan.Is it safe to get prequalified with SoFi?
It is safe to get prequalified or preapproved with SoFi. SoFi does a soft pull on your credit, so it won’t affect your credit score. And having a preapproval letter will boost your home offer because sellers will know you can follow through on your offer.
SoFi’s customer service experience
If you have questions about a mortgage application, you can contact customer service from 6 a.m. to 3 p.m. PT Monday through Friday.
- Phone: 844-763-4466
- X: @SoFiSupport
You also can chat with customer service through the website, but you must sign up for a SoFi account first.
SoFi has more limited customer service hours than many other large, national lenders, which could be prohibitive for some borrowers.
How does SoFi compare to other lenders?
|  |  |
|
|---|---|---|---|
| LendingTree’s rating | Back to our SoFi summary |  Read our SoFi vs. Lower Mortgage comparison | Read our SoFi vs. Better Mortgage comparison |
| Minimum credit score | 600 | 580 | 580 to 620 |
| Minimum down payment | 0% to 10% | 0% to 3% | 0% to 3% |
| Rate spread Rate spread is the difference between the average prime offer rate (APOR) — the lowest APR a bank is likely to offer any private customer — and the average annual percentage rate (APR) the lender offered to mortgage customers in 2023. The higher the number, the more expensive the loan. | 0.26% | 0.39% | -0.04% |
| Loan products and programs |
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|
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| Better for: | Prospective homebuyers who want an online experience | Prospective homebuyers with less-than-perfect credit | Prospective homebuyers who want a quick rate quote and preapproval |
SoFi vs. Lower Mortgage
Both SoFi and Lower offer the same mortgage products — conventional, FHA, VA, jumbo and HELOCs — but thanks to a lower rate spread, SoFi typically has lower rates. SoFi also typically has lower closing costs and fees than Lower does. However, if you choose Lower, you could refinance your original mortgage loan as many times as you want without paying lender fees.
→ Read more in our full Lower mortgage review.
SoFi vs. Better Mortgage
Both SoFi and Better Mortgage offer the same mortgage products — conventional, FHA, VA, jumbo and HELOCs — but Better Mortgage offers rate quotes and preapprovals within minutes. However, Better Mortgage claims it doesn’t charge many common lender fees; based on FFIEC data, Better Mortgage has higher closing costs than SoFi.
→ Read more in our full Better Mortgage review.
Ready to compare lender offers on LendingTree? Get Your Rates TodayHow LendingTree rated SoFi Mortgage
LendingTree’s mortgage lender rating is based on a five-point scoring system that factors in several features, including digital application processes, available loan products and the accessibility of product and lending information.
LendingTree’s editorial team calculates each rating based on a review of information available on the lender’s website. Lenders receive a half-point on the “offers standard mortgage products” criterion if they offer only two of the three standard loan programs (conventional, FHA and VA). In some cases, additional information was provided by a lender representative.
SoFi’s scorecard:
Publishes rates online
Offers standard mortgage products
Includes detailed product info online
Shares resources about mortgage lending
Provides an online application
= 0 points = 0.5 points = 1 point
Frequently asked questions
With SoFi, you can access rate quotes and get prequalified through the website. Once you receive your mortgage loan, you can manage your account via the website or using the company’s mobile app.
Yes, SoFi is a legitimate mortgage lender that has been in business since 2011 and offering mortgages since 2014. It is licensed in all states.
You can view more info about SoFi’s state licenses and registrations through the Nationwide Multistate Licensing System and Registry (NMLS) website.
Yes, getting a mortgage will impact your credit score. Typically, your credit score will drop approximately 20 points. Even if it drops more than 20 points, it likely will rebound within a year.
SoFi has a rating of 4.5 out of 5 on Trust Pilot, which is based on more than 8,700 customer reviews. That rating is considered “Excellent,” meaning that SoFi customers who left a review were happy with the service and experience they received.
For customers who left critical reviews, a common theme was frustration with customer service due to lack of communication or support. Problems included frozen or closed accounts, failure to address fraudulent charges and changes to rate terms after approval.