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SoFi Mortgage Review 2022

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Social Finance Inc., which goes by SoFi, is an online personal finance company and lender founded in 2011 and based in San Francisco. The company began offering mortgages in 2014 and is now licensed to lend in 46 states and the District of Columbia.

Who is this lender for?
  • New purchase and refinance borrowers
  • Families buying a second home or investment property
  • People seeking a home equity loan

7/10 LendingTree’s mortgage lender rating 

LendingTree’s mortgage lender rating is based on a 10-point scoring system that factors in several features, including digital application and closing processes, available loan products and online and in-person accessibility. LendingTree’s editorial team calculates each rating.

  = 1 pt   = 0 pts

  1.   Application online: Yes
  2.   Product info online: Yes
  3.   Rates listed online: Yes
  4.   Helpful articles about mortgages and homebuying: Yes
  5.   Standard product offerings: No
  6.   Special programs: Yes
  7.   Info about how to qualify for products offered online: Yes
  8.   E-closing availability: No
  9.   Licensed in at least 35 states: Yes
  10.   After-hours and weekend access to loan officers: No

SoFi pros and cons


  Multiple loan terms available. SoFi’s loans are available with terms of 30, 20, 15 or 10 years, helping you find a term length and monthly payment that’s best for you.

  Cash-out refinancing and home equity loans available. If you need to tap your home’s equity for a big purchase or to consolidate debt, SoFi can help you out.

  Several types of loans available. SoFi offers a wide variety of other loans, including personal loans, student loans, credit cards, insurance and investment products. Once you’re a SoFi member, it may be easier to access these other services.


  Few mortgage products available. SoFi appears to only offer conventional fixed-rate loans. If you’re looking for government loan programs, you’ll want to look elsewhere.

  Higher down payment required. SoFi requires a 5% down payment on its mortgage loans. Other lenders offer conventional loans with as little as 3% down.

  Mortgages not available in all states. If you’re buying a home in Hawaii, Missouri, New Mexico or New York, you won’t be able to use SoFi.

SoFi borrowing requirements

Minimum credit score620
Minimum credit score 620
Minimum down payment 5%
Available loan terms 30-, 20-, 15- and 10-year fixed-rate loans
Available loan types Conventional fixed rate
Home equity
Investment property

SoFi mortgage rates and fees

SoFi publishes mortgage rates online and updates them daily. The company does charge a lender fee, but doesn’t disclose the amount. SoFi currently offers a $500 discount on this fee. SoFi home loan borrowers will also pay other closing costs, including appraisal and title fees.

SoFi mortgage products


SoFi only offers conventional fixed-rate mortgages, with terms of 30, 20, 15 or 10 years. Mortgages are available for both primary residences and second homes.


Mortgage refinance loans are available with a maximum loan-to-value (LTV) ratio of 95%. Cash-out refinances are also available, with a maximum 80% LTV ratio. Borrowers can also choose to use their cash-out refi to pay off student loans.

Home equity

SoFi partners with SpringEQ to offer fixed-rate home equity loans.

How does SoFi compare to other lenders?

SoFiWells FargoTruist
Minimum credit score 
  • 620
  • Not disclosed
Minimum down payment 
  • 5%
  • 0% (VA, USDA )
  • 3% (Conventional)
  • 3.5% (FHA)
  • 0% (VA, USDA)
  • 3% (Conventional)
  • 3.5% (FHA)
Loan products and types 
  • Conventional
  • Home equity
  • Investment property
  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
  • New construction
  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
Special programs offered 
  • None
  • NeighborhoodLIFT down payment forgivable loan
  • “Dream. Plan. Home.” closing cost grant
  • Doctor loans
  • Fannie Mae Home Ready
  • Freddie Mac Home Possible
  • Community Homeownership Incentive program (CHIP)
  • Rural development
Lender ReviewWells FargoTruist


Today's Mortgage Rates

  • 5.56%
  • 5.18%
  • 3.31%
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