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SoFi Mortgage Review 2023

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, commissioned or otherwise endorsed by any of our network partners.

SoFi at a glance


4 stars

  Minimum credit score: 620

  Minimum down payment: 3%-5%

  Available loan products and programs: Conventional, Jumbo, Home equity

  Our verdict: SoFi will best serve buyers who want a fixed-rate conventional or jumbo loan, especially if they’re searching for a loan term that other lenders may not offer.


  Several loan term options: choose from 10-, 15-, 20- or 30-year terms

  Cash-out refinancing and HELOCs also available

  Many types of financial services available under one roof, including personal loans, student loans, credit cards, insurance and investment products

  No government-backed loans or adjustable-rate purchase options

  No customer service access on weekends

  Not available in all states

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 48 states and the District of Columbia.

SoFi’s mortgage products


  • Purchase mortgages with fixed 10-, 15-, 20- and 30- year loan terms are available with only a 3% down payment for first-time homebuyers or 5% down payment for other buyers.
  • Rate-and-term refinances can help homeowners save on their monthly mortgage payments or shorten their loan term. Just be aware that Sofi can’t currently issue refinances in every state that it is able to issue purchase loans in.
  • Cash-out refinances are available for homeowners who have at least 5% equity and want to use it to access cash.


Home equity


  • Not offered by this lender.


  • Not offered by this lender.

SoFi mortgage rates and fees

SoFi does publish rates online, but they’re all based on a $325,000 loan with a 20% down payment. Rates aren’t customizable unless you enter a good deal of personal information, including your email address, phone number and residential address.

Mortgage rates published online?
Rate information updated daily or weekly?
Lender fees disclosed?

SoFi application experience

You can begin the loan process by applying for prequalification online but, if you’re hoping to jump right in, know that you can’t apply for a SoFi mortgage online unless you first go through the prequalification process.

If you choose to proceed with a loan, expect to meet in person for your closing — SoFi doesn’t offer any electronic or remote notary closing options.

SoFi’s customer service experience

SoFi’s customer support is accessible through a variety of channels including phone, email and chat. But if you expect to need help outside of weekdays, or in the later hours of the day, SoFi might not be for you. You won’t be able to reach anyone on the weekends, and chat support is only manned during the same hours as the phone lines: 6 a.m. to 6 p.m. PT, Monday through Friday.

How does SoFi compare to other lenders?

SoFiLower MortgageBetter Mortgage
Lender rating
Minimum credit score620500620
Minimum down payment3%-5%0% to 3%0% to 3.5%
Loan products and programs
  • Conventional
  • Jumbo
  • HELOCs
  • Conventional
  • FHA
  • VA
  • Jumbo
  • USDA
  • Conventional
  • FHA
  • VA
  • Jumbo

How we rated SoFi

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: 4/5

  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

Today's Mortgage Rates

  • 5.72%
  • 5.03%
  • 6.32%
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