SoFi Mortgage Review 2025

SoFi overview

Since 2014, SoFi has funded more than $7.5 billion in mortgages. The membership-based financial services company has more than 8 million members who take advantage of everything from credit cards to wedding loans. SoFi offers conventional and government-backed mortgages, as well as jumbo loans and refinancing options. The lender has an average purchase loan closing time of 32 days.

Pros and cons of SoFi

How Bankrate scored SoFi

Affordability: 5/5

Because of SoFi’s low APRs, low down payment mortgage options and participation in affordable housing programs, it gets a perfect 5 out of 5 stars for affordability.

• Interest rates: SoFi offers competitive mortgage rates, with APRs significantly below the national average at the time of this review.
• Down payment: SoFi offers VA loans with no down payment, FHA loans with 3.5 percent down and conventional loans with just 3 percent down if you're a first-time homebuyer. Repeat homebuyers getting a conventional mortgage must put down at least 5 percent. 
• Fees: SoFi charges an origination fee of $1,495, which may be discounted by $500 if you’re already a member and qualify.
• Closing costs: While SoFi does not publish specific closing costs, you will have to pay lender fees and third-party costs, such as for the home appraisal and title insurance.

Availability: 5/5

SoFi offers conventional and government-backed loans and is available in most states, so it scores 5 out of 5 stars for availability.

• Home loans offered: SoFi offers conventional loans, jumbo loans, FHA loans, VA loans, refinancing and more.
• Footprint: You can get a SoFi mortgage in every U.S. state except Hawaii. Only purchase loans are offered in New York.
• Where to find: SoFi is online-only, so you’ll have to go through the mortgage process on their site or in their app.

Borrower experience: 4.3/5

SoFi has many convenience factors, such as a mobile app and e-closing capabilities, and shows rates online. However, to receive a customized rate, you’ll have to submit your contact information. Because of this, it scores 4.3 out of 5 stars for borrower experience.

• Application and preapproval process: You’ll start the preapproval process with SoFi online by submitting your personal financial information. Once preapproved, SoFi will give you a verified approval letter which you can show sellers when you make an offer on a home. Once you have a signed purchase agreement, you will begin the mortgage application and underwriting process.
• Transparency: SoFi displays general rates and APRs on its site, but to get a more accurate rate quote, you’ll need to submit your contact information.
• Customer service: With SoFi, you can contact customer service by phone, email or text message. The home loans support line is (844) 763-4466, and service hours are Monday through Friday from 6 a.m. to 3 p.m. PT.

SoFi Mortgage reputation

SoFi is not accredited with the Better Business Bureau, but it has received an A+ rating from the organization. It also gets an “Excellent” rating on the review site Trustpilot. SoFi is a digitally focused company, and its mobile banking app is among the top 50 finance apps in the Apple App Store, where it has 4.8 out of 5 stars at the time of this review.

Refinancing with SoFi

SoFi offers both rate-and-term and cash-out refinancing options. As with a home purchase loan, you can save $500 on the lender’s fee if you're already a So-Fi member.

How to apply for a mortgage with SoFi

You can apply for a mortgage with SoFi online or by phone at (844) 763-4466. Here are some tips to prepare for the process:

1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
3. Provide details about the property. You’ll need to provide the address of the home and submit to a home appraisal.