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LAST UPDATED: September 23rd, 2022

SoFi, founded in 2011, is an online finance company that provides multiple loan products, including personal loans, student loans, and home loans.

A SoFi mortgage is quick and easy to apply for through an entirely online application process. SoFi home loan options are limited, but competitive rates are available for conventional loans. However, the lender doesn’t provide government-backed loans (FHA, VA, or USDA loans).

Continue reading for a full review of this company, or jump down to read SoFi mortgage reviews from real customers.


The Good

  • SoFi Mortgage Loan Types
  • SoFi Rate Transparency
  • SoFi Online Mortgage Application Process
  • On-Time Closing Guarantee
  • SoFi Rate Lock
  • HomeStory Rewards Rebate
  • SoFi Member Perks

SoFi Mortgage Loan Types

Sofi offers the following loan types:

  • Conventional Loan
  • Jumbo Loan

Compared to other mortgage lenders, these products are extremely limited but will meet the needs of most homebuyers, particularly those that are existing SoFi customers. But it is important to note that SoFi doesn’t offer government-backed loans (FHA, VA, or USDA loans).

SoFi Mortgage Refinance Options

SoFi offers three mortgage refinance options:

  • Refinance — A simple refinance process that can help you get a lower rate, resulting in a lower monthly payment and more savings.
  • Cash-Out Refinance — Get cash from the equity in your home to pay off debt, finance home renovations, and more.
  • Student Loan Cash-Out Refinance — Get cash from the equity in your home to pay off your student debt.

SoFi's Student Loan Cash-Out Refinance product is a unique option, allowing you to leverage your home equity specifically for paying off your student debt. This isn't a product that you'll likely see with other lenders, although there may be a possibility that you could use a cash-out refinance with another lender to pay down student debt.

SoFi has teamed with Spring EQ to provide home equity options for homeowners. Through Spring EQ the application and funding process is streamlined, getting you cash-in-hand in as little as two weeks. Accessing your home equity can help you pay off debt, make home improvements, or make other large purchases.

SoFi Rate Transparency

SoFi provides daily updated APRs for 30-, 20-, 15-, and 10-year fixed rate mortgage loans. SoFi interest rates are lower than industry average rates, but the rate you will get is based on a variety of factors, such as your credit history and debt-to-income (DTI) ratio.

SoFi Online Mortgage Application Process

Applying for a SoFi home loan is quick and easy with an entirely online application process. To apply, you will need to complete the following steps:

  1. Pre-qualify for a mortgage loan online in just a few minutes.
  2. Choose your home loan.
  3. Complete paperwork and receive funds.

In addition, throughout the mortgage application process you can receive personalized one-on-one help from a SoFi Mortgage Loan Officer.

On-Time Closing Guarantee

While a specific closing timeline isn’t provided, SoFi ensures that you will close on time with its $2,000 On-Time Closing Guarantee. SoFi mortgage loan officers are committed to get you to close as quickly as possible, but if they don’t, you will receive $2,000.

Certain conditions and restrictions may apply.

SoFi Rate Lock

Through Sofi’s Lock and Look feature, you can lock your mortgage rate for up to 90 days.

HomeStory Rewards Rebate

SoFi provides the option to manage your home buying or home selling process all in one place through HomeStory Rewards, operated by HomeStory Real Estate Services. 

Through this program you can get a portion of your real estate agent’s commission after closing, resulting in $350 to $9,500 (rebate amounts are based on the home sale price) in your pocket. However, you must work with a HomeStory real estate agent to access this rebate.

SoFi Member Perks

If you are an existing SoFi member (perhaps you have an existing SoFi loan or have a SoFi checking or savings account), you can access additional perks and features:

  • Get $20 in a SoFi Checking and Savings or SoFi Money account for checking your mortgage rate.
  • Save $500 on your mortgage purchase or refinance processing fee.

Certain terms and conditions may apply for either of these member benefits.

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The Bad

  • No Government-Backed/Specialty Loans
  • Not Licensed Nationwide

No Government-Backed/Specialty Loans

SoFi doesn't offer government-backed loans, including FHA, VA, or USDA loans. These loan types can provide mortgage options for a wider variety of borrowers because they are often designed for low-credit borrowers, and have a lower minimum down payment requirement.

SoFi doesn't offer adjustable mortgage rate loans (ARMs) or jumbo loans, other typical loan products that you might see with other lenders.

Not Licensed Nationwide

SoFi is licensed to originate mortgage loans in all states, including Washington, D.C. But the lender isn’t licensed to lend in Hawaii.


The Bottom Line

SoFi offers a streamlined, online mortgage application process that can get you closing faster than other lenders. If the lender doesn’t close on time, you can receive $2,000 (certain terms and conditions may apply) through SoFi’s On-Time Closing Guarantee.

While SoFi offers competitive rates for its conventional loan products, available mortgage loan types are extremely limited — the lender doesn’t offer government-backed loans (FHA, VA, or USDA loans). If you are looking for more flexible or specialized loan products, SoFi may not be the best option for you.

SoFi mortgage reviews are currently limited, and we are unable to provide an accurate recommendation of this company based on customer sentiment at this time. However, the majority of existing SoFi reviews are negative. 

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8 Reviews

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David Miller

SoFi Mortgage does not honor what they advertise. I dealt with them for over two months on a Jumbo loan. The rate on the loan jumped arbitrarily while the market went down. They said it was an internal decision. In the end, they backed out of the loan at the last possible minute when I expected them to be sending closing docs to the Title company. They citing a water restriction on the well as the issue, which is part of the CA Water Conservation Act, and which nearly every rural property is subject to. I attempted to contact the CEO as hi e-mail address is in the portal, and instead of contacting me himself he had one of his minions call me . This company is a fraud. They are either very inexperienced with Mortgage loans or not financially sound. Do not use SoFi for Mortgages.

6 years ago

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Ashton Charleston, IL

SoFi online application stated that your credit will not be pulled during a prequalification. However, my credit was pulled. With a credit score of 707, I was denied which is fine because I was able to secure financing at another institution; my credit union. The puzzling thing is I am unsure what led to my denial; on what grounds was I denied because I have an excellent credit history, stable wages. Well, the online application did not ask for the amount of the desired property or my down payment. Just seem like certain people are denied based on some unknown reason. I say do not waste your time with they even have money to lend? Then, a representative called me for a week straight after I was denied. I was denied lets move one...kind of weird.

6 years ago


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Diana Lynn San Francisco, CA

SoFi is who I bank with and this is the new wave of banking! Love SoFi, love all of their products their customer service has been phenomenal from start to finish and loan officers are incredibly personable.

1 year ago

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I went thru Sofia to get qualified for a mortgage in San Francisco. The experience was terrible. Here's why: (1) took more than 6 weeks for a prequal letter (should have taken a day at most) (2) they literally did the math wrong on my debt to income ratio multiple times - and I had to correct them (3) follow up response times were long, and sofi consistently dropped the ball (4) they tried to sell me student loan refinancing (at a rate higher than what I have) I ended up using a different mortgage servicer after wasting 6-8 weeks with them. Don't even bother!

6 years ago

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TG Rahway, NJ

Subsequent to completing the application and submitting all of the requested material, I was informed that I would get a rate between 4.5 % and 5.5 %. I was shocked because my credit scores are in the low 800s and high 700s, which should qualify me for the lowest rate possibly. I was able to secure a mortgage with another company for rate of 3.625% with 10% down and no PMI. Maybe Sofi is good for student loans, personal loans or for people with bad credit, but I would suggest that you use someone else if you have good credit and are looking for a mortgage.

7 years ago


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C Hall Richmond, VA

SoFi's pre-approval process was simple enough, but also feels somewhat disconnected from the rest of the Sofi experience and thus can feel off putting. Otherwise, process is as expected.

2 years ago


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Samuel Tripp ,

Sofi has been the perfect tool for me to get my finances in line. The layout of their app is extreemly easy to use, and there is Always someone to answer the phone.

2 years ago

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Zachary Johnson Phoenix, AZ

I called several times and there was never anybody to help. I called the mortgage dept but they said they left a message with the "real" mortgage dept and they would call me back. I left 2-3 messages and nobody ever called back, so I went with another option. I probably would have gone with Sofi had anybody called back.

6 years ago