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SoFi

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7 User Reviews
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Founded in 2011, SoFi is an online finance company that provides student loan refinancing, mortgages, and personal loans. The company's goal is to help its members get ahead and find success.

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The Good

  • No Closing Costs
  • Quick Approval Process
  • Now Serves New York

No Closing Costs

Perhaps one of the best things about obtaining a home loan from SoFi is the fact that the company does not charge closing costs, which can save borrowers thousands of dollars. Very few companies offer this benefit.

Quick Approval Process

Borrowers can be pre-approved for a mortgage loan on SoFi's website in as little as two minutes without having to speak to someone on the phone or damaging their credit, which is a convenient feature.

Now Serves New York

As of January 2017, SoFi is officially licensed to provide mortgage lending services in the state of New York, one of the most difficult states for lenders to acquire a license in. New York represents one of the largest borrower markets in the country, and SoFi's ability to serve this population will significantly expand its reach to borrowers in need.

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The Bad

  • Lack of Information
  • No Specialty Loan Programs

Lack of Information

SoFi has not disclosed interest rates or credit score minimums on its corporate website, which can be frustrating for consumers who would like to have an idea about rates and qualification chances before actually taking the time to apply.

No Specialty Loan Programs

Unfortunately, SoFi does not currently offer any specialty loan options such as FHA loans, VA loans, and USDA loans.

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The Bottom Line

SoFi has a quick approval process and does not charge closing costs. The company now serves New York, one of the largest borrower markets in the nation. However, the company has not disclosed interest rates or credit score requirements on its website and does not offer any specialty loan programs.

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Star Rating

2.0

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7 Reviews

Review Breakdown

5 grade

14%

4 grade

14%

3 grade

0%

2 grade

0%

1 grade

71%

Sentiment Criteria

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Review Source

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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 months ago

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Review Source

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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.

4 months ago

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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.

4 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 SOFI...do 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.

4 years ago

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Tprice

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!

4 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.

5 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.

4 years ago

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