SoFi Mortgage Review: Apply for a Mortgage Online

Best Overall

4.8 _/5

View Rates

Mortgage

Close on time or get $10,000
Up to $9,500 cash back if you use SoFi’s real estate network
45-day rate lock available
Prequalify with a soft credit check
Available in all 50 states

No USDA loans
No physical branches
Minimum credit score for FHA loans is higher than other lenders
Mortgage customer support only available weekdays from 6 am to 3 pm PT
Doesn’t refinance mortgages in New York

Rates (APR)	Starting at 5.625%
Repayment terms	10 – 30 years
Min. credit score	600
Min. down payment	3% (first-time buyers), 5% (standard)

Mortgage refinanceView Rates

Rates (APR)	Starting at 5.750%
Min. credit score	620
Max. DTI	45%
Property type	Primary residence and second homes, including single-family homes, condos, two-units, planned unit developments, and investment properties

If you’re looking for a lender that skips the paperwork headache and gets you to closing fast, SoFi mortgages might be your best bet. That’s one of many reasons why SoFi is LendEDU’s highest-rated mortgage lender.

It’s built a reputation for fast approvals, competitive rates, and a fully online experience—perfect if you want to avoid endless emails and in-person meetings. Plus, its $10,000 Close-on-Time Guarantee means SoFi will pay up if it delays your closing. In our SoFi Mortgage review, we’ll take you through its mortgage options, eligibility requirements, and customer reviews—so you can decide if it’s the right lender for you.

Table of Contents

What types of mortgages does SoFi offer?

SoFi keeps things simple with a few solid mortgage options: conventional loans, jumbo loans, FHA loans, and VA loans. You can choose from 10-, 15-, 20-, or 30-year fixed or variable-rate mortgages.

Conventional loans. First-time homebuyers can put down as little as 3% on a conventional loan, while other borrowers can put down just 5%. But you’ll need at least 20% down to avoid private mortgage insurance (PMI).
Jumbo loans. If you need a jumbo loan (for homes above standard loan limits), SoFi lets you put as little as 10% down with no PMI, ever.
FHA loans. SoFi’s FHA loans have a higher minimum credit score than some other FHA lenders (600 instead of 500) and require a 3.5% minimum down payment.
VA loans. SoFi also provides government-backed VA loans with a minimum credit score of 600 and potentially no down payment.

You’ll find fewer options at SoFi than you might with other mortgage lenders. Instead, the company focuses on having a quick, digital-first experience. According to its website, SoFi closes mortgages 17 days faster than the industry average.

SoFi mortgage rates and terms

As with all mortgages, the exact rate you get will depend on your credit score, loan type, and down payment amount. Here’s a quick look at SoFi’s rates and terms:

Term	Detail
Rates	Starting at 5.625%
Loan amounts	Up to $3 million
Repayment period	10, 15, 20, and 30 years
Fees	Closing costs may apply; no prepayment penalties

Eligibility requirements

SoFi’s mortgage approval process is entirely online. You can prequalify with a soft credit check that won’t affect your score—so you can check potential rates before committing. Generally, any U.S. citizen, permanent resident, or non-permanent resident alien who’s at least 18 (or the age of majority in their state) can apply.

Here’s what you’ll need to qualify:

Requirement	Details
Min. credit score	600 for FHA and VA loans, 620 for conventional and jumbo loans.
Min. income	No set minimum
Max. LTV	97% for first-time buyers, 95% for standard borrowers, 90% for jumbo borrowers

SoFi boasts some of the lowest mortgage rates in the industry, but you’ll need strong credit to qualify for the best rates. There are no lender fees. However, you’ll still be responsible for third-party closing costs like appraisals, title insurance, and escrow fees.

SoFi mortgage loan refinance rates and terms

You can use a SoFi refinance to lower your monthly payment, shorten your loan term, or lower your APR. You can even tap into your home equity with a cash-out refinance. Similar to getting a SoFi mortgage, you can pre-qualify and view rates online without affecting your credit score.

In general, you can expect these terms:

Term	Detail
Rates	Starting at 5.750%
Loan amounts	Up to $3 million
Repayment period	10-, 15-, 20-, or 30-year fixed
Fees	Closing costs (i.e. title fees, home appraisal, settlement fees, recording fees)

How does a SoFi home mortgage compare to alternatives?

SoFi has low rates, a digital-first process, and a $10,000 Close-on-Time Guarantee, but some competitors may offer more loan options or in-person support.

Here’s how SoFi compares to other popular mortgage companies: Rocket Mortgage and FourLeaf Federal Credit Union (BFCU).

SoFi vs. Rocket Mortgage/Quicken Loans

Rocket Mortgage has a higher starting rate for a 30-year fixed loan (7.125% vs. SoFi’s 6.500%) but offers more specialized loan programs.

Borrowers who qualify for ONE+ by Rocket Mortgage can put just 1% down, and Rocket covers the other 2%. Other programs, like HomeReady, Home Possible, and BorrowSmart Access, help make home ownership more affordable in specific metro areas.

Both SoFi and Rocket Mortgage are known for having easy online experiences. But SoFi has an edge with its $10,000 On-Time Close Guarantee—something Rocket Mortgage doesn’t appear to offer.

Tip

LendEDU ranked Rocket Mortgage as one of the best mortgage lenders and one of the best mortgage refinance companies. It’s seriously worth considering as you comparison shop for the right loan.

SoFi vs. FourLeaf FCU

FourLeaf Federal Credit Union (FCU) is another alternative. It offers conventional, jumbo, and FHA loans but doesn’t provide VA loans like SoFi.

Its mortgage rates start slightly higher than SoFi’s. And its jumbo loans go up to only $1.5 million instead of $3 million.

As with any credit union, you must become a member to get a mortgage. But FourLeaf FCU has in-person support, which may be appealing if you prefer working with a local loan officer rather than navigating everything online.

How do you get a mortgage or refinance from SoFi?

Applying for a mortgage or refinance with SoFi is a straightforward process you’ll mostly handle online. Here’s what to expect:

1. Check your rate

Start by seeing your potential mortgage or refi rates with a soft credit check that won’t impact your score. You’ll need to provide basic details about your finances, income, and the home you’re looking to buy or refinance.

2. Get a verified preapproval letter

If you’re serious about buying a home, you can request a verified preapproval letter. The letter shows sellers you’re financially qualified for a specific loan amount. It’s a deeper review than prequalification and can give you an edge in competitive markets.

(Note: This step won’t apply if you’re refinancing.)

3. Complete your application

Once you’ve found a home and accepted an offer, you’ll complete a full application. At this point, SoFi will conduct a hard credit pull and request additional documentation, such as tax returns and bank statements.

4. Lock in your rate

If approved, you can lock in your interest rate for up to 45 days to protect against rate changes while finalizing your loan.

5. Close on time (guaranteed)

Once approved, SoFi guarantees an on-time closing, backed by $10,000 if delays are on their end.

Tip

For refinancing, the steps are similar: prequalify, choose your new loan terms, submit an application, and close. SoFi’s online platform makes it easy to compare potential savings before committing.

Is SoFi a good bank for mortgages? What customers say

There are relatively few mortgage-specific reviews available online since SoFi’s mortgage business is a small part of its overall offerings. (The company also has personal loans, student loan refinancing, investments, and bank accounts.)

From what we can see, SoFi mortgage customers generally report competitive rates and a smooth application process. Some borrowers have taken out multiple loans with SoFi, and say it’s an easy, straightforward experience.

That said, a few reviews mention challenges with customer service, including inconsistent communication about required documents and concerns about offshore call centers.

Here’s a snapshot of SoFi’s overall customer ratings:

Platform	Rating	Number of reviews
Trustpilot	4.4 out of 5	9,151
BBB	N/A	N/A
Google Play	4.0 out of 5	39,400

Collected on February 3, 2025.

FAQ

Does SoFi offer any special incentives for first-time homebuyers?

Yes, SoFi offers a first-time home buyer conventional loan that allows for a down payment as low as 3%. To qualify, at least one borrower must not have had ownership interest in a residential property during the three years preceding the purchase date. SoFi also provides homebuyer education courses to assist first-time buyers.

Does SoFi allow co-borrowers or non-occupant cosigners for its mortgage products?

Yes, SoFi permits co-borrowers on its mortgage loans. This can be beneficial for applicants who wish to combine incomes to qualify for a loan or secure more favorable terms. However, the policies regarding non-occupant cosigners may vary. It’s best to consult with a SoFi mortgage loan officer to understand the specific guidelines and requirements.

How we rated SoFi

We designed LendEDU’s editorial rating system to help readers find lenders that offer the best mortgages. Our system awards higher ratings to companies with affordable solutions, positive customer reviews, and online transparency of benefits and terms.

We compared SoFi to several mortgage lenders, using hundreds of data points from company websites, public disclosures, customer reviews, and direct communication with company representatives. We weighted, scored, and combined each factor to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. Our take is represented in our rating and best-for designation, recapped below.

Company and product	Best for	Our rating
SoFi mortgage loan	Best close-on-time guarantee	4.8/5
SoFi mortgage refinance	Best digital experience	4.8/5