SoFi Cash Out Refinance Review

Rating: 9.4 / 10 (Excellent)
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SoFi is a personal finance company based in San Francisco, California, that offers personal loans, mortgages, and refinancing options. As a direct lender, SoFi’s mortgage cash-out refinancing service is able to boast a competitive loan-to-value ratio of 65%. Furthermore, this company makes it easy to apply, with a pre-qualification process that takes only 2 minutes.

How is SoFi rated?

Breakdown

9/10
Loans
9/10
Qualifications
10/10
Reputation
10/10
Consumer Experience

Overall Rating: 9.4 / 10 (Excellent)

SoFi offers fast, streamlined, fully online access to loans and other debt instruments, though they don't actually provide home equity loans. The company's cash-out refinance is an ideal option to a home equity loan for borrowers looking to gain access to a large sum of money and take advantage of lower interest rates. What's more, it forgoes the hassle of having essentially two mortgage payments by replacing the existing mortgage with a new one. SoFi's high standards enable them to provide pre-qualification in less than two minutes, and financing can be obtained in less than thirty days. They also go above and beyond in their additional resources, with networking events and career counseling services.

SoFi Loans

Lender Type
Online Lender
Loan Types Available
Cash-out Refinance
Cash-out Refinance Terms
15-Year Fixed, 30-Year Fixed, 7/1 ARM
Waived Fees
Origination Fee
Application Fee
Closing Fee
Free
Maintenance Fee
Free

Loans - 9 / 10

SoFi offers cash-out refinance loans which typically close in less than thirty days. Compared to other lenders, SoFi has no hidden fees (application, lender, or origination). Their refi option is ideal for high-interest debt consolidation or home renovations, and features a maximum LTV of 65%.

SoFi Qualifications

Loan Qualifications
Second Home
Property Appraisal
Primary Residence
Minimum Home Equity
35%

Qualifications - 9 / 10

SoFi's qualification standards are somewhat more stringent than most, which may leave out borrowers with poor financial histories. However, if you do qualify for their loan offers, the perks are considerable, with ample networking opportunities in their members-only events, and career counseling services. They also have excellent reviews on most major websites.

SoFi Customer Experience

Site Features & Technology
Mobile App
Online Application
Online Quote

Consumer Experience - 10 / 10

As online lenders go, SoFi's application process is convenient and easier to use than most of the competition. The whole procedure is fully online and streamlined, from the initial questionnaire to the quote. They also feature an online app and a whole host of educational resources for their customers.

SoFi Reputation

Memberships & Accreditations
Equal Opportunity Lender
Insured by Federal Housing Administration
Nationwide Mortgage Licensing System ID
1121636
Trust Pilot Rating
9.5 out of 10
BBB Rating
A+
Number of BBB Positive Reviews
14
Number of BBB Neutral Reviews
0
Number of BBB Negative Reviews
53
Date Collected
2017-08-17

Reputation - 10 / 10

Although SoFi was founded in just 2011, they have an unparalleled reputation in the financial services industry. The company has been favorably, and extensively, covered by such publications as Fortune, Money, and Business Insider. They also have excellent reviews on most major websites and are FHA-insured.

SoFi Details

Homepage URL
Company Phone
(855) 456-7634
Headquarters Address
One Letterman Drive, Building C, Suite 250, San Francisco, CA, 94129
Mailing Address
PO Box 29372, San Francisco, CA, 94129
Year Founded
2011

Top Rated
Our Partner
9.4 / 10
  • Cash-Out Refinance from SoFi - Turn your home equity into cash.
  • Perfect for high-interest debt consolidation, home renovations, & more.
  • Access up to 65% LTV for any purpose.
  • Payoff student debt & get up to 80% LTV
  • Fast: Close in less than 30 days 
  • No Fees, No Catch! 2 Min Pre-Qualificaiton - No impact to your credit

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SoFi Cash Out Refinance