SoFi Mortgage Review
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SoFi is a leading provider of financial and lending services. The company specializes in assisting professionals with student loan refinancing as well as personal and home purchase loans. SoFi sets itself apart from traditional banks and lending services by taking a different approach when assessing their clients' creditworthiness.
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Customer Comments & Reviews
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SoFi lending process is very hit or miss. I have excellent credit (800+), stable annual income, and can pay 15% down, but I got turned down. I think a big reason why was because 10 months ago I went to SoFi to see if I could get my student loans consolidated ($15K) but ended up not using because I found a better consolidation deal elsewhere. I think they used my previous information to examine debt-income ratio and disqualified me from a home loan. So in the end, I don't think I would not recommend SoFi to friends or prospective borrowers.
I didn't feel the application was user friendly. Have a Great credit score (800+) and make a nice annual income and l got turned down ? was just looking into refinancing. wouldn't ever recommend to anyone.
SoFi does not have their lending application process in order at all. They hard pull your credit information prior to completing the application process. If you decide not to complete the submission of documentation, your credit history still shows that you applied for credit. I opened the website, supplied the requested information and waited over three weeks before an email came back asking for three years of tax returns with all schedules, copies of W2 and 1099, proof of pension and social security benefits. This was not as advertised. Since I was only seeking a unsecured $20,000.00 loan, I felt the documents requested were excessive and ended the application. Had these requirements... Read More
Bad experience. Physician purchasing first new home. Request small loan. Annual income >300K. If I don't qualify for loan who does? All these companies just looking to make money off people who can't afford to make payments and keep those who can away.