SoFi Mortgage Review


Rating: 9.5 / 10 (Excellent)
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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.

How is SoFi rated?

Breakdown

9/10
Loan Specifics
10/10
Customer Experience
9/10
Qualification Requirements
10/10
Lender Reputation

Overall Rating: 9.5 / 10 (Excellent)

SoFi was one of the first lenders to focus on a fully online experience, with an unusual lending approach that takes into account a number of non-traditional financial factors to determine eligibility. Their forward-thinking ethos makes them an excellent choice for young professionals with excellent career prospects, regardless or wether or not they have considerable savings or student debt. They offer an inclusive, community experience with social networking and other perks.

SoFi Customer Experience

Loan Specifics - 9 / 10

SoFi loans offer a variety of loan options designed for people with fair to excellent credit, with benefits that include zero lending fees, down payments as low as 10% for homes of up to $3 million, exclusive rates for existing members, and flexible debt-to-income limits.

Types of Mortgage Loans Offered

  • Fixed Rate 15 Year
  • Fixed Rate 30 Year
  • 5/1 ARM
  • 7/1 ARM

SoFi Customer Experience

Customer Experience - 10 / 10

SoFi customers can obtain estimated quotes after signing up for the service and providing basic information. As there are no income requirements, it can be difficult to know whether or not you qualify, especially since the company also takes into account a number of non-traditional factors. SoFi does provide a good amount of educational tools, including a resource center and blog.

Online Features

Online Application
Yes
Online Quote
Yes
Additional Tools and Resources
Mortgage Calculator
Help Articles
SSN Required for Quote
No

SoFi Qualification Requirements

Qualification Requirements - 9 / 10

SoFi differentiates itself from its competitors by considering factors other than FICO scores when determining a borrowers eligibility, including professional history and career prospects, income, and history of responsible payments. Their minimum loan amount is $100,000 for which down payments have certain flexibility and can range between 10% and 50%, even on jumbo loans. Potential borrowers should be aware that SoFi only operates in certain states, so make sure to check if your area is covered before completing their application.

Key Requirements at a Glance

Non-Traditional Credit History Considered?
Yes

SoFi Lender Reputation

Lender Reputation - 10 / 10

SoFi was one of the first lenders to offer a full online experience. Their unique approach to lending appeals to a specific pool of borrowers, who are well-positioned to take advantage of the company's vast array of debt instruments. The company enjoys excellent ratings with the Better Business Bureau and TrustPilot.

Key Facts

Lender Type
Direct Lender
Year Founded
2011
BBB Rating
A+
BBB Positive Reviews
25
BBB Negative Reviews
82
TrustPilot Rating
9.3 out of 10
Collection Date
2018-02-05

Complaints & Regulatory Actions

Nationwide Mortgage Licensing System ID
1121636
The Nationwide Mortgage Regulatory Actions
0
Consumer Financial Protection Bureau Complaints
64

Company Profile

Full Name
SoFi Mortgage
Company Website
Headquarters
One Letterman Drive Building C Main Floor Suite 250, San Francisco, CA, 94129

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Customer Comments & Reviews

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P
pat
Atlanta, Georgia
3/9/2018
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.


Luis M
South Milwaukee, Wisconsin
10/25/2017
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.


W
W F
Dallas, Texas
6/7/2017
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


A
Aldo G
Stone Mountain, Georgia
3/29/2017
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.



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