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SoFi Mortgage Refinance Review


ConsumersAdvocate.org Rating: 4.8 / 5 (Excellent)
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SoFi is a San Francisco-based lender founded in 2011 primarily to offer student loan refinancing services. Since then, they've expanded into other markets, and they now issue mortgages for primary residences, as well as additional financial products. SoFi has an A+ score with the BBB, and a five-star rating with TrustPilot.
 
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How is SoFi rated?

Breakdown

4.7/5
Loan Variety
4.8/5
Ease of Process
4.9/5
Customer Service and Reputation
4.6/5
Discounts and fees

Overall Rating: 4.8 / 5 (Excellent)

SoFi is one of the pioneers of online lending, and they fast became a force to be reckoned with. Though their qualifying requirements are slightly stricter than other, comparable companies, the company's other benefits can far outweigh any difficulty. SoFi's excellent reputation and customer service make them a great choice for mortgage refinance.

Loan Options

Lender Type
Lender
Loans Offered
Rate & Term
Cash-out
Loan Programs
Conventional
Jumbo
Fixed Year Terms
30 Year Fixed
15 Year Fixed
Adjustable Rate Mortgage Terms
7/1 ARM
5/1 Jumbo ARM

Loan Variety - 4.7 / 5

SoFi is a direct lender for conventional and jumbo loans. Though they don't offer any government-backed loans, such as VA or FHA, SoFi does have a series of other perks, such as networking opportunities and career counseling services. Additionally, SoFi only offers one adjustable rate product, which may be a limiting factor depending on the homeowner's situation.

Application Process

Maximum LTV
80%
Closing Time
Typical applications close in less than 30 days.
Waived Fees

Ease of Process - 4.8 / 5

SoFi's qualifying criteria tends to be more stringent than other, comparable lenders, as most of their approved loans go to borrowers with high credit scores and solid incomes. However, the benefits of their excellent rates, flexibility, and limited lender fees can outweigh their slightly stricter requirements. The application process is simple and quick, and can be done completely online.

SoFi Reputation

Memberships & Regulatory Info.

Nationwide Mortgage Licensing System ID
1121636
Nationwide Mortgage Regulatory Actions
0
NMLS Collection Date
2017-07-17
CFPB Total Mortgage Complaints
3
CFPB Collection Date
2017-07-13

Online Reviews

Trustpilot Trustscore
9.6
BBB Rating
A+
BBB Positive Reviews
11
BBB Negative Reviews
49
Date Collected
2017-07-17

Customer Service and Reputation - 4.9 / 5

SoFi enjoys an excellent reputation in the lending community, with high credit ratings and a reputation for excellent customer service. They have zero regulatory actions with the Nationwide Mortgage Licensing System, and and exceptionally high TrustPilot score (which is fully customer-based).

Contact & Additional Information

Homepage URL
https://www.sofi.com/
Company Phone
(866) 357-6342
Headquarters Address
234 First Street, San Francisco, CA, 94129
Year Founded
2011

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Customer Comments & Reviews

Loading Reviews ...
C
Carol H
8/19/2018
I want to see a sample form for refinancing before I give out personal information so that I can review. Please get to know your customer. Thank you, Carol

B
Bruce W
4/4/2018
I have a mortgage through MGC, Acct no.1424075651, at 6 1/4 %. Like to lower that, if not too much grief. My credit rating from Experion is 687. brucewakefield2@gmail.com, Thanks.

D
Denise
3/7/2017
Way too much personal information, information that is irrelevant to a mortgage loan up front. Do not contact me! It's one thing to provide name/address/phone number it's another to start asking personal questions such as education level. How about sofi get to know their customer regardless of income or education level. Btw, I am educated, I have a 745 mortgage score & 200k annual income! The questions you require lead me to believe this information will be used to benefit sofi not the customer. I want to know why people are skeptical..... Educate yourself on the mortgage collapse when thousands were under supported and lost a home due to greed within the industry. Consider how educated... Read More

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