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SoFi Review

ByBestmoney StaffNov. 16, 2020

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In a Nutshell

Social Finance Inc, known as SoFi, is an online lender based in San Francisco. SoFi is known for its innovative underwriting process, top of the line educational tools and resources, assistance, and easy to use applications.


  • Minimum 10% down payment
  • No hidden fees or pre-payment penalties
  • 100% digital applications


  • SoFi does not originate government insured loans
  • Not licensed in all states

SoFi at a Glance

Loan types Purchase, refinance
Featured loans Conforming, jumbo
Repayment terms 15- to 30-years
Suitable for Transparent, digital application and low down payment options

SoFi SoFi Visit SoFi


SoFi was founded in 2011 by 4 Stanford Graduate School of Business students who wanted to come up with a model that would compete with the traditional underwriting process used by banks. With the SoFi mortgage product, SoFi will consider non-traditional income such as Restricted Stock Options (RSU) for income qualifying. SoFi’s model has been very successful. It has issued more than $30 billion in loans and currently has over 700,000 clients, who they call members. 

Suitable For?

This service is intended for financially ambitious buyers with good credit scores looking to balance out their down-payment and monthly payments (based on APR) and may not have the standard amount to put down.

Types of Loans

SoFi offers a choice between fixed rates and adjustable rates. Here are some of the characteristics of a SoFi mortgage:

  • 100% online applications, from first rate quote through to closure
  • 2-minute pre-qualification. See how much you can borrow in 2 minutes
  • Jumbo loans offered
  • Considers non-traditional imcome
  • Borrower must be at least 18 years old, a US citizen or permanent resident, and live in one of the states where SoFi is licensed to offer its services (see Pros and Cons for excluded states)

The Application Process

SoFi’s powerful online underwriting system quickly looks over all your information to get you pre-qualified within a couple of minutes. It also automates much of the process, saving you the time of uploading dozens of pieces of documentation manually.

Each applicant is assigned a dedicated loan officer to guide them through the application process. The applicant can monitor the approval process in real-time through SoFi’s digital platform.

Here are the steps to applying for a SoFi mortgage:

  • Register for an account
  • Enter personal information: Includes name, email, phone number, current home address, whether you own or rent, and your monthly mortgage or rental payments
  • Enter details about the property you’re looking for: Purchase or refinance, location, primary/secondary home or investment property, how long you plan to live there, type of property, estimated purchase price, estimated down payment, and consent to a soft pull of your credit (which does not affect your credit score)
  • View pre-qualified rates and terms
  • Enter employment information: Begin by authorizing SoFi Mortgage to run a credit check, then fill in Social Security number, date of birth, employment status, employer name and contact details, and monthly income
  • Enter details about any assets: Choose whether to retrieve assets electronically or add assets manually. SoFi requires details about checking and savings accounts, life insurance, vehicles, stocks and bonds, retirement plans, business assets, and other assets
  • Enter details about any other properties under your ownership
  • Declare any outstanding court judgments against you, bankruptcies, foreclosures, lawsuits, loan delinquency, alimony or child support. State whether you’ll be borrowing any money to make your down payment

Pros and Cons

SoFi is committed to providing buyers the educational tools and resources, assistance, and easy-to-use application needed to navigate the home buying landscape and offers affordable down payments: Put as little as 10% down on loan up to $3 million and never pay any hidden fees or prepayment penalties.

The main drawback is that SoFi doesn’t offer its services in a number of states. 

Repayment Terms

SoFi offers repayment terms of 15, 20, 25, or 30 years on each of its loan options.

Help & Support

Although SoFi is a mainly digital business, it does offer phone support. When you begin your mortgage application, SoFi appoints you a loan officer to guide you through the process. 


SoFi is an excellent option for borrowers who meet its minimum credit requirements but don’t have what the credit bureaus deem to be an “excellent” credit history and are looking for low down payment options. A SoFi mortgage is an excellent choice if you’re looking for a digital lender.


Q: Will SoFi run a credit check when assessing my application? 

A: Yes, SoFi does run a credit check of its applicants, and yes, this will affect your credit score. 

Q: Where is SoFi based?

A: SoFi’s headquarters are in San Francisco. It also has a large office in Cottonwood Heights, UT.

Physical Address

SoFi Mortgage LLC

1 Letterman Drive, Building A

San Francisco, CA 94129

SoFi SoFi Visit SoFi


Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. ( Opens A New Window.)

SoFi Lending Corp. is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age (provided you have the capacity to enter into a binding contract), because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. The federal agency that administers our compliance with these federal laws is the Federal Trade Commission, Equal Credit Opportunity, Washington, DC, 20580. ( )

✝ To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

SoFi customer testimonials

GreatReviews 2,488
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  • author
    21 hours ago
    A wise person should have money in…

    A wise person should have money in their head and not in their heart . Spend your money wisely and invest in KRokCoin to earn hundred percent in a week , two hundred and fifty percent in two weeks and five hundred percent in a monthly plan


  • author
    Feb 26, 2021
    Account opening takes ages

    Applied for an account almost two weeks ago in Hong Kong which hasn’t been open yet. It says at the beginning of the process that it can take a few business days, but I had no idea it would take SO long. They also requested a minimum deposit of 10,000HKD, which I have no idea when I’ll see the sign of. Sounds like a total scam!! In the meantime I managed to open accounts with two other brokers... If I managed to get this account finally open I’ll take my money out and close it immediately. What a lack of respect and waste of time.


  • author
    Juan pablo Cordova
    Feb 23, 2021
    Stay away from this app

    Stay away from this app, they made me lost almost 3000 usd by their “system problems”, hope you guys see this before download this app


  • author
    Raquel C
    Feb 13, 2021
    Rejected me because of the Patriot act

    Rejected me because of the Patriot act? Racist I have been to peaceful BLM protest and signed some petitions


  • author
    Marvelous Marv
    Feb 05, 2021
    Amateur Hour

    I applied for a refi and it was a disaster. The staff was a game of musical chairs.They didn't know much. They pre-approved me, took $500 for an appraisal and then the fun began. It was like dealing with fools. I gave up trying to educate them, went to my credit union and funded a month later. Stay away from these amateurs.