2022 SoFi Mortgage Review – Forbes Advisor
SoFi offers a number of different mortgage products, including conventional and jumbo mortgages, refinances, and HELOCs. However, it does offer some government-backed loans that tend to have lower down payment and credit score requirements, such as VA and FHA home loans.
One of SoFi’s strengths is that it offers low mortgage rates, which are about 5 basis points lower than the average rate. Another big plus is that SoFi’s pre-approval process and closing timeline is fast, which is also great for borrowers who need to act quickly. Borrowers can prequalify for a mortgage online in minutes and the average closing time is 28 days, according to a SoFi spokesperson.
As an added bonus, existing customers can get a $500 rebate on SoFi’s mortgage processing fee if this is their first mortgage with SoFi. To be eligible, you must already have a SoFi personal loan, student loan, or a minimum balance of $50,000 in your SoFi investment account.
SoFi mortgages are available in all 50 states and Washington, DC
Types of loan
SoFi offers the following types of mortgages:
SoFi has a minimum loan amount of $100,000 for conventional mortgages.
You can borrow up to $3 million on a jumbo loan with SoFi.