SoFi mortgage review 2026

Core Insights - SoFi is an online mortgage lender and bank that provides a wide range of banking, investing, and borrowing options, including various mortgage products, but its rates are slightly higher than most competitors and it lacks physical locations [1][6] Mortgage Products - SoFi offers several types of home loans, including conventional, FHA, VA, jumbo, and HELOCs, but does not provide USDA or home equity loans [6][9] - The mortgage application process is fully online or over the phone, with no physical branches available [6][21] Key Features - Notable features of SoFi's mortgage offerings include lengthy mortgage rate locks of 91 days, free rate float-downs if market rates fall by 25 basis points or more, and a close-on-time guarantee that provides up to $10,000 in credits if the loan does not close on time [2][6][9] - SoFi allows borrowers to access up to 90% of their home's equity through HELOCs and home equity loans, with a maximum borrowing limit of $500,000 [15] Loan Costs and Rates - SoFi's mortgage rates are reported to be higher than the median, with a score of 2 out of 5 stars for mortgage rates, indicating a higher-than-median mortgage rate of 6.625% [20] - The total loan costs score is 3 out of 5 stars, with average total loan costs reported at $5,275.852 [20] Online Features and Tools - The online platform provides various tools for homebuyers, including mortgage calculators, FAQs, and educational resources to assist in the mortgage process [23][24] - SoFi offers a verified preapproval program that allows potential borrowers to see their interest rates quickly through a soft credit pull [22] Comparison with Competitors - Compared to other lenders like Better Mortgage and Rocket Mortgage, SoFi offers similar loan options and buyer incentives, but lacks some unique features such as rapid closing times and down payment assistance programs [26][27]