Overall Score 4.4 out of 5

Overall Score 4.4 out of 5

Personalized Score out of 5


SoFi's goal is to provide their 1,000,000+ customers with financial independence in a convenient and empowering way. With U.S.-based customer service, an easy-to-use app, and a range of extra member benefits at no extra cost, homeowners that choose to work with SoFi for their refinance can anticipate a positive and professional experience.

Review Highlights:

  • Lower than average costs when compared to most competitors
  • Quick online application makes getting a quote easy
  • Convenient app makes keeping up with your loan simple

Ratings Highlights

As they tend to have lower fees compared to their competitors, homeowners looking for lower costs with their refinance should definitely look into SoFi -- assuming your credit score isn't too low. Their loan options should cover most homeowners, though those interested in a VA or FHA refinance will have to look elsewhere.
Loan Variety
Loans Offered Include: Fixed, ARM, cash-out, jumbo, 15 and 30-year terms
While SoFi's loan options are generally average, and include most varieties of fixed and adjustable-rate loans, they do not offer refinances on VA or FHA loans, so homeowners looking for that will have to go elsewhere.
While their site does not include pricing examples without an application, our research indicates that SoFi's fees are somewhat lower than average for the industry. Homeowners most worried about high rates should definitely consider applying for a quote to get exact numbers.
Customer Service
Customer service with SoFI is generally high quality, though some customers feel it could be more personal. They have licensed staff available to answer questions or act as guides throughout the refinance process, and their site includes loan calculators to give users a better sense of what to expect.
Company Reputation
Homeowners who have worked with SoFi are largely satisfied with the experience, though some say it can be difficult to get into direct contact with anyone at the company. As far as positives go, customers enjoy how simple the application is.
Ease of Application Process
SoFi's fully online application is perfect for homeowners looking for a more convenient refinance process. While they do ask for the typical information needed to estimate loan costs, they allow homeowners to view loan options before entering more personal information, such as social security numbers. The process can be completed in just ten minutes.
For Lower Credit Scores
Minimum Credit Score: 660-700
Although not exactly stringent, SoFi's credit score requirements are higher than most other companies. Homeowners with lower scores would do better looking elsewhere.
For Higher Credit Scores
Providing low-cost refinance loans to customers with good credit scores is where SoFi shines. They have some of the lowest rates available , though the loan types they service is a bit lacking. If they have the type of loan you're interested in, giving them a try is definitely a good idea.

Company Background

SoFi was founded in 2011 by four Stanford graduates with the initial goal of providing financial assistance via alumni-driven support to other students. Over the past decade, the company has grown into one of the largest and most successful financial services operations in the nation, with products in student loans, personal loans, mortgages, and investing.