SoFi mortgage review: rates, costs & calculator
A digital bank whose mortgage arm targets younger, higher-income borrowers with an online application and member perks.
SoFi mortgage rates: what borrowers actually paid
SoFi prices each borrower individually, but federal loan-level records show what its borrowers actually got. On 1,129 conventional 30-year fixed purchase loans with at least 20% down closed in 2025, the median rate was 6.625% and the median APR was in line with the typical lender's, with $4,773 in loan costs.
| 2025 home purchases | Loans | Median rate | APR vs benchmark | Loan costs | With points |
|---|---|---|---|---|---|
| Conventional · SoFi | 1,129 | 6.625% | −0.02 | $4,773 | 58% |
| Conventional · all lenders | 700,082 | 6.50% | +0.02 | $5,476 | 53% |
| FHA · SoFi | 498 | 6.125% | +0.24 | $10,189 | 54% |
| FHA · all lenders | 516,729 | 6.25% | +0.42 | $11,291 | 59% |
| VA · SoFi | 251 | 6.00% | −0.57 | $7,447 | 49% |
| VA · all lenders | 291,383 | 6.125% | −0.36 | $6,554 | 59% |
What the numbers say
- On conventional loans, SoFi priced about like the market: a median APR −0.02 percentage points against the benchmark, versus +0.02 for all lenders.
- Other loan types: FHA 0.17 percentage points below the market (498 loans); VA 0.20 percentage points below the market (251 loans).
- Borrowers paid a median $4,773 in loan costs — $703 less than the $5,476 typical across all lenders.
How SoFi compares on conventional loans
| Lender | Loans | Median rate | APR vs benchmark | Loan costs | Lender credits |
|---|---|---|---|---|---|
| SoFi | 1,129 | 6.625% | −0.02 | $4,773 | 47% |
| Chase | 20,595 | 6.49% | −0.13 | $4,695 | 28% |
| U.S. Bank | 8,383 | 6.49% | −0.09 | $4,634 | 88% |
| Wells Fargo | 8,331 | 6.375% | −0.18 | $5,267 | 80% |
| Bank of America | 6,488 | 6.25% | −0.28 | $4,758 | 40% |
| All lenders | 700,082 | 6.50% | +0.02 | $5,476 | 33% |
Source: 2025 HMDA loan-level records (FFIEC/CFPB), 30-year fixed home purchases compared like for like. APR vs benchmark = median APR minus the average prime offer rate the week the rate was set; loan costs are borrower-paid. Our method and its limits.
SoFi mortgage calculator
Estimate a SoFi payment: enter the rate from your Loan Estimate, or start from today's 7.18% average 30-year fixed rate. For reference, SoFi's 2025 conventional purchase loans closed at a median 6.625%.
Prefer a full-page version? Open the mortgage calculator.
SoFi by the numbers
| Home loans originated (2025) | 16,189 |
|---|---|
| Total lending (2025) | $3.5B |
| Average loan size | $213,873 |
| Approval rate* | 76.3% |
| Volume rank (our roster) | #42 of 60 |
| Largest market | California |
Source: federal HMDA data (2025), FFIEC/CFPB. *Approval rate = loans originated ÷ (originated + denied). It reflects a lender's channel and borrower mix — wholesale, online and refi-heavy lenders run lower because many applications are rate shops that never close — not how hard it is to work with. See the HMDA lending report.
What SoFi actually lends
24.1% of SoFi's 2025 loans were cash-out refinance loans, versus 14% nationally.
| Share of 2025 loans | SoFi | U.S. |
|---|---|---|
| Conventional | 92.8% | 78% |
| FHA | 4.7% | 13.2% |
| VA | 2.6% | 8.2% |
| USDA | 0% | 0.6% |
| Home purchase | 22.4% | 52.5% |
| Rate-and-term refinance | 5% | 15.3% |
| Cash-out refinance | 24.1% | 14% |
Shares of originated loans by loan type and purpose, federal HMDA data (2025). They describe the lender's business mix, not the terms you would be offered.
SoFi at a glance
SoFi is the mortgage arm of SoFi Technologies, the San Francisco fintech that grew out of student-loan refinancing before broadening into a full digital-banking platform.
Since receiving a national bank charter in 2022, its lending runs through SoFi Bank, N.A., and the whole home-loan experience is built to happen online or in the app rather than at a branch.
The pitch is one-stop finance: a borrower who already banks, invests, or refinances student debt with SoFi can add a mortgage inside the same login and tap member perks along the way.
The lending menu is broader than SoFi's early reputation suggests. Alongside conventional purchase and refinance loans, it now offers FHA and VA financing, has resumed adjustable-rate products with fixed initial payments for five, seven, and ten years, and leans hard into jumbo lending, where it will finance up to $3 million with as little as 10% down and no private mortgage insurance.
Where SoFi's approval rate sits
SoFi's 2025 approval rate of 76.3% sits against the 76.6% national average. Read it as a signal of channel, not strictness — wholesale, online and refinance-heavy lenders run lower because so many applications are rate shops that never close.
Home-equity lines and closed-end second mortgages round out the shelf, and SoFi has become one of the larger closed-end home-equity originators among peer banks.
In 2025 SoFi originated 16,189 mortgages worth about $3.46 billion, at a 76.3% approval rate. The roughly $213,873 average loan sits well below what a purely jumbo book would show, reflecting how much of its volume comes from smaller conventional and home-equity loans rather than large purchase mortgages.
California led its activity with 6,803 loans, followed by Texas (4,247), Florida (4,144), New Jersey (2,601), and Georgia (2,402).
Who SoFi is best for
SoFi fits digitally comfortable, higher-income borrowers, especially existing SoFi members who want to manage a mortgage in the same app as their banking and investing.
Jumbo buyers drawn to 10%-down financing without PMI, and members happy to shop rates online and skip weekend phone support, will find the most value.
Loan programs at SoFi
Its most notable programs and specialties:
- Conventional purchase and refinance loans with 3% down for first-time buyers, 5% otherwise
- Jumbo loans up to $3 million with as little as 10% down and no PMI
- FHA loans with 3.5% minimum down payment for qualified primary-home buyers
- VA loans with no down payment and no SoFi origination fee
- Adjustable-rate mortgages with fixed payments for the first 5, 7, or 10 years
- HELOCs and closed-end home-equity loans (offered through partner Spring EQ)
Typical industry minimum down payment by core loan type — SoFi's own minimums or credit overlays may run higher:
| Loan program | Typical min. down |
|---|---|
| Conventional | 3% |
| Jumbo | 10–20% |
| Refi | n/a |
Strengths
- Fully digital application and servicing integrated with SoFi banking, investing, and loans
- Member discount of $500 off the standard $1,495 origination fee, with a further $500 for SoFi Plus
- Jumbo financing to $3 million with 10% down and no PMI
- No origination fee charged on VA loans
- Broadened product line now covering conventional, FHA, VA, jumbo, ARMs, and home equity
Considerations
- SoFi is a digital-first lender; FDIC records list only four SoFi Bank offices, in Utah and Northern California, so branch help is not available in most areas.
- Some SoFi home equity loans and HELOCs are brokered to partner Spring EQ, and the SoFi member discount doesn't apply to those not originated by SoFi Bank.
- In New York, SoFi offers purchase mortgages only, not refinances.
- SoFi's mortgage fee discounts go to existing customers: $500 off the $1,495 origination fee, plus $500 more for SoFi Plus or qualifying direct-deposit members.
Where SoFi lends most
By federal HMDA records, SoFi's largest 2025 markets were California, Texas, Florida, New Jersey and Georgia. Explore local rates, home prices and down-payment assistance for each:
The verdict
SoFi is a strong choice for tech-savvy, higher-income borrowers who already live in the SoFi ecosystem and want a mortgage handled entirely online. Its jumbo terms and member fee discounts stand out, and the product line is now genuinely broad.
The trade-offs are structural: no branches, no weekend support, and home-equity lending routed through a partner. Rate-shoppers should still compare offers before committing.
How to compare SoFi
Shopping a few lenders is the single most reliable way to save. Before you commit to SoFi:
- Get three or more Loan Estimates in a two-week window — the bureaus treat it as one inquiry.
- Compare the APR, not just the headline rate — it folds in the fees.
- Weigh service and loan-type fit, not price alone.
- Verify licensing: search SoFi on NMLS Consumer Access and match the NMLS ID to the one on your Loan Estimate. (Its LEI in federal HMDA data, 54930054ET8KM4O1D485, is not a license number.)
Benchmark whatever you're quoted against today's today's average rates.
SoFi FAQ
Is SoFi a good mortgage lender?
SoFi is a licensed U.S. mortgage lender and one of the largest, roughly #42 of 60 in our roster by 2025 volume, best for digital-first members.
On price, its 2025 conventional borrowers' median APR was in line with the typical lender's, with $4,773 in loan costs against $5,476 market-wide.
Whether it's right for you comes down to the rate and fees it quotes — compare its Loan Estimate with two or three others.
What are SoFi's mortgage rates today?
SoFi sets rates daily by loan type, credit score, down payment and points, so the rate that counts is the one on your Loan Estimate.
For context, the average 30-year fixed rate was 7.18% in Freddie Mac's survey for the week of November 5, 2026; in 2025, SoFi's conventional purchase loans closed at a median 6.625%, against 6.50% for all lenders.
How many mortgages does SoFi originate?
In 2025, SoFi originated about 16,189 home loans, roughly $3.5 billion in lending, per federal HMDA data — an average loan of about $213,873.
What loan types does SoFi offer?
SoFi offers Conventional, Jumbo, Refi. Notable programs include conventional purchase and refinance loans with 3% down for first-time buyers, 5% otherwise; jumbo loans up to $3 million with as little as 10% down and no PMI; FHA loans with 3.5% minimum down payment for qualified primary-home buyers.
How do I verify SoFi is licensed?
Search the company's name on NMLS Consumer Access (nmlsconsumeraccess.org), the official registry of licensed mortgage companies and loan officers; the NMLS ID it shows is also printed on every Loan Estimate the lender issues. (The ID 54930054ET8KM4O1D485 used on this page is the company's LEI, which identifies it in federal HMDA data — not a license number.)
This review is editorial and independent — SoFi did not pay for or approve it, and all figures are from public federal data. It is general information, not a recommendation or personalized advice. Confirm all terms directly with the lender.
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