Sofi Mortgage Review
What is SoFi Mortgage?
On Sofi Secure Website
Minimum Credit Score
Reputation - Customer Ratings & Complaints
- A on BBB: BBB assigns ratings from A+ (highest) to F (lowest). BB ratings are based on information in BBB files with respect to factors such as business's complaint history with BBB, type of business, time in business, transparent business practices and more.
- 1.5/5 on BBB customers reviews (106 reviews): BB customer reviews allow customers to post positive, negative or neutral reviews based on lender's experience.
- 3.5/5 on Trustpilot (2482 reviews) TrustScore is also an overall measurement of reviewer satisfaction, represented numerically from 1 to 5.
- J.D Power: We considered 2020 J.D. Power’s primary mortgage as well as J.D. Power’s claim satisfaction survey.
- J.D Power offers the most comprehensive and independent study of customer satisfaction. The study aims to help consumers and issuers to understand user opinions and ratings of the largest mortgage origination companies. It covers customer satisfaction, terms, communication, transparency and more.
Sofi Mortgage Products, Fees, and Conditions
Fixed rate mortgages also offer you predictability with a set interest rate and payment for the life of the loan. Most lenders require about 20 percent down a fixed rate mortgage and often times you will have to pay for mortgage insurance. Sofi’s are able to obtain a traditional loan with less down and no extra insurances.
Sofi Mortgage Pros & Cons
SoFi: What Is The Ideal Customer?
How Does Sofi Mortgage Work?
Sofi Mortgage Application Proccess
Alternatives Lenders For Consideration
We’ve summarized some of the most popular mortgage lenders which can use as an alternative to the Sofi mortgage:
Chase Mortgage is one of the top-rated lenders in the lending industry. Serving more than 60 million households in the U.S with home lending advisors in about 30 states readily available on phones and email shows how credible chase mortgage is.
The Bank offers a full menu of fixed and adjustable-rate loans, including the federal housing administration loan, veteran administration loan and jumbo loan of up to $3Million. Chase also offers a low-down payment and a low-income option called the DreaMaker Mortgage.
The DreaMaker mortgage program is designed to assist individuals buying a home for the first time, and individuals with low to moderate-income afford a mortgage and buy home. The DreaMaker program also helps individuals buy a home with a down payment of 3% and no minimum borrower contribution. To qualify for the DreaMaker Mortgage, you need a minimum credit score of 620. However, borrowers should have a credit score of 720 in other to be eligible for the lowest interest rate.
Chase bank has an A+ rating with the Better Business Bureau. Also, this Bank had 3 out of 5 stars in the J.D. Power rating in 2019. The Bank received 939 complaints from the consumer financial protection bureau in 2019.
Quicken Loans is best suited for the borrower who embraces technology, who meets reasonable standards for credit score (620 – 740), and can qualify based on their income and ability to demonstrate down payment and reserve requirements for Quicken Loans’ programs. If you have low credit scores or unverifiable income, Quicken Loans is probably not where you would go for your financing. Otherwise, they are the industry gold standard.
Quicken Loans is a major nationwide lender with a variety of loan options that can meet almost any customer’s needs. Quicken Loans has an abundant and robust online presence. You apply from your phone, your iPad, any mobile device, as well as your computer and conduct the entire process online. There are many calculators and resources to help any borrower on their web site.
Quicken Loans does not have to boast about its Customer Service ratings (usually obtained by internal polling of customers) – it is a widely respected company by both consumers and major and minor ratings agencies (BBB.com, JD Powers & Associates, ConsumerAdvocate.org, etc.). Negative ratings can be found, but they are in the minority.
Suntrust is best suited for the borrower who can deal with technology (if not located in the Southeastern United States) and who meets reasonable standards for credit score (620 – 850), can qualify based on their income and demonstrate down payment and reserve requirements for Suntrust’s programs.
You do not have to have the highest credit scores or significant cash down payment for their loans. Suntrust has a solution for most borrowers, including some that require no cash down and a workaround for jumbo borrowers who cannot meet the reserve requirements.
While Suntrust doesn’t have the highest customer satisfaction ratings on the major rating sites, such as J.D. Power and Bankrate.com, they were very responsive to our requests for information.
Sofi – About The Lender
Sofi is changing the mortgage game as one of the first online only lenders. They began originating home loans in 2014 so they are still very new on the scene. There are currently only a handful of registered complaints against the lender. This might be due to their newness, but could also mean that people are really happy with their services. Sofi mortgage products are available in 42 states including Washington DC.
Unfortunately, you will not get to take advantage of Sofi’s offers in Virginia, West Virginia, Ohio, Massachusetts, Missouri, South Carolina, Nevada, and Hawaii. Besides mortgages, you can get refinancing for mortgages and students loans as well as personal loans. More than half of their home loans are for first time home buyers and about half of their home loans are in California.