SoFi stands for Social Finance, and they live up to their name by being the most social of lending institutions. SoFi looks at people as well as their numbers to make mortgage and refinancing decisions, which makes them unique in the industry. Let’s see how they stack up:
SoFi has been in business since 2011, making them a more recent player in the mortgage and refinance industry. But that recent age works in their favor – they are a full online company (which they state passes savings onto consumers), and make “people” as important as credit scores. Internet-savvy consumers like them quite a bit.
They have an excellent variety of mortgages at solid rates. They also have one of the better websites in the business. Since they are an online-only lender, you would expect them to have the online part down, and they do – everything you want is there, and applying is as easy as a few clicks.
I also liked the different refinancing options – besides offering all of the popular choices, they were the only company to offer a specific student loan payoff refinance. That tells me they are in touch with today’s consumer.
No brick and mortar locations. Some people see that as a negative, so I need to mention it.
SoFI has an A+ BBB rating, and plenty of excellent consumer reviews. Can’t do any better.
SoFi looks at people as well as numbers, and has all of the mortgage and refinancing options homeowners want. I really liked them. If you are ok with “online only” and a fairly short time in business (I’m personally fine with these), check them out.