Sofi mortgage refinancing

May 7, 2020 11:18 AM

Is Sofi generally speaking a good lender? Is there anything you do or don't like about them? We're getting a mortgage refinancing. Assume that I am getting good terms and understand these terms in comparison to other lender's terms. I want to know about other things: was your mortgage resold, were they smooth to work with, did you get scammy vibes, that sort of thing. Thanks!
posted by cacao to Work & Money (4 answers total)

I didn't do my mortgage through them but I had a debt consolidation loan with them for about 3 years. I have been impressed with them, no scammy vibes whatsoever, nicely designed user experience, fair rates. With a long term commitment like a mortgage that could change as new executives come in and out, and they do have the right to resell your loan in the terms & conditions, but I have nothing bad to say about them at this point.
posted by bleep at 12:28 PM on May 7, 2020

My first student loan refinance was through SoFi and they were a breeze to work with. I did refinance through another company last month for a better rate (SoFi had me at 5.45% and wouldn't get below 4.9% - new company offered 3.96%) and it wasn't nearly as fast or easy.
posted by honeybee413 at 2:01 PM on May 7, 2020

We've had a non-mortgage loan through Sofi for a few years and haven't had a complaint yet.
posted by drezdn at 4:19 PM on May 7, 2020

I got a refinance quote from Sofi just yesterday and their loan estimate indicated they intended to resell the loan. For all lenders, there's an entry on the loan estimate for whether or not the lender intends to resell the loan.

(Not responsive to your question, but you will save substantial money by refinancing through a broker that resells loans. Your interest rate is a cost indefinitely, whereas poor service is only a one-time cost.)
posted by saeculorum at 3:20 PM on May 9, 2020