SoFi Lending Mortgage Interest Rate and Cost Review

Is SoFi Lending a cheap or expensive mortgage lender? We compare the interest rates and closing costs charged by SoFi Lending with other lenders for comparable mortgages. Nationally, here is what we find:

Interest Ratesimilar to average (-0.10%)
Loan Related Closing Costssimilar to average (-$157)
National Rate and Closing Cost Rating(4.0)

On average, SoFi Lending’s interest rates were similar to those of other lenders (-0.10%) for a comparable set of borrowers. Its average total loan related closing cost was similar to those of other lenders, with a difference of -$157. Overall, combining interest rates and closing costs we estimate that SoFi Lending tends to be a cheap lender, and give it a National Rate and Closing Costs Rating of 4.0 out of 5.0 stars.

SoFi Lending’s Rates by Area

Mortgage lenders often set different rates in different geographical markets. In particular, among the markets we track SoFi Lending was most active in:

  1. Los Angeles, CA
  2. Chicago, IL
  3. Atlanta, GA
  4. San Francisco, CA
  5. Seattle, WA

You can click through to check out SoFi Lending’s mortgage rate competitiveness by area. Or, for our data driven ranking of all the top mortgage lenders by area, click here.

SoFi Lending’s Rates by Mortgage Type

Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, SoFi Lending originated Conforming and Jumbo mortgages for new home purchases and refinances. We breakdown its interest rate and total loan related closing cost difference relative to other lenders for comparable mortgages by type in the table below.

New Purchase MortgagesConformingJumbo
Interest Rate Difference-0.02%+0.02%
Loan Related Closing Cost Difference-$17+$96
Cost Adjusted Rate Difference-0.02%+0.02%
Star Rating(3.5)(3.5)
Refinance MortgagesConformingJumbo
Interest Rate Difference-0.11%-0.00%
Loan Related Closing Cost Difference-$192+$76
Cost Adjusted Rate Difference-0.13%-0.00%
Star Rating(4.0)(3.5)

As a summary, SoFi Lending is similar to other lenders for Conforming and Jumbo purchase mortgages. For refinancing, SoFi Lending is cheap for Conforming mortgage refinance. It is similar to other lenders for Jumbo mortgage refinance. Nevertheless, individual circumstances can matter, and we always recommend shopping among several lenders in your area before signing.

Other information about SoFi Lending:

Registered name: SoFi Lending Corp
Registered city and state: Cottonwood Heights, UT, 84121
Regulator: United States Department of Housing and Urban Development (HUD)

* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for SoFi Lending’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.