Both LoanDepot and SoFi Home Loans offer a range of mortgage products and online application processes. LoanDepot stands out for its wider variety of loan options and refinancing guarantee, but has higher closing costs and less transparent interest rates. SoFi Home Loans offers competitive interest rates and lower closing costs, but has limited availability in Hawaii and New York. The best choice depends on the borrower's specific needs and priorities, such as loan type, location, and desire for transparent rates versus potential refinance benefits.
| Attribute | LoanDepot | SoFi Home Loans |
|---|---|---|
| Interest Rates (APR) | Not publicly displayed; contact a loan officer for a personalized quote. Average rates from other lenders (June 2025) are around 6.250% with a 6.879% APR. | Competitive rates, with APRs often below the national average. As of April 24, 2025, fixed rates range from 8.99% to 35.49% APR (includes autopay and direct deposit discounts). |
| Loan Types Offered | Conventional loans (fixed-rate and adjustable-rate), FHA loans, VA loans, Jumbo loans, USDA loans, Refinancing options (rate-and-term, cash-out), FHA 203(k) home renovation loans, Home equity loans and HELOCs | Conventional (fixed-rate with 10, 15, 20, and 30-year terms), Jumbo, FHA, VA, Refinancing (rate-and-term, cash-out), HELOCs. |
| Minimum Credit Score Requirement | Conventional loans: 620, FHA loans: 580 (for 3.5% down payment), as low as 500 (with 10% down payment), VA loans: 620 (though some sources indicate potentially as low as 500), Jumbo loans: 700 | Conventional: 620, FHA: 600, VA: 600, Cash-out Refinance: 580 |
| Down Payment Options | Conventional loans: 5% minimum (20% to avoid PMI), FHA loans: 3.5% minimum (with a credit score of 580 or higher), 10% (for credit scores between 500 and 579), VA loans: 0% down payment options available, USDA loans: 0% down payment required | Conventional: As low as 3% (first-time homebuyers), typically 5% (others); FHA: 3.5%; VA: No down payment; Jumbo: As low as 10% |
| Closing Costs | Average origination fee of $4,909 in 2023. The total average loan cost was $9,896, which is 3.44% of the loan amount. GEICO customers may be eligible for up to $1,000 off closing costs. Typical closing costs include loan origination fees, appraisal fees ($325 - $425 in New York, $350 - $600 in New Jersey), home inspection fees, title search and insurance, taxes, discount points. | Average total loan costs in 2023 were $6,097. Includes lender fees and third-party costs. Closing costs typically range from 2% to 5% of the loan principal. |
| Online Application Process | Fully online mortgage process through its "mello smartloan" platform. | Streamlined digital application process via website or app. |
| Customer Service Availability and Responsiveness | Available via phone, in-person at branch locations, email, online form, and text message. A+ rating with the Better Business Bureau. | Phone, email, or chat. Home loans support line: (844) 763-4466, Monday-Friday, 6 a.m. to 3 p.m. PT. Generally considered responsive and knowledgeable, but some customer reviews mention issues with responsiveness. |
| Pre-Approval Process | Available online, over the phone, or in person. | Online submission of financial information, soft credit pull, Verified Preapproval Letter valid for 90 days. Can be completed in minutes. |
| Refinancing Options | Rate-and-term and cash-out refinancing options. Lifetime Guarantee program waives lender fees for future refinances on the same property. | Rate-and-term and cash-out refinancing. |
| Loan Servicing | LoanDepot manages and services the loans they originate. | Online account management via website and mobile app. |
| Available Loan Terms | Fixed-rate: 10-year, 15-year, 20-year, 30-year terms; Adjustable-rate (ARM): 3/1, 5/1, 7/1, 10/1 ARMs | 10-, 15-, 20-, and 30-year fixed terms. |
| Geographic Availability | Licensed to originate loans in all 50 U.S. states and Washington, D.C. | All U.S. states except Hawaii. In New York, limited to purchase mortgages only. |