Both SoFi Home Loans and Better Mortgage offer competitive mortgage options with online application processes. SoFi stands out with its On-Time Close Guarantee and potential origination fee discount for members. Better Mortgage distinguishes itself with a potentially faster pre-approval process and 24/7 AI customer support. The best choice depends on individual needs and priorities, such as the importance of customer service availability, potential closing delays, and membership status with SoFi.
| Attribute | SoFi Home Loans | Better Mortgage |
|---|---|---|
| Interest Rates (APR) | Competitive rates varying by loan term, credit score, and other factors. Examples (as of July 2025): 10-year fixed: 6.149% APR, 15-year fixed: 5.969% APR, 20-year fixed: 6.508% APR, 30-year fixed: 6.785% APR | Generally in line with Bankrate's national averages. Displayed rates assume a credit score of 760 and a 20% down payment. |
| Loan Types Offered | Conventional loans (fixed-rate and adjustable-rate), Jumbo loans, FHA loans, VA loans, Refinancing (rate-and-term, cash-out), Home Equity Loans, HELOC (Home Equity Line of Credit) | Conventional, FHA, VA, fixed-rate, adjustable-rate, refinance, investment property, and jumbo loans. |
| Minimum Credit Score Requirement | Conventional loans: 620, FHA loans: 600, VA loans: 600, Cash-out refinance: 580 | Conventional loans: 620; FHA loans: 580; VA loans: 620 (some sources claim no minimum); Jumbo loans: 700. |
| Down Payment Requirements | Conventional loans: 3%-5% (3% for first-time homebuyers), FHA loans: 3.5%, VA loans: 0%, Jumbo loans: 10% | Conventional loans: Typically 3% minimum; FHA loans: 3.5% minimum (25% if co-applicant/borrower doesn't reside in property); VA loans: No down payment required. |
| Closing Costs | Borrowers pay lender fees and third-party costs such as appraisal and title insurance fees. Specific costs not published. | Typically range from $1,500 to $5,500. Includes loan origination fees, appraisal fees, title searches/insurance, survey fees, home inspection fees, property taxes, and homeowner's insurance. |
| Loan Origination Fees | $1,495 (may be discounted by $500 for existing members) | Charges origination fees on certain mortgages. |
| Prepayment Penalties | None | Does not charge prepayment penalties. |
| Online Application Process | Quick and easy online application process with online prequalification. | Fully digital online application process. Pre-approval in as little as 3 minutes. |
| Customer Service Availability and Responsiveness | Monday through Friday, 6 a.m. to 3 p.m. PT for home loans. Some customers have reported poor service experiences. | Available at 415-523-8837, Monday through Friday from 8 a.m. to 8 p.m. ET. 24/7 support through a voice-based AI system named Betsy. |
| Time to Close (Average) | 32 days. On-Time Close Guarantee, potentially paying up to $10,000 if they delay your closing. | Around 32 days. Offers a 'One Day Mortgage' program for eligible applicants. |
| Refinancing Options | Rate-and-term and cash-out refinancing options. A minimum of 5% equity is required to refinance. | 30- and 15-year refinances, cash-out refinancing, ARM refinancing, and FHA and VA streamline refinancing. |
| Geographic Availability | Home purchase loans in every state. Mortgage refinancing is available in every state except New York (purchase only). | Available in all U.S. states. |