While both offer digital mortgages, Rocket Mortgage gets our vote for its reputation, bigger loan selection and transparent application process.
Rocket Mortgage and SoFi are both digital lenders boasting a streamlined digital application process and faster-than-normal closing times. But we think Rocket Mortgage has some advantages over its competitor.
Compared to SoFi, you can choose from a much wider range of loans with Rocket Mortgage, including conventional, government-backed and jumbo loans. SoFi only has conventional, jumbo and home equity loans, making it less useful for first-time homebuyers.
Then there’s reputation: While both companies have good customer ratings, SoFi was accused of false advertising by the Federal Trade Commission (FTC) in 2018. The FTC alleged that SoFi significantly inflated the amount a borrower could save by refinancing — and in some cases, offered loans that would cost the borrower more in the long run.
SoFi |
Rocket Mortgage |
|
| Get rates | See rates | |
| At a quick glance |
|
|
| Loan products offered | Conventional, Jumbo, Home equity, Refinance | Conventional, Jumbo, FHA, VA, Refinance |
| State availability | Not available in: HI | Available in all states |
| Min. credit score | 620 | 620 |
| BBB Rating | A+ | A+ |
| Trustpilot Rating | Poor | Great |
| Pros |
|
|
| Cons |
|
|
| More info | Read Review | Read Review |
SoFi gets average marks from customers, earning 2.5 stars out of a 5-star rating on Trustpilot from 2,568 reviewers as of June 2022. But 77% of customers rate their experience as “excellent” and only 11% say they had a bad experience. Positive reviews report being happy with their loan officers’ responsiveness and communication level. However, a few unhappy customers report inept service from loan officers and broken promises.
Rocket Mortgage gets a 3.9 out of 5-star rating on Trustpilot from over 4,000 reviewers as of June 2022. While 75% of reviewers say their experience was “excellent” or “great,” 19% of reviewers had a bad experience with the company. Positive reviews mention smooth and easy interactions, while some negative reviews mention processing delays and inaccurate appraisals.
SoFi and Rocket Mortgage are both highly rated lenders popular with thousands of Americans. However, if you’d prefer a fully digital mortgage that doesn’t require you to work with a loan officer, Better or Beeline might be a good choice.
Alternatively, if you’re an experienced buyer looking for a specialized loan, we recommend Draper & Kramer Mortgage or North American Savings Bank. Both these lenders offer a wide range of loan products for borrowers of all types, including investors, gig workers and those with less-than-stellar credit.
Find your perfect mortgage by comparing these lenders and lender marketplaces. Select See rates to get a personalized quote.
Disclaimer: The partners on Finder's mortgage comparison tables are sorted in alphabetical order.
Learn the ins and outs of this new low down payment program from Rocket Mortgage.
Bank of America has more loan options, but Rocket Mortgage has left a better overall impression on customers. We compare the key features between these two established lenders.
Refinancing your mortgage while unemployed is challenging, but it may be possible if you have an alternative means to repay the loan.
Breakdown of what you might pay monthly over the life of a $550,000 mortgage.
Learn more about monthly payments and interest on a $500,000 mortgage over 15 or 30 years. Plus, find out how much you need to make to afford repayments.
Breakdown of what you might pay monthly over the life of a $750,000 mortgage.
Breakdown of what you might pay monthly over the life of a $650,000 mortgage.
Eligible customers stand to save up to 0.62% on their interest rate.
Check out our home loan borrowing power calculator to see if you’ll be able to afford the loan you want.
Working out how interest is calculated on a home loan can help you figure out how much you can borrow and how to pay it off sooner.