I didn't find much info about refinancing mortgage with SoFi before I contacted them, so I thought I'd share my experience.
The short version: with ltv ratio below 50%, excellent credit history, and stable employment history in high tech (> 10 years), working with SoFi is as pleasant as it can be when it comes to mortgage refinancing. Everything was completed online until the final step, where they sent a mobile notary to our house at the time we requested on a day's notice. We got a reasonably good rate (2.995%) for a 7/1 ARM, which is about the same as our previous 5/1 mortgage (2.99%) with ING turned Capital One 360.
Here's more detail. Our 5/1 ARM w/ ING turned Capital One 360 will mature in a year. We started casually looking into refinancing because of all the talk about possible interest rate hike. We were curious about SoFi after reading MMM's post but have some reservation because, well, it's not exactly conventional and we couldn't find much info about refinancing mortgage with them... until my employer announced that they partnered with SoFi to help employees and their dependents to refinance their student loans. This makes me feel more comfortable with their approach and I filled out the online application on the day of the announcement.
They got back to me the day after I submitted the application and the whole process was pretty straight forward. The agents were very responsive and document requests are clear and simple. We had good experience with ING in 2011 but this time around it's even easier than that. At first I got a slightly higher rate, but it was reduced (.25%) after taking my RSU vesting schedule into account. The only hold up was actually getting the mortgage payoff statement from Capital One. (They didn't get back to the title company for almost a week.) Everything can be done online and on the phone until the very last step, which is initializing and signing 1 billion pages and getting them notarized. I could always reach their agents on the phone without waiting when I need to call, which is totally refreshing.
Their 30-year fixed mortgage rate was about 1% higher. We're not sure how long we will stay in our current house so 7/1 works for our situation. Hopefully we'll FIRE and downsize before the rate goes up. ;)
I'm very happy with them so far. They don't have a mortgage referral program so I'm sharing just to spread the words. Before and during the process I was so fed up by Capital One. They totally made me feel they want to get rid of me! It's a big contrast dealing with SoFi and I feel I'm rewarded for being financially responsible in the past.
