Chase vs SoFi: Refinance Comparison
Chase and SoFi represent two fundamentally different approaches to mortgage refinancing. Chase is one of the nation’s largest traditional banks, offering a full suite of loan products along with relationship-based discounts and a nationwide branch network. SoFi, by contrast, is a fintech lender that has built its reputation on eliminating fees and serving well-qualified borrowers with competitive terms. Choosing between them often comes down to what you value most: product breadth and in-person support, or low upfront costs and a streamlined digital experience.
Below, we break down how each lender compares across loan options, fees, borrower requirements, and consumer experience so you can determine which is the stronger fit for your refinance goals. For a broader look at top options, visit our best refinance lenders guide.
Who Should Choose Chase
Chase tends to be a strong fit for borrowers who already have a banking relationship with the institution or who need access to government-backed loan programs. Here are the profiles that benefit most:
- Existing Chase banking customers: Chase offers relationship discounts for customers who hold checking or investment accounts. If you already bank with Chase, these discounts can meaningfully reduce your rate, making the lender more competitive than it might be for a brand-new customer.
- Borrowers who want FHA or VA loans: Chase supports Conventional, FHA, VA, and Jumbo loan types. If you’re looking to refinance into an FHA loan (perhaps because your credit score is on the lower end) or you’re a veteran seeking a VA refinance, SoFi simply doesn’t offer those products.
- Homeowners who prefer in-person guidance: With a nationwide branch network, Chase lets you sit down with a loan officer face-to-face. For borrowers navigating a complex financial situation, or anyone who simply feels more comfortable discussing a six-figure decision in person, this can be a significant advantage.
- Lower-income borrowers: Chase’s DreaMaker program is designed specifically for lower-income borrowers and may offer more accessible terms for those who qualify.
Who Should Choose SoFi
SoFi tends to appeal to borrowers who have solid credit profiles and want to minimize the upfront costs of refinancing. Consider SoFi if you match these profiles:
- Borrowers who want to minimize closing costs: SoFi charges no origination fees, no application fees, and no appraisal fees. For many refinances, these costs can total thousands of dollars, so eliminating them can dramatically improve your break-even timeline.
- Well-qualified borrowers with strong credit: SoFi is known for offering competitive rates to borrowers with strong financial profiles. Despite accepting credit scores as low as 600, the lender’s sweet spot tends to be borrowers with higher scores and solid income.
- Jumbo loan borrowers: SoFi is specifically noted as being best for high-balance loans. If your loan amount exceeds conforming limits, SoFi’s combination of competitive jumbo rates and no origination fees can be especially attractive.
- Borrowers who value financial safety nets: SoFi’s unemployment protection program offers forbearance if you lose your job, providing a layer of financial security that most lenders don’t include.
Key Differences
Fee Structure
This is perhaps the most significant differentiator. SoFi eliminates origination, application, and appraisal fees entirely, while Chase follows a more traditional fee structure. For borrowers focused on minimizing out-of-pocket expenses at closing, this distinction alone can tip the scales. Use our refinance calculator to see how different fee structures affect your total cost of refinancing.
Loan Product Variety
Chase offers Conventional, FHA, VA, and Jumbo loans, giving borrowers access to government-backed programs with more flexible qualification criteria. SoFi offers only Conventional and Jumbo loans. If you need an FHA or VA refinance, Chase is the clear path forward since SoFi doesn’t offer those products at all. Neither lender offers USDA loans.
Minimum Credit Score
SoFi accepts borrowers with credit scores as low as 600, while Chase requires a minimum of 620. This 20-point difference could matter for borrowers on the edge, though FHA loans through Chase may offer alternative pathways for those with lower scores.
Customer Support Model
Chase combines in-branch and online application options, while SoFi operates as a primarily digital lender. If you value the ability to walk into a local branch and discuss your refinance in person, Chase has an inherent advantage. If you prefer a fully online process and are comfortable managing your application digitally, SoFi’s streamlined approach may suit you better.
Consumer Experience: CFPB Complaint Data
Examining Consumer Financial Protection Bureau (CFPB) complaint data can provide useful context about each lender’s consumer experience, though it’s important to interpret the numbers carefully.
In 2024, Chase received 485 mortgage-related complaints, while SoFi received 23. However, this difference largely reflects the enormous gap in portfolio size between the two institutions. Chase is one of the largest mortgage servicers in the country, handling millions of loans, so a higher raw complaint count is expected. A smaller complaint volume for SoFi is consistent with its significantly smaller servicing portfolio.
Both lenders achieved a 100% timely response rate to CFPB complaints, which suggests strong complaint-handling processes at both institutions.
The nature of complaints also differs slightly. At Chase, the most common issue was trouble during the payment process (51%), followed by struggling to pay a mortgage (19%) and problems applying for or refinancing a mortgage (16%). At SoFi, complaints were more evenly split between applying for or refinancing a mortgage (43%) and trouble during the payment process (43%), with a small share related to incorrect information on credit reports (9%).
These patterns may reflect the different borrower populations each lender serves. Chase’s larger and more diverse borrower base, including FHA and VA borrowers, may generate more payment-related and hardship-related complaints. SoFi’s higher share of application-related complaints could reflect the challenges some borrowers face qualifying for its more limited product lineup.
Worked Example: A $400,000 Conventional Refinance
Let’s consider a specific scenario to illustrate how these differences might play out. Imagine a homeowner with a 740 credit score, a $400,000 loan balance, and a current rate of 7.25%. They want to refinance into a 30-year fixed conventional loan and are comparing Chase and SoFi.
With Chase
Suppose this borrower is an existing Chase banking customer and qualifies for a relationship rate discount. Their closing costs would follow a traditional structure. If we estimate origination fees and other lender charges at roughly 1% of the loan amount, that’s approximately $4,000 in lender-related fees on top of third-party costs like title insurance and taxes. The relationship discount could offset some of this through a lower rate. If the borrower is not a Chase customer, the rate may be less competitive, and the full fee structure applies.
With SoFi
The same borrower at SoFi would pay no origination fee, no application fee, and no appraisal fee. This could remove $3,000 to $5,000 from the closing cost equation compared to a traditional lender. With a 740 score and a $400,000 balance, the borrower likely falls within SoFi’s target profile for competitive rates. Additionally, SoFi’s member rate discount and unemployment protection program would add further value.
The Impact
If SoFi’s fee savings total $4,000 and both lenders offer similar rates, the borrower’s break-even point with SoFi would arrive significantly sooner. For example, if the refinance saves $200 per month on payments, the Chase borrower might break even in roughly 20 months (factoring in $4,000 of additional closing costs), while the SoFi borrower could break even much faster. However, if Chase’s relationship discount results in a noticeably lower rate, that monthly savings gap could close or even reverse over time. You can run your own numbers with our break-even calculator.
Bottom Line
Chase and SoFi each serve different refinancing needs well. Chase is the stronger option for borrowers who want access to FHA or VA loans, prefer in-person support, or already have a banking relationship that unlocks rate discounts. SoFi stands out for borrowers with strong credit who prioritize low closing costs, particularly on high-balance or jumbo loans, and who value perks like unemployment protection.
Neither lender is universally “better.” The right choice depends on your credit profile, the loan type you need, whether you value in-person support, and how much weight you place on upfront fees versus long-term rate savings. We recommend getting quotes from both lenders, along with at least one or two others from our best refinance lenders list, so you can compare actual rates and costs side by side before making a decision.
Sources
- CFPB (Consumer Financial Protection Bureau) – Complaint data and consumer guidance
- HMDA (Home Mortgage Disclosure Act) – Lending volume and approval data
Last reviewed: March 29, 2026
Written by the Wirly editorial team. Our methodology: /methodology