Can I refinance an existing mortgage? December 21, 2020 23:04 Updated Yes, qualified applicants may apply for refinancing. In some cases, the minimum equity required is 5%. Related articles Does SoFi require a property appraisal? What is the minimum down payment SoFi will accept? Who can apply for a SoFi mortgage? What are standard third-party closing costs? What is your rate lock policy?