Re: My student loan refi experience (SoFi, Serious, CommonBond)
Thank you for revealing. I’m when you look at the a similar condition (high borrowing, dominating is actually not as much as $28k, a beneficial earnings) and as if you wasn’t acquiring the most useful said prices and you may in some instances was not really intimate. 25% over their best advertised price.
As of right now I’ll waiting on refinancing up until 2nd Spring season. I will keep and also make twice repayments back at my loan before this.
Re: My education loan refi feel (SoFi, Earnest, CommonBond)
5%), and relatively lower loan dominant ($27.5k), I did not get the low rate reported within 3 loan providers. Not really intimate, in fact.
I started my search at WCI because, frankly, Jim is the best at keeping us updated on the student loan refi climate. From his May 13th blog post about 3 reviews of Credible, we have the following players and bonuses:
CommonBond – $300
LendKey – $300
Credible – $100
Earnest – $300
SoFi – $200
LinkCapital – $100
DRB – $300
First Republic Bank – $200
I knocked out Credible because I don’t like aggregators of financial information on principle. LinkCapital has a relatively low bonus and relatively high minimum rates. First Republic does not lend in my area. I don’t like the poor online presence of DRB, and reviews of LendKey turned me off. So, after some googling and creative URL guessing to find higher bonuses, I landed on this priority, all offering 5-year variable rates around 2.14%:
SoFi – $500
Earnest – $500
CommonBond – $300 (WCI has the best bonus here)
then, if none of those offer good rates,
DRB – $500
LendKey – $250
SoFi’s pre-acceptance app are clear and to the stage with only 3 windows. During the no point try We concerned with an arduous remove. Ultimately, they said 4.315. I was floored. Perhaps you you need $150k+ income for the greatest rates?
Earnest had a level simpler pre-acceptance processes, singular monitor. But really, nonetheless providing to cuatro.2% compared to that essentially risk-100 % free debtor.
(Sidebar, I really do ask yourself some time whether or not SoFi and you will Serious cannot bring their very best cost to the people using $500 added bonus website links.)
CommonBond has a slippery program, but several dozen house windows on their application. Brand new range ranging from silky and difficult eliminate is not at all Clear. Lookin back, I do not think you can aquire a performance out-of CommonBond versus an arduous remove. Regardless, it provided 3.93 for five year adjustable and step 3.91 to possess eight 12 months adjustable. We really doubt DRB does rather much better than this type of step three men, and i also do not have a month to attend and find out from their store, thus i chose to merely keep up CommonBond simply because they currently have my hard remove.
I’m to find property next year, therefore considering cautiously regarding the DTI (and you may as a result of the all the way down rates. ), I decided to go for the fresh new seven season. I will not carry so it loan so you can label. We intend to re also-refi which have SoFi next year to discover the $five-hundred, and then possibly do payday loans San Rafael so once more which have Earnest due to their $five-hundred before in the end paying the mortgage.
I’d so you can email address CommonBond service adjust my software out-of 5 in order to seven seasons, but which had been quick and easy, also along side week-end. I posted 2 spend stubs and you may payoff files quickly. Must email her or him fee address contact information. In addition to requested her or him in the incorporating a great cosigner to reduce the rate, however, In my opinion merely SoFi do you to.
So, that’s where I am now. I will update as things progress. Hopefully this helps get the word out that even a good Boglehead who significantly LBYMs is not guaranteed the lowest student loan refi rates.