Re: My education loan refi sense (SoFi, Serious, CommonBond)
Thanks for sharing. I’m during the the same condition (high borrowing, prominent was below $28k, an effective earnings) and you will as you wasn’t acquiring the better stated cost and you may sometimes was not extremely personal. 25% a lot more than their finest advertised price.
At this point in time I shall hold off for the refinancing up to second Spring season. I can remain while making double repayments on my loan until then.
Re: My student loan refi sense (SoFi, Earnest, CommonBond)
5%), and you will relatively lowest loan prominent ($twenty seven.5k), I did not obtain the lowest rates reported on 3 lenders. Not really personal, 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-recognition application is actually clear and you can to the stage with just step three screens. On no reason is actually I concerned about an arduous pull. Ultimately, it said cuatro.315. I found myself floored. Maybe you need $150k+ income for top level costs?
Serious got an amount easier pre-acceptance techniques, one screen. Yet ,, nonetheless giving doing cuatro.2% to that particular fundamentally exposure-100 % free borrower.
(Sidebar, I really do inquire a while whether or not SoFi and you will Earnest will not give their utmost costs to people having fun with $500 bonus website links.)
CommonBond possess a slick user interface, however, a couple of dozen screens to their app. The brand new line anywhere between softer and difficult pull is not Obvious. Lookin right back, I really don’t believe you can buy a rate of CommonBond in place of a hard eliminate. In any case, it considering 3.93 for five seasons variable and you can step three.91 having seven season changeable. We sincerely doubt DRB perform notably better than these types of step three men, and i do not have thirty day period to wait to discover from their website, thus i chose to just keep pace CommonBond since they already have my tough remove.
I’m to buy a home the coming year, thus thought cautiously on DTI (and you can because of the all the way down rate. ), I decided to go for new seven season. I will not carry this mortgage so you can label. We plan to re-refi that have SoFi the following year to obtain the $five-hundred, then possibly get it done once again which have Serious because of their $five hundred just before in the end settling the mortgage.
I’d in order to email CommonBond solution to change my application of 5 so you’re able to seven year, but that was simple and fast, also along the sunday. We submitted dos pay stubs and you will incentives data files quite easily. Needed to email him or her commission contact. Along with requested her or him throughout the including good cosigner to lessen the speed, however, In my opinion just SoFi do that.
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.