Re: My student loan refi feel (SoFi, Earnest, CommonBond)
Thank you for discussing. I’m inside a similar situation (great credit, prominent try below $28k, a beneficial income) and you will as if you was not having the best said rates and you may in some instances was not very close. 25% more than their very best claimed speed.
As of right now I shall waiting on the refinancing until second Springtime. I could keep while making double repayments on my mortgage before this.
Re: My personal education loan refi feel (SoFi, Serious, CommonBond)
5%), and you may relatively reduced loan principal ($twenty seven.5k), I didn’t obtain the low rate claimed at the 3 lenders. Not personal, indeed.
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 software try clear and you may to the point in just step three screens. In the no reason is actually We worried about a challenging pull. Finally, it said cuatro.315. I happened to be floored. Perhaps you need $150k+ earnings for top level rates?
Serious had an amount easier pre-acceptance procedure, singular display screen. Yet, nevertheless offering around 4.2% compared to that fundamentally exposure-totally free borrower.
(Sidebar, I really do question a little while if SoFi and you will Earnest doesn’t give their very best prices to the people having fun with $five-hundred bonus backlinks.)
CommonBond provides a slick user interface, but a couple of dozen windows on their application. The fresh range ranging from soft and hard eliminate is not at all Clear. Looking straight back, Really don’t imagine you can aquire a speed out-of CommonBond without a difficult eliminate. In any case, it offered step three.93 for 5 year varying and 3.91 for eight seasons adjustable. We really doubt DRB will do significantly much better than these step three guys, and i also don’t have thirty day period to go to to discover from their store, and so i made a decision to simply carry on CommonBond since they actually have my tough pull.
I am to invest in property the coming year, so considering meticulously on the DTI (and you will due to the all the way down speed. ), I decided to opt for brand new 7 seasons. I won’t hold so it mortgage in order to term. I plan to re also-refi having SoFi the following year to obtain the $five-hundred, immediately after which perhaps do have a peek at this web site so once again that have Earnest for their $five-hundred just before in the long run paying the loan.
I’d to email address CommonBond solution to evolve my personal software from 5 so you’re able to eight 12 months, however, which was easy and quick, actually along side weekend. We uploaded dos shell out stubs and you will payoff files quite easily. Needed to email them payment address contact information. Plus expected her or him regarding the adding a good cosigner to lessen the speed, however, I think only SoFi does 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.
