Re: My personal student loan refi feel (SoFi, Earnest, CommonBond)
Many thanks for discussing. I’m in an equivalent state (great credit, dominant try less than $28k, a good cash flow) and as you was not having the finest stated pricing and you may occasionally was not really personal. 25% more than their utmost reported rates.
At this point in time I am going to hold off to the refinancing up to next Spring. I could keep and also make double payments back at my mortgage before this.
Re: My personal education loan refi sense (SoFi, Serious, CommonBond)
5%), and you may relatively low loan principal ($twenty seven.5k), I did not obtain the reasonable speed claimed on step three loan providers. Not even close, in reality.
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 – payday loans in IA $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-approval app are obvious and concise in just step three screens. Within no point try We concerned with a difficult remove. Fundamentally, it told you 4.315. I became floored. Perchance you you prefer $150k+ money to find the best costs?
Serious had a level simpler pre-acceptance procedure, one screen. Yet, however giving doing 4.2% to this essentially exposure-free borrower.
(Sidebar, I do wonder a while whether or not SoFi and Serious will not bring their very best rates to those having fun with $500 added bonus backlinks.)
CommonBond enjoys a slippery software, however, a few dozen screens to their application. This new line ranging from mellow and difficult eliminate is not Clear. Appearing back, I don’t envision you can buy a rate regarding CommonBond rather than a hard pull. Regardless, it provided 3.93 for five year varying and you can step three.91 getting seven year varying. We sincerely question DRB is going to do significantly better than this type of step three males, and that i don’t possess 1 month to go to and find out from their website, and so i decided to merely continue CommonBond because they currently have my difficult pull.
I am to buy a property the coming year, thus thinking cautiously throughout the DTI (and you will because of the lower price. ), I thought i’d decide for brand new eight 12 months. I won’t carry this financing to label. We decide to re-refi that have SoFi the following year to discover the $five hundred, and then perhaps do so once more with Serious for their $500 just before ultimately paying the mortgage.
I had to help you email CommonBond services to alter my application away from 5 so you’re able to 7 seasons, however, which was simple and fast, actually along side week-end. I posted 2 pay stubs and you will rewards data files effortlessly. Needed to email address him or her fee address contact information. And additionally asked him or her throughout the adding a great cosigner to lower the speed, however, I do believe merely SoFi really does you to definitely.
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.