Re: My personal education loan refi experience (SoFi, Earnest, CommonBond)
Thank you for sharing. I am from inside the an identical situation (great borrowing from the bank, dominant try significantly less than $28k, a cashflow) and you will as if you wasn’t getting the finest reported pricing and you may occasionally was not really intimate. 25% more than their very best reported price.
At this point in time I shall waiting on refinancing up to second Springtime. I am able to remain to make double repayments to my loan before this.
Re: My personal education loan refi sense (SoFi, Serious, CommonBond)
5%), and you can seemingly low loan principal ($27.5k), I didn’t get the lower rates reported at the step three loan providers. Not even 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-approval application is actually clear and you can to the point with just step 3 house windows. From the pointless was I concerned with a difficult eliminate. Ultimately, they told you 4.315. I found myself floored. Perhaps you you need $150k+ money for the right costs?
Serious had a level convenient pre-recognition procedure, only 1 monitor. Yet ,, however providing as much as 4.2% to this generally risk-totally free borrower.
(Sidebar, I payday loan agency Willards MD actually do inquire a while if SoFi and Serious doesn’t promote their utmost pricing to those playing with $five hundred added bonus backlinks.)
CommonBond possess a slick interface, but two dozen microsoft windows on the app. The newest range ranging from mellow and hard pull is not Obvious. Appearing back, I don’t think you can get a rate out of CommonBond as opposed to an arduous eliminate. Nevertheless, they considering 3.93 for 5 year adjustable and step 3.91 to possess eight 12 months variable. We sincerely question DRB perform notably better than these types of step three men, and i do not have 1 month to attend to discover from their store, thus i chose to merely carry on with CommonBond because they currently have my personal difficult eliminate.
I’m purchasing a property next year, thus considering very carefully about DTI (and you can considering the straight down speed. ), I decided to choose the fresh new seven seasons. I will not bring so it mortgage to title. I want to lso are-refi having SoFi next season to discover the $five hundred, and perhaps exercise once again which have Serious for their $500 ahead of eventually paying off the borrowed funds.
I’d to current email address CommonBond services to alter my app off 5 to eight year, however, which was easy and quick, also across the sunday. We uploaded dos pay stubs and you can benefits records easily. Had to email address her or him percentage address. And questioned her or him in the incorporating good cosigner to lessen the rate, but In my opinion only SoFi does one.
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.
