Re: My student loan refi experience (SoFi, Serious, CommonBond)
Many thanks for discussing. I am in the the same situation (high borrowing from the bank, prominent try lower than $28k, an excellent cashflow) and as you wasn’t acquiring the most readily useful reported pricing and in some instances was not most personal. 25% significantly more than their finest stated rate.
As of right now I will hold off into the refinancing up to 2nd Springtime. I’m able to continue and come up with double money on my mortgage before this.
Re: My education loan refi sense (SoFi, Earnest, CommonBond)
5%), and you will seemingly lower loan dominating ($27.5k), I didn’t get the reasonable rate said at step 3 loan providers. Not close, actually.
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 software is obvious and you will concise in just step 3 house windows. During the pointless was I worried about a painful remove. Finally, they told you cuatro.315. I happened to be floored. Perhaps you you prefer $150k+ money to get the best rates?
Serious had a level smoother pre-approval techniques, one screen. But really, nevertheless offering to cuatro.2% to that particular essentially risk-free borrower.
(Sidebar, I do wonder a bit if SoFi and you will Earnest cannot promote their utmost costs to people playing with $five hundred incentive links.)
CommonBond have a slippery software, but a couple of dozen windowpanes on their software. Brand new line anywhere between softer and hard pull is not very Clear. Appearing right back, I really don’t consider you can purchase a speed regarding CommonBond versus a painful pull. Whatever the case, they considering step three.93 for five seasons changeable and you will 3.91 getting seven 12 months changeable. I payday loan for bad credit in New Lexington really doubt DRB will perform rather much better than this type of step 3 men, and i also don’t have 30 days to wait and discover from their website, thus i chose to simply keep pace CommonBond since they actually have my hard pull.
I’m to find a home next year, so convinced meticulously on the DTI (and you can as a result of the lower price. ), I decided to go for the latest seven seasons. I will not hold that it financing to help you term. I want to re-refi which have SoFi the coming year to obtain the $500, and maybe exercise once more which have Serious because of their $five-hundred prior to finally paying off the mortgage.
I got in order to email address CommonBond service to change my software of 5 so you can 7 season, however, that has been quick and easy, even along side week-end. We published dos spend stubs and benefits files very easily. Had to email her or him commission addresses. In addition to questioned them on the incorporating good cosigner to lower the speed, however, I think simply SoFi do 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.
