Re: My personal education loan refi sense (SoFi, Serious, CommonBond)
Many thanks for discussing. I’m in the an equivalent state (great borrowing from the bank, dominant is significantly less than $28k, a good cashflow) and you will as if you was not obtaining the greatest said costs and you will in many cases wasn’t really personal. 25% significantly more than their very best said speed.
At this point in time I’ll waiting toward refinancing up to second Spring. I’m able to keep and also make double costs back at my financing before this.
Re: My education loan refi experience (SoFi, Serious, CommonBond)
5%), and relatively reasonable loan dominating ($27.5k), I did not get the lower price stated at the step three lenders. 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 – $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 is clear and you will to the stage with just step three house windows. During the pointless is We concerned about a difficult eliminate. Eventually, it told you 4.315. I was floored. Maybe you you would like $150k+ earnings to discover the best pricing?
Serious got an even smoother pre-approval procedure, one monitor. But really, still providing around 4.2% to that particular essentially exposure-free debtor.
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(Sidebar, I actually do wonder a little while if SoFi and you will Serious does not promote their best cost to the people playing with $five hundred added bonus links.)
CommonBond have a slick user interface, however, several dozen windows on the software. Brand new line ranging from mellow and hard pull is not very Clear. Looking straight back, I don’t think you can aquire a rate from CommonBond instead a hard eliminate. Regardless, it considering 3.93 for 5 year adjustable and you will step 3.91 to own 7 12 months variable. We really doubt DRB can do notably much better than this type of step 3 men, and i don’t have 1 month to attend and view from their store, so i decided to simply keep pace CommonBond because they curently have my personal tough pull.
I am to shop for property next year, very considering very carefully about DTI (and as a result of the lower rate. ), I decided to decide for this new seven 12 months. I won’t carry that it financing to help you identity. I plan to re also-refi that have SoFi next season to get the $five hundred, following maybe do so once again with Earnest for their $five-hundred just before eventually paying off the loan.
I experienced to current email address CommonBond provider to switch my software regarding 5 so you’re able to seven 12 months, but which was simple and fast, actually over the week-end. We published dos pay stubs and rewards data very easily. Needed to email address her or him fee tackles. And additionally expected him or her regarding incorporating a cosigner to lessen the pace, however, In my opinion just 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.