Re: My student loan refi sense (SoFi, Serious, CommonBond)

Thanks for revealing. I’m for the the same problem (high borrowing, prominent are significantly less than $28k, a good cash flow) and as you wasn’t obtaining the top stated prices and you may in some cases was not most personal. 25% over their best said rate.

As of right now I am going to wait on refinancing up until second Spring. I am able to keep and come up with twice payments on my mortgage until then.

Re: My student loan refi experience (SoFi, Serious, CommonBond)

5%), and you can apparently lowest mortgage prominent ($27.5k), I didn’t get the reasonable rates reported in the step three loan providers. Not even personal, in fact.

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 was obvious and you may to the stage with only 3 windows. On no reason try We worried about a hard pull. Ultimately, it said 4.315. I was floored. Perhaps you you would like $150k+ earnings for the right costs?

Serious had an amount much easier pre-approval processes, singular screen. Yet ,, still providing as much as 4.2% to this essentially chance-totally free debtor.

(Sidebar, I do ask yourself a while if or not SoFi and you will Earnest will not provide their finest pricing to the people playing with $five-hundred added bonus website links.)

CommonBond provides a slick software, however, a few dozen microsoft windows on the application. This new range anywhere between softer and hard eliminate is not very Clear. Appearing virginiacashadvance.net payday loans Onley straight back, I really don’t think you can buy a rate regarding CommonBond rather than a hard remove. Nevertheless, they considering step 3.93 for 5 year adjustable and you will step three.91 to have seven 12 months variable. I really doubt DRB is going to do significantly better than this type of 3 men, and that i lack thirty days to wait to see from their store, thus i made a decision to just maintain CommonBond since they already have my personal hard eliminate.

I’m to buy a home the following year, very thinking cautiously about DTI (and you will as a result of the straight down rates. ), I decided to decide for new eight season. I won’t bring this loan so you’re able to identity. We intend to re-refi which have SoFi next season to discover the $500, right after which possibly exercise once again that have Serious due to their $five hundred prior to ultimately paying the loan.

I had so you can email CommonBond service adjust my application of 5 to eight season, however, that has been simple and fast, actually along the weekend. We published 2 pay stubs and incentives records quite easily. Needed to email them payment details. Along with expected him or her on the incorporating a cosigner to lower the speed, but I believe merely SoFi really 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.