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

Thanks for discussing. I’m into the the same problem (higher credit, dominant was below $28k, a beneficial cashflow) and you will as you wasn’t acquiring the most useful said pricing and you will in many cases wasn’t very intimate. 25% a lot more than their utmost said price.

As of right now I will waiting on refinancing until next Spring season. I will remain making double repayments on my financing until then.

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

5%), and you can relatively reasonable financing principal ($twenty-seven.5k), I didn’t have the reasonable rates advertised at the step 3 lenders. Not romantic, 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-acceptance app are obvious and to the point with only 3 microsoft windows. From the pointless is I concerned about a painful remove. Ultimately, it said cuatro.315. I became floored. Perhaps you you would like $150k+ money to get the best pricing?

Earnest had a level much easier pre-approval techniques, singular screen. Yet ,, still providing doing cuatro.2% to this generally risk-free borrower.

(Sidebar, I really do inquire a bit whether SoFi and you may Serious does not promote their very best cost to people having fun with $five-hundred added bonus hyperlinks.)

CommonBond keeps a slippery program, but Camdenton loan one or two dozen windowpanes on the app. The brand new line ranging from silky and difficult remove is not very Obvious. Looking straight back, Really don’t think you can buy a rate regarding CommonBond in place of a hard pull. Regardless, they provided step three.93 for five 12 months adjustable and you may step three.91 getting seven season varying. We sincerely question DRB can do somewhat a lot better than such 3 boys, and i lack thirty days to attend and see from their store, therefore i chose to just keep up CommonBond because they already have my difficult pull.

I am to order a house next season, very considering meticulously in the DTI (and you may as a result of the lower price. ), I thought i’d decide for this new eight 12 months. I will not hold which mortgage to term. I plan to re also-refi having SoFi the following year to find the $five hundred, and maybe do so again having Serious for their $five hundred prior to finally paying off the mortgage.

I experienced to email CommonBond solution to change my personal application away from 5 so you can seven seasons, however, that was easy and quick, even along the week-end. I uploaded dos pay stubs and you may benefits files quite easily. Had to email him or her commission address. Plus questioned her or him on including a beneficial cosigner to reduce the speed, however, I think just SoFi do 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.