Re: My personal student loan refi experience (SoFi, Serious, CommonBond)
Many thanks for sharing. I’m in the a similar situation (great borrowing, dominant is actually lower than $28k, an effective earnings) and as if you was not having the top stated pricing and you will in some cases was not really romantic. 25% over their very best claimed rate.
At this point in time I am going to wait for the refinancing up to second Spring season. I can keep and make twice costs on my loan before this.
Re: My education loan refi feel (SoFi, Serious, CommonBond)
5%), and you will apparently reasonable mortgage prominent ($twenty-seven.5k), I did not obtain the lowest speed claimed within 3 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-acceptance application try obvious and you may concise in just step three house windows. At the no reason was We concerned about a hard pull. Ultimately, they said 4.315. I was floored. Perhaps you you need $150k+ income for the greatest costs?
Earnest had a level smoother pre-acceptance processes, only 1 display screen. But really, still offering as much as 4.2% compared to that fundamentally exposure-totally free debtor.
(Sidebar, I really do ponder a bit if or not SoFi and Serious cannot give their utmost rates to people using $five hundred incentive website links.)
CommonBond features a slick user interface, however, one or two dozen windows on the app. The latest range anywhere between soft and hard pull is not very Clear. Searching back, Really don’t believe you can get a performance from CommonBond instead of a hard pull. In any case, it considering 3.93 for five seasons varying and you will step three.91 to have seven 12 months varying. We sincerely question DRB does somewhat much better than these types of 3 males, and i also do not have a month to wait to see from them, therefore i made a decision to merely keep up CommonBond since they already have my difficult remove.
I am to find a house the following year, very thinking meticulously from the DTI (and because of the lower rate. ), I decided to go for the brand new 7 season. I will not bring it mortgage so you’re able to identity. We want to re also-refi having SoFi the following year to discover the $500, following possibly do so once again with Serious because of their $five hundred before ultimately paying off the loan.
I got to help you email address CommonBond solution to improve my app of 5 to 7 12 months, however, that has been quick and easy, actually along side weekend. We submitted dos spend stubs and you will payoff data files easily. Needed to email her or him fee details. In addition to requested him or her regarding the incorporating a good cosigner to reduce the pace payday loan Wilmington, but I believe simply 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.