Re: My education loan refi feel (SoFi, Earnest, CommonBond)
Many thanks for revealing. I am in the the same condition (high borrowing from the bank, dominating try significantly less than $28k, a income) and you may like you was not obtaining the ideal advertised costs and you can occasionally wasn’t really personal. 25% over their utmost said speed.
At this point in time I will hold off towards the refinancing up to next Spring. I will remain and then make twice costs to my financing until then.
Re: My personal student loan refi experience (SoFi, Serious, CommonBond)
5%), and you may seemingly lowest financing principal ($twenty-seven.5k), I did not have the lowest rate stated from the step three loan providers. Not romantic, 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
Cabool payday loans
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 was obvious and to the level in just step 3 house windows. During the no point try I concerned with a challenging eliminate. Fundamentally, they said 4.315. I was floored. Maybe you you want $150k+ income to find the best rates?
Earnest had a level much easier pre-acceptance processes, singular monitor. Yet, however providing to 4.2% to that particular basically exposure-totally free borrower.
(Sidebar, I do ponder a little while whether or not SoFi and Serious will not give their best pricing to those playing with $500 added bonus backlinks.)
CommonBond features a slick screen, but a couple of dozen microsoft windows on their application. The newest line anywhere between soft and difficult remove is not at all Obvious. Searching right back, Really don’t believe you can purchase a speed out-of CommonBond in place of a hard remove. Nevertheless, they given step three.93 for five year adjustable and step three.91 getting 7 seasons adjustable. We really doubt DRB does significantly a lot better than these types of step three men, and i also don’t have thirty day period to go to and determine from their store, therefore i decided to simply continue CommonBond simply because they curently have my personal difficult eliminate.
I am to buy a home next year, therefore considering carefully regarding the DTI (and you may considering the all the way down rates. ), I decided to choose for the brand new eight season. I will not bring which loan so you’re able to title. I want to re-refi that have SoFi the coming year to find the $five hundred, then possibly take action once more with Serious for their $500 prior to finally repaying the borrowed funds.
I had in order to email CommonBond service to switch my application away from 5 so you’re able to eight season, but that was quick and easy, even along side week-end. We submitted 2 spend stubs and you will benefits documents quite easily. Must email address her or him fee addresses. Plus requested him or her regarding the including a good cosigner to reduce the speed, but In my opinion only 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.