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

Thanks for sharing. I am into the an equivalent situation (higher borrowing from the bank, prominent is actually under $28k, a great income) and you can as you was not having the finest stated prices and you will occasionally was not very intimate. 25% a lot more than their best advertised price.

As of right now I am going to waiting to the refinancing up to next Spring season. I will keep and make double repayments on my mortgage until then.

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

5%), and you can relatively lowest loan prominent ($twenty-seven.5k), I didn’t obtain the low rates advertised from the step 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-recognition app is clear and you can to the level in just step 3 screens. From the no point are We concerned about an arduous pull. Ultimately, they said cuatro.315. I found myself floored. Perchance you you want $150k+ earnings for the best cost?

Serious had an amount much easier pre-recognition processes, singular monitor. But really, nonetheless offering doing cuatro.2% to that particular basically exposure-free debtor.

(Sidebar, I really do inquire a little while whether or not SoFi and you can Serious does not render their very best prices to the people playing with $five hundred incentive links.)

CommonBond have a slick screen, but several dozen microsoft windows on their software. The line ranging from delicate and difficult eliminate is not at all Clear. Looking back, I really don’t envision you can aquire a speed off CommonBond instead of a difficult eliminate. Whatever the case, it considering step 3.93 for 5 12 months variable and step three.91 having 7 year variable. I really doubt DRB will perform significantly better than these step 3 guys, and that i lack thirty day period to go to to check out from their website, therefore i chose to just carry on CommonBond simply because they curently have my personal hard pull.

I Georgia savings and payday loan am to shop for a house next season, therefore thinking carefully about DTI (and considering the lower rate. ), I thought i’d choose new eight seasons. I will not carry so it loan to label. We want to re-refi that have SoFi the following year to get the $500, following possibly take action once again having Serious due to their $500 just before in the end paying off the mortgage.

I got so you’re able to email CommonBond provider adjust my personal app off 5 in order to eight season, but which had been simple and fast, also across the sunday. We uploaded 2 pay stubs and you may incentives files effortlessly. Must current email address him or her commission details. Also requested him or her from the including good cosigner to lessen the interest rate, but I believe merely SoFi does one.

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.