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I closed today with Citizens bank on a 10yr variable at 2.75% (with autopay discount), 130K. This was after I had refi'd with DRB two years ago, previous rate was ~3.8%. I asked DRB if they would match the rate after I had gotten approval from Citizens, they said I would have to apply for a full refi through them to find out. So now Citizen's gets my money.
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MochaDoc,
Glad to hear your rave reviews of Earnest. I got the free 2 minute quote already, but wanted more information as the range they give you is quite large (e.g "2.22 - 5.8%"). I'm currently shopping around, and so far SoFi has the best rate (Earnest is still pending) with the least amount of hassle. I also went through Credible, which gave me terrible rates through Citizen's Bank, and they insist on calling incessantly, which I found to be a nuisance. But I can understand why they do it.Comment
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Soundbyte,
Is that range for variable rates only? If it is, it's broad because it's based on what you choose. For example, the 2.2% IR will result in a higher monthly payment and the 5.8% rate will result in a lower monthly payment. Ultimately, you will choose the IR/monthly payment mix that works best for you.
Check out this link (http://finance.yahoo.com/news/loan-startup-earnest-says-it-has-killer-feature-to-beat-big-lenders-sallie-mae-200238883.html). The monthly payment/interest rate slider is featured at about the 1:30 mark in the video.
Re Credible, I looked back at the quotes provided there and they were the worst for me as well.Comment
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Ive refinanced with Sofi, Earnest, and now back with Sofi. All have been very easy and straightforward, and given me 300$ each time. Earnest was awesome and a couple of the features like paying every 2 weeks was great...but there was a lot of things I didnt like that they might have fixed by now. There was a paucity of any kind of info about the loan, current status, payoff, rates, etc....They had to hand write me a statement and payoff. When the variable rate changed it was hard to tell if my payment should have changed and didnt, or it was ok since I paid a small amount extra already, etc...Just wasnt excited about opacity for something so important.
Maybe if rates drop again sometime soon and they have a great deal, I'll switch back but record keeping is far too important to be lax with.Comment
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Ive refinanced with Sofi, Earnest, and now back with Sofi. All have been very easy and straightforward, and given me 300$ each time. Earnest was awesome and a couple of the features like paying every 2 weeks was great…but there was a lot of things I didnt like that they might have fixed by now. There was a paucity of any kind of info about the loan, current status, payoff, rates, etc….They had to hand write me a statement and payoff. When the variable rate changed it was hard to tell if my payment should have changed and didnt, or it was ok since I paid a small amount extra already, etc…Just wasnt excited about opacity for something so important.
Maybe if rates drop again sometime soon and they have a great deal, I’ll switch back but record keeping is far too important to be lax with.
Zaphod,
"Ive refinanced with Sofi, Earnest, and now back with Sofi."
Do you keep a passive eye on interest rates? I'm impressed by the constant refinancing if it's due to repeated decreases in interest rates.
"Earnest was awesome and a couple of the features like paying every 2 weeks was great…but there was a lot of things I didnt like that they might have fixed by now. There was a paucity of any kind of info about the loan, current status, payoff, rates, etc….They had to hand write me a statement and payoff."
From what I've experienced with their fixed rate student loan refinancing, this has all been addressed. They provide an abundance of loan details on the home/"loan overview" screen. I'm guessing feedback from folks like you was the cause so "Thanks."
"When the variable rate changed it was hard to tell if my payment should have changed and didnt, or it was ok since I paid a small amount extra already, etc…Just wasnt excited about opacity for something so important."
I'd be annoyed by this, too. I hope they've fixed this problem by now. Maybe you'll find out if/when you switch back to Earnest?Comment
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Ive refinanced with Sofi, Earnest, and now back with Sofi. All have been very easy and straightforward, and given me 300$ each time. Earnest was awesome and a couple of the features like paying every 2 weeks was great…but there was a lot of things I didnt like that they might have fixed by now. There was a paucity of any kind of info about the loan, current status, payoff, rates, etc….They had to hand write me a statement and payoff. When the variable rate changed it was hard to tell if my payment should have changed and didnt, or it was ok since I paid a small amount extra already, etc…Just wasnt excited about opacity for something so important.
Maybe if rates drop again sometime soon and they have a great deal, I’ll switch back but record keeping is far too important to be lax with.
Zaphod,
“Ive refinanced with Sofi, Earnest, and now back with Sofi.”
Do you keep a passive eye on interest rates? I’m impressed by the constant refinancing if it’s due to repeated decreases in interest rates.
“Earnest was awesome and a couple of the features like paying every 2 weeks was great…but there was a lot of things I didnt like that they might have fixed by now. There was a paucity of any kind of info about the loan, current status, payoff, rates, etc….They had to hand write me a statement and payoff.”
From what I’ve experienced with their fixed rate student loan refinancing, this has all been addressed. They provide an abundance of loan details on the home/”loan overview” screen. I’m guessing feedback from folks like you was the cause so “Thanks.”
“When the variable rate changed it was hard to tell if my payment should have changed and didnt, or it was ok since I paid a small amount extra already, etc…Just wasnt excited about opacity for something so important.”
I’d be annoyed by this, too. I hope they’ve fixed this problem by now. Maybe you’ll find out if/when you switch back to Earnest?
Yes, I just kept switching into better rates, and taking the 300 each time. Ive never had anything other than a very simple breezy experience so I didnt care.Comment
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