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  • Refinance again?

    I was able to refinance last year with DRB for 4.25% on a 5 year fixed, down from 6.6% with the feds.  I am graduating residency this year and have a job lined up starting in July.  I plugged in my data with my projected yearly salary with SoFi and they quoted me rates of 3.375% for 5 year fixed and 2.185% for 5 year variable.  I am wondering if I should re-finance again and if so, what should be my timing for doing so?  Right now, the interest accruing is separate from the principal with DRB, which I assume will capitalize when I refinance again.  My strategy - if staying put - would be to pay off that interest right before I enter the standard repayment phase with DRB (right now I pay $100 / month) to avoid it being added to the principle.  Also, I am not sure I can even refinance with them (SoFi) at this second to get this rate because they ask for a pay stub to verify income...I am wondering if they will accept a signed contact as verification?

  • #2
    Those are outstanding rates.  How much would the refi cost?

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    • #3
      They claim no origination / pre-payment fees.  They also say they will honor any grace period that my previous loan company has provided,

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      • #4
        I do believe SoFi is refinancing with a signed contract. It makes a lot of sense to refinance again upon residency completion since the rates you get as a resident are usually much worse. Yours is actually one of the best I've seen for a resident.
        Helping those who wear the white coat get a fair shake on Wall Street since 2011

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        • #5
          I haven't actually gone through the application process - just did their quick "check my rate" function with my projected yearly income when I'm an attending.  So it remains to be seen if these turn out to be the true rates.  Would it make sense to apply now or closer to residency graduation???

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          • #6
            I refinanced twice.  Once early on in residency with Sofi.  My rate was high 4s.  Then I refinanced 4 months before residencY Ended with earnest.  I had some moonlighting income and was able to send in a letter with my expected future salary.  I got a variable rate at 2.4.    It's now 2.6 with the interest rate hikes, but still much better than before.

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            • #7
              As an update:  I emailed SoFi.  They will accept a signed contract for income verification, however, the start state has to be within 90 days.  Unfortunately, they will not continue the $100 / month payments that I currently enjoy with DRB.  Therefore, I will likely formally apply for another re-finance a little bit closer to residency graduation.

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