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  • Current refi rate

    Whats the current best student loan refi rate (variable) folks are getting? From where (Sofi, commonbod, random bank...etc)

     

    Thanks

  • #2
    Citizens approved me for 2.84% variable, through Credible.  I haven't closed with them yet.

    Strangely it was not the best rate that they offer, since I've got over 800 credit score and a ton of income.  Was hoping for the best advertised rate.

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    • #3




      Citizens approved me for 2.84% variable, through Credible.  I haven’t closed with them yet.

      Strangely it was not the best rate that they offer, since I’ve got over 800 credit score and a ton of income.  Was hoping for the best advertised rate.
      Click to expand...


      Thanks Craigy - do you recommend applying through credible then? I was going to pick one and apply but I think you probably have the right approach in price hunting.

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      • #4







        Citizens approved me for 2.84% variable, through Credible.  I haven’t closed with them yet.

        Strangely it was not the best rate that they offer, since I’ve got over 800 credit score and a ton of income.  Was hoping for the best advertised rate.
        Click to expand…


        Thanks Craigy – do you recommend applying through credible then? I was going to pick one and apply but I think you probably have the right approach in price hunting.
        Click to expand...


        Yeah, I don't see why not.

        But, even though credible shops several rates for you, I'd still go and get rates from other banks.  Most (all) can give you a rate without a hard credit pull.  So far I've gotten quotes from Earnest and DRB but neither were as good as the Citizens quote.  Each bank has their own formula for assessing risk and what rates they offer, so check around.  Will probably also get a quote from lendkey and inqurie with Earnest again before I pull the trigger... waiting on check stubs.   

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        • #5
          Google would have given you better results. Here's the minima:

          SoFi
          5 yr: 2.795% variable, 3.35% fixed
          10 yr: 3.595% variable, 4.49% fixed

          LendKey
          5 yr: 2.66% variable, 3.25% fixed

          Earnest
          5 yr: 2.79% variable, 3.35% fixed

          Common Bond
          5 yr: 2.79% variable, 3.35% fixed
          10 yr: 3.60% variable, 4.49% fixed

          This is assuming best possible rate. Different circumstances (income, credit, etc) will yield different rates, obv

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          • #6




            Google would have given you better results. Here’s the minima:

            SoFi
            5 yr: 2.795% variable, 3.35% fixed
            10 yr: 3.595% variable, 4.49% fixed

            LendKey
            5 yr: 2.66% variable, 3.25% fixed

            Earnest
            5 yr: 2.79% variable, 3.35% fixed

            Common Bond
            5 yr: 2.79% variable, 3.35% fixed
            10 yr: 3.60% variable, 4.49% fixed

            This is assuming best possible rate. Different circumstances (income, credit, etc) will yield different rates, obv
            Click to expand...


            True but thats why I was wondering if what they post is what people got. Craigy seems to have gotten a real good quote.

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            • #7
              My wife got the minimum on her $160k SoFi loan with a 760-ish score and $150k salary. Idk what exact formula they follow from person to person when it comes to giving the minimum rate or not.

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              • #8
                ELFI is at least offering 2.39% variable rates and 3.19% fixed rates, which seems to be the lowest that I have seen lately.  I don't think they are a sponsor here, though.  I'm in the market for refinancing again, as well, but I'm waiting for a payment from the NHSC before doing that; I'll be following closely. 

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                • #9




                  ELFI is at least offering 2.39% variable rates and 3.19% fixed rates, which seems to be the lowest that I have seen lately.  I don’t think they are a sponsor here, though.  I’m in the market for refinancing again, as well, but I’m waiting for a payment from the NHSC before doing that; I’ll be following closely.  ????
                  Click to expand...


                  Hmm, cool. They service through MOHELA just like SoFi does. Seems like they only adjust variable rates once every 3 months, too. Sounds like a sweet deal. Can the institution sustain it will be the question. The only rates I've seen that low also had geographic restrictions, such as having to live in a metro area that had their brick-and-mortar location.

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                  • #10
                    The lowest rate is with First republic bank - but you must be physically located near a branch. I think it's at 2.35% fixed  now for the 5 yr term.

                     

                    I got 2.25% fixed just before the rate increase.

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                    • #11







                      ELFI is at least offering 2.39% variable rates and 3.19% fixed rates, which seems to be the lowest that I have seen lately.  I don’t think they are a sponsor here, though.  I’m in the market for refinancing again, as well, but I’m waiting for a payment from the NHSC before doing that; I’ll be following closely.  ????
                      Click to expand…


                      Hmm, cool. They service through MOHELA just like SoFi does. Seems like they only adjust variable rates once every 3 months, too. Sounds like a sweet deal. Can the institution sustain it will be the question. The only rates I’ve seen that low also had geographic restrictions, such as having to live in a metro area that had their brick-and-mortar location.
                      Click to expand...


                      They're borrowing from the fed at 1.18% or 1.55% or 1.88% etc. and pocketing the spread, all day long.  They're ahead of the game after the first month.  They can afford to pay you a $300 bonus and WCI a $300 commission to sign a loan, and not have any closing costs or prepayment penalties, and still be ahead.  These loans are non-dischargable so the risk is pretty nil, particularly on these low rate offerings.   The loan refi game has been a race to the bottom, the only question being how thin a spread are they willing to take for taking on the minimal risk of default.

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                      • #12




                        Citizens approved me for 2.84% variable, through Credible.  I haven’t closed with them yet.

                        Strangely it was not the best rate that they offer, since I’ve got over 800 credit score and a ton of income.  Was hoping for the best advertised rate.
                        Click to expand...


                        Here is an update --

                        Got a 3.02% variable. This is 5 years though, I'm assuming its the same duration for you?

                        I'm close to 800 but have debt/leverage for business/RE so I think this is the best i'm gonna get.

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                        • #13
                          A few days ago SoFi offered me:

                          2.75% for 5 yrs fixed

                          3.25% for 7 yrs fixed

                          3.75% for 10 years fixed

                          (all include 0.25% autopay discount)

                           

                          These are finalized rates, not preliminary estimates.

                          I was surprised as these are all well below the published minima on their website and beat competing lenders by a healthy margin.  Based on this, I would not rely on the published ranges and would get a personalized rates estimate.

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                          • #14
                            I should be getting a quote soon, this thread made me check the numbers again.

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                            • #15
                              Nice. Those are great rates. What is our FICO if you don't mind sharing ? Almost thinking of applying at SoFi to see what I can get

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