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experience with refinance recommendations on WCI

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  • experience with refinance recommendations on WCI

    I just clicked on all the links for WCI student loan recs on WCI.  At this point, I don't have too much student loans anymore, 5 digits, as opposed to 6 digits.  My intentions are to get the referral bonus to myself and to WCI.  ultimately, I will pay off the loans next year.  The below is for 5 year variable loans

     

    1st repub - did not qualfy as my loan principal was too low

    sofi - would not earn referral bonus as I already have an acct

    earnest 4%

    lendkey - 4%

    common bond - turns out I already have an acct so wouldn't qualify for referral bonus

    credible - 3-4%;  I applied here.  They farm your info out. Citizen bank offered me 3% variable x 5 years;  $300 referral bonus;  I applied and am waiting for their response

    splash - didn't apply given unfavorable forum posts

    link - loan principal too low; didn't apply

    laurel road - 2.58%;  unsure of referral bonus;  I applied and am waiting

     

  • #2
    I used Credible. Was pretty easy, I think it was finished in 2 weeks or so. On auto-draft now, pretty easy.

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    • #3
      I got 2.39% with Elfi for a 140,000 loan, you might want to give them a try. If you have good credit history 4% variable for a 5 digit loan seems way too high.

      Are those generic rates you looked up or did you go through the soft credit check step?

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      • #4
        My last refi was through earnest, after getting a very low quote through credible/citizens, and asking earnest to beat it.  Pretty easy process.

        At the time I got their best rate, 2.81%, but it looks like they've since dropped rates further. In a few more months I might shop this again.

        2.58% with Lauren Road sounds promising.  Only other thought is elfi, which has some pretty compelling rates if you can qualify.

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        • #5




          I got 2.39% with Elfi for a 140,000 loan, you might want to give them a try. If you have good credit history 4% variable for a 5 digit loan seems way too high.

          Are those generic rates you looked up or did you go through the soft credit check step?
          Click to expand...


          The WCI Links/Deal for ELFI is now live.

           
          Helping those who wear the white coat get a fair shake on Wall Street since 2011

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          • #6
            I refinanced with Earnest and absolutely loved my experience. They were transparent. There was no bait and switch as far as initial estimate and final offered rates. The website was super easy to use. When you sign your refi offer, they prompt you to sign up for autopay at the same time, allowing you to lock in that lower rate. Signing up for bi-weekly payments was painless. Making larger scheduled and extra payments were painless processes and the money was credited as expected. And on and on.

             

            I have nothing but great things to say about my Earnest experience.

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            • #7
              I signed with laurel road.  2.58% variable x 5 years;  $300 sign on bonus to be mailed in 2 mos

               

              Since there is no prepayment penalty, can you refinance at any time?  I already got email from LendKey saying they dropped their rates.  I didn't pursue as I doubt the rate would be significantly lower, but I am wondering what the rules are.

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              • #8
                Jim, do you happen to have a contact person with elfi? Never got my rebate and my email inquiries have gone nowhere.

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                • #9




                  Jim, do you happen to have a contact person with elfi? Never got my rebate and my email inquiries have gone nowhere.
                  Click to expand...


                  Send an email to Cindy (at) whitecoatinvestor.com. If you didn't get paid, we probably didn't either.
                  Helping those who wear the white coat get a fair shake on Wall Street since 2011

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                  • #10




                    I signed with laurel road.  2.58% variable x 5 years;  $300 sign on bonus to be mailed in 2 mos

                     

                    Since there is no prepayment penalty, can you refinance at any time?  I already got email from LendKey saying they dropped their rates.  I didn’t pursue as I doubt the rate would be significantly lower, but I am wondering what the rules are.
                    Click to expand...


                    As many times as you want a new credit inquiry on your report which lowers it by a couple points...and as many as the creditors will allow.  I'm sure if you make your way around the circle back to the original lender, it'd be interesting.  There should be no cost to refinancing these; it's not like home loans.

                    I haven't heard of there being a time clause in the contract, like a penalty if you pay off or refi the loan within X amount of time, nor have I heard of another lender not buying your loan because it's only been a few months since origination.  That doesn't necessarily mean they don't exist; I just haven't heard of them.

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                    • #11
                      Lots of great information on this page and in the comments. However I’d like to propose a question that I haven’t been able to get much information on:
                      Is it worth refinancing part of a $300,000 federal loan with a home equity loan?
                      I understand the risks of using a home equity loan and potentially losing the home if you don’t make payments. However, I also realized you lose any deduction once you become an attending and refinancing with a home equity loan gives you the advantage of deducting the interest. What are your thoughts?

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                      • #12




                        Is it worth refinancing part of a $300,000 federal loan with a home equity loan?
                        I understand the risks of using a home equity loan and potentially losing the home if you don’t make payments. However, I also realized you lose any deduction once you become an attending and refinancing with a home equity loan gives you the advantage of deducting the interest. What are your thoughts?
                        Click to expand...


                        It depends on how much mortgage you have. A week ago, I would have said this is a good idea. Under the new tax plan, you will be able to deduct interest only on the first $500k of mortgage debt.
                        Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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