Announcement

Collapse
No announcement yet.

First Republic bank refinance experiences

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • First Republic bank refinance experiences

    Could anyone comment on their experiences with First Repubic Bank in obtaining a refinance?

    As I understand it, I would need to open a account with them in person at one of their branches.  Their checking account requirements dont seem too onerous.

    I have a contract in hand for my attending position starting in August but I would need a paystub to even apply?  Im looking to refinance about 220k in loans at 6.8% that I hope to pay down in 4yrs or less.

    I am also looking at DRB and maybe Commonbond for a refinance.

  • #2
    Super old thread - but I just got approved with FRB for 5 yr fixed at 2.25%!!  Pretty frickin' sweet. I refinanced 88K out of ~ 168K. I mainly did it to "force" me into a 5 yr repayment plan. The low interest is icing on the cake. I was already on track to get them paid off quicker but knowing myself this will ensure it.

    The remaining 80K is a loan with my mom. I had originally planned to pay back all of my loans within 3 yrs but a few things got in the way and I could use the flexibility of 5 yrs. I might pay it off sooner tho. FRB will actually reimburse you up to 2% interest if you pay it back within 2 yrs.

    They do have requirements - you need 10% of total loan debt (not necessarily what you're asking to refi) in your checking account - they ask for a statement to prove this). You do need to bank with them but their checking requirements are very reasonable and they refund ATM fees.

    They made it really easy to do this and it's nice that a real live person guides you through the process.

    Comment


    • #3
      If you go the FRB route, just make sure you have adequate term life and disability as it's a personal loan not a student loan and the loan would be assessed against the value of your estate if something happened to you

      Comment


      • #4




        If you go the FRB route, just make sure you have adequate term life and disability as it’s a personal loan not a student loan and the loan would be assessed against the value of your estate if something happened to you
        Click to expand...


        Check . Loan amount wasn't huge in the scheme of things< 100K.

        Comment

        Working...
        X