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2nd loan refinance

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  • 2nd loan refinance

    Hi I wanted to get your guys input. I currently have 220k in loans with sofi at 4.57% 15 years. Its been a year since I've had them. I wanted to see if there were better offers. After looking through a number of lenders the two lowest I've seen was with Splash financial 4.07% at 10 or 15 years and First republic at 3% 10 years or 3.45% for 15 years.

    With first republic there is the banking requirement. I would need to build a little more cash for this so that I can dedicate the required checking requirement as well as some balance to live off of. I think I can attain this sometime the first quarter to half of 2020.

    Is it worth for now going with Splash to get the $500 intro offer and the lower rate then later refinancing with 1st republic? I am wondering if it's worth going through the process and decreasing credit score. Thanks.

  • #2


    • #3
      You'll have to excuse my friend Peds and his brevity. Allow me to elaborate. Yes, it would be worth it.

      You can refinance as many times as you want and it is relatively painless. Continue to get the best offer that you can.


      • #4
        Thanks guys. I just wasnt sure if 0.5% difference would be worth the trouble versus just waiting till I have enough capital for 1st republic.


        • #5
          Don't forget to ask about discounts (autopay, AMA, or any other organizations). I got 0.5% discounts for those two using Laurel Road


          • #6
            awesome thanks for the tip!


            • #7
              Refi early and often

              As with anything else, you should always thoroughly read and understand the terms of your note before you sign. Though it seems the vast majority of these loan refis have no prepayment penalties, there is nothing stopping a lender from inserting one into their note.

              Otherwise, the only cost is going to be your time. Most lenders have a pretty streamlined approval process these days.


              • #8
                what has been your guys experience with splash financial? They say the approval process takes 1 to 2 business days. Today is the 4th day (Friday). They got back to me later in the day saying now I have to submit 60 days worth of pay stubs in addition to my employment contract. By the time I called them back they were closed. I tried to upload my pay stubs but it wouldnt let me. I emailed them the pay stubs and now will await to hear back next week. Just seems a little less organized and the process seems to take longer than other lenders


                • #9
                  I refinanced twice, both with Laurel Road and had a great experience (my loans are now paid off)...the 2nd time was to go to a 5-year term at 3.5% interest with auto-pay discount, no other strings attached. I'd say consider a shorter term if at all possible, if you're following WCI-style advice to pay your loans off in 3-5 years post-training you've probably considered this already.


                  • #10
                    so in addition to my employment contract and I had to submit 60 days of pay stubs. At this time they are still reviewing my application. This process with Splash is taking a while....


                    • #11
                      application now says approved but I am unable to log into the final documents. I can tell you guys the process with Splash is long, disorganized, and frustrating.

                      able to log in to see final documents.
                      Now they are asking for tax documents. Not only that the interest rate is higher than they approved me for....

                      any other lenders you would recommend?
                      Last edited by eveyo; 12-17-2019, 09:04 AM.