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Refinance a refinanced loan?

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  • Avatar fiomi 
    Participant
    Status: Physician
    Posts: 20
    Joined: 04/15/2019
    Splash Refinancing Bonus

    Hi,

    Is it possible to refinance an already refinanced loan? I already refinanced (through SoFi) and went down from 6.8% to 4.5%…through SoFi they said they are unable to refinance again. Need to find out exactly why and if it’s possible with other lenders. Has anyone had experience with this? If so, what bank or lender have you had a good experience with?

    Thanks

    #212381 Reply
    Avatar Peds 
    Participant
    Status: Physician
    Posts: 3614
    Joined: 01/08/2016

    yes. find someone else.

    #212382 Reply
    Liked by Craigy, MaxPower
    Avatar fiomi 
    Participant
    Status: Physician
    Posts: 20
    Joined: 04/15/2019

    yes. find someone else.

    Click to expand…

    sweet, thanks I’ll look into other lenders

    #212384 Reply
    SerrateAndDominate SerrateAndDominate 
    Participant
    Status: Physician
    Posts: 386
    Joined: 02/01/2018
    Earnest refinancing bonus

    No need to find out why. Just tell them bye

    I first refinanced with Laurel Road a year ago. I just did the whole process again, shopped them against SoFi, then stuck with Laurel Road. They refinanced their own loan so it’s doable. Laurel Road seemed to handle the approval process way faster than soFi. Don’t forget autopay and AMA discounts

    Earn everything.

    #212394 Reply
    Liked by Craigy, jfoxcpacfp
    Avatar fiomi 
    Participant
    Status: Physician
    Posts: 20
    Joined: 04/15/2019

    No need to find out why. Just tell them bye

    I first refinanced with Laurel Road a year ago. I just did the whole process again, shopped them against SoFi, then stuck with Laurel Road. They refinanced their own loan so it’s doable. Laurel Road seemed to handle the approval process way faster than soFi. Don’t forget autopay and AMA discounts

    Click to expand…

    I will check them out, thanks for the rec!

    #212524 Reply
    Zaphod Zaphod 
    Participant
    Status: Physician, Small Business Owner
    Posts: 5647
    Joined: 01/12/2016

    Usually they simply want no business of giving you a better deal just because. Just switch lenders. Honestly it makes sense from their point of view, they work to get less money. Maybe short sighted if you leave, but at least its somewhat logical. Ive refinanced several times in a year. Just follow the incentives.

    #212528 Reply
    Liked by CordMcNally, Tim
    squaredroot squaredroot 
    Participant
    Status: Physician
    Posts: 22
    Joined: 07/11/2017

    Yes. Re refinancer here…. Got the first refinance in 9/17 with Sofi and then re refinanced on 5/18 with First Republic.

     

    No questions asked, no difficulties with First Republic.

    "The mass of men lead lives of quiet desperation" - HDT
    laraizcuadrada.com

    #212530 Reply
    CordMcNally CordMcNally 
    Participant
    Status: Physician
    Posts: 2132
    Joined: 01/03/2017

    You can refinance as many times as you want. If you really like where you are at, you can tell them you’re going to re-finance regardless. Some might give you a competitive rate to try to keep you and some may let you walk.

    “But investing isn’t about beating others at their game. It’s about controlling yourself at your own game.”
    ― Benjamin Graham, The Intelligent Investor

    #212532 Reply
    Avatar jhwkr542 
    Participant
    Status: Physician
    Posts: 1085
    Joined: 02/15/2016

    I’ve gone from sofi to earnest to lendkey. Everytime I collect the $300. It actually ads up quite a bit.

    #212539 Reply
    Avatar Dilaudidopenia 
    Participant
    Status: Physician
    Posts: 163
    Joined: 05/22/2016

    That’s a load of BS.  I refi with Laurel Road (then DRB) from the extortion federal rates to 4.5% during residency and then down to 3.1% with Laurel Road again once I had a signed contract in hand.

    #212888 Reply
    Avatar 62cutlass 
    Participant
    Status: Physician
    Posts: 25
    Joined: 01/11/2016

    I have refi’d with Sofi 3 different times. They can refi their own loans.

    #212890 Reply
    Liked by Nysoz
    Avatar Hogfan24 
    Participant
    Status: Spouse
    Posts: 12
    Joined: 11/21/2016

    We have refinanced several times, always with a different lender for a better rate + sign up bonus. The only impact may be a brief and minor ping on your credit report. I’ve found it to be plenty worth it every time.

    #212923 Reply
    Avatar Nysoz 
    Participant
    Status: Physician
    Posts: 29
    Joined: 10/23/2017

    +1 for having refinanced original loans through SoFi and refinanced again through SoFi.

    #214247 Reply

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