Best time to refinance?

[megathunder]

Just started my new attending gig and about to hit full repayments on my med school loans (at 5.65%). I had previously deferred with DRB/Laurel Road. As far as refinancing goes a couple questions going through my mind are: would having a couple payments under my belt first look better to loan servicers, and is now a good time to refinance interest rate-wise? Not savvy when it comes to financials so appreciate any help.

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[Groove]

Just started my new attending gig and about to hit full repayments on my med school loans (at 5.65%). I had previously deferred with DRB/Laurel Road. As far as refinancing goes a couple questions going through my mind are: would having a couple payments under my belt first look better to loan servicers, and is now a good time to refinance interest rate-wise? Not savvy when it comes to financials so appreciate any help.

Good for you. Having payments under your belt will have no impact whatsoever on your ability to lock in a lower rate. Check WCI's site for links to refinancing institutions. The only thing that might affect your rate (probably very small) would be if you planned on paying off a large chunk of your loans initially before refinancing thus changing your debt to income ratio but I wouldn't bother. Lock it in and pay that s*** off. Good luck!

 

[GonnaBeADoc2222]

I refinanced with Laurel road hallway through residency and then again when I became an attending. Worked out great!

 

[deleted859535]

Just started my new attending gig and about to hit full repayments on my med school loans (at 5.65%). I had previously deferred with DRB/Laurel Road. As far as refinancing goes a couple questions going through my mind are: would having a couple payments under my belt first look better to loan servicers, and is now a good time to refinance interest rate-wise? Not savvy when it comes to financials so appreciate any help.

Refinance as soon as you can with any reputable company where you can get the lowest rate and pay it off as soon as possible. Nothing else really matters.

You can get into the weeds - fixed versus variable relative to interest rate and your plans on paying off and when it may or may not make sense to put more money towards the market or other higher-returning investments than paying down the loans, etc - but in my view, far better to keep it simple. Refi. Get low rate. Put a bunch of money towards them every month. Get the monkey off your back. Done.

That's what I did. Felt great in the end.

 

[BoardingDoc]

Just started my new attending gig and about to hit full repayments on my med school loans (at 5.65%). I had previously deferred with DRB/Laurel Road. As far as refinancing goes a couple questions going through my mind are: would having a couple payments under my belt first look better to loan servicers, and is now a good time to refinance interest rate-wise? Not savvy when it comes to financials so appreciate any help.

As I've posted elsewhere before, I refinanced a few times. Most recently I did so with a company which is currently offering pretty good rates.
5 year: 1.95% fixed
7 year: 2.55% fixed
10 year: 3.2% fixed
15 year: 3.7% fixed

The catch is that you have to be in one of the states that they service and nearish to one of their offices (CA, OR, FL, NY, MA).

If you're in one of those states and want more details let me know and I'll set up a referral so we both get a few hundred bucks for the effort.

If you're not in any of those states, still refinance. Now. There is no reason to wait and "get some payments under your belt." All these companies care about is that you're a doctor, have a job and will want to know what your salary is.

 

[TooMuchResearch]

Refinance.

 

[Tenk]

Now is a very good time.

 

[megathunder]

Thanks for the input guys. Will do it this week. BoardingDoc that sounds amazing, unfortunately I’m in Texas or I’d be all over that!