Refinanced Rates

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Cranjis McBasketball

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For those of you that have refinanced in the past few years with companies such as Laurel Road, SOFI, etc, how low were your rates and were they fixed or variable? Which company did you use? I will be refinancing in May so I was just curious what to expect.

Thanks!

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I have a fixed 1% (with incentives) with Laurel Rd from a few months ago. Lowest available with them now is closer to 2.5 I think.

I think if you wait until May to refinance rates could go up a fair amount.
 
I have a fixed 1% (with incentives) with Laurel Rd from a few months ago. Lowest available with them now is closer to 2.5 I think.

I think if you wait until May to refinance rates could go up a fair amount.
Geez 1% fixed seems amazing. Why will rates go up a fair amount? I graduate in May so I wont be able to before then. I've seen talk of rates rising so I guess that makes sense
 
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Geez 1% fixed seems amazing. Why will rates go up a fair amount? I graduate in May so I wont be able to before then. I've seen talk of rates rising so I guess that makes sense
Yeah, 1% is great--almost as good as the 0% all the federal loans are at now. I refinanced mid-year last year when the expectation was the interest freeze would end around Sept/Oct, and I wanted to lock in the low rate.

Yes--interest rates rising is precisely the reason that refinance rates will go up.

You can refinance as a resident. You do need a contract typically. And you will want to be sure you're not eligible for PSLF. If you're 100% sure you won't go for PSLF, and you've got your contract, it'd be worthwhile to start your application now to lock in the low rates. You can drag out the process for a while as well--I think I was able to take a month to finish the application once the rate was locked, and then take a month to accept the final terms.

Many companies will refinance residents even without an attending contract. The rates may not be as good as if you had the attending contract in hand though, but it's possible they could be better than what they end up being in May/June. Additionally, you can always refinance your refinance...

Just be sure 100% you're not going for PSLF when you refinance--that's gone forever. So is IBR/income-based payment plans.

Laurel Road seems to be trying to become a "doctor's bank," so I think you'll often get the best rates with them, but try other as well. Use the WhiteCoatInvestor website referral link (for any refinance loan) to get an additional cash back bonus. If you are an AMA member, you get an additional 0.25% off your rate with Laurel Rd (you may have to use AMA as your referral source). For the size of my loan, it saved me a lot of money so I went ahead and became a member again--I haven't been an AMA member since med school, yet somehow they can track me to literally every one of the last 6 locations I've lived to send me multiple "dues requests." At the time there was a savings account bonus--you have to have $20,000 in their linked savings account to get the largest interest rate discount, I think it's 1.5 or 2%, so quite significant. I believe it's still offered, but you have to actually ask them about it over the phone. Otherwise the interest rate discount is based on the amount direct deposited into a linked checking account. And there's the usual autopay discount as well.

I have a physician mortgage with Laurel Rd as well, so it's one less account to deal with.
 
Yeah, 1% is great--almost as good as the 0% all the federal loans are at now. I refinanced mid-year last year when the expectation was the interest freeze would end around Sept/Oct, and I wanted to lock in the low rate.

Yes--interest rates rising is precisely the reason that refinance rates will go up.

You can refinance as a resident. You do need a contract typically. And you will want to be sure you're not eligible for PSLF. If you're 100% sure you won't go for PSLF, and you've got your contract, it'd be worthwhile to start your application now to lock in the low rates. You can drag out the process for a while as well--I think I was able to take a month to finish the application once the rate was locked, and then take a month to accept the final terms.

Many companies will refinance residents even without an attending contract. The rates may not be as good as if you had the attending contract in hand though, but it's possible they could be better than what they end up being in May/June. Additionally, you can always refinance your refinance...

Just be sure 100% you're not going for PSLF when you refinance--that's gone forever. So is IBR/income-based payment plans.

Laurel Road seems to be trying to become a "doctor's bank," so I think you'll often get the best rates with them, but try other as well. Use the WhiteCoatInvestor website referral link (for any refinance loan) to get an additional cash back bonus. If you are an AMA member, you get an additional 0.25% off your rate with Laurel Rd (you may have to use AMA as your referral source). For the size of my loan, it saved me a lot of money so I went ahead and became a member again--I haven't been an AMA member since med school, yet somehow they can track me to literally every one of the last 6 locations I've lived to send me multiple "dues requests." At the time there was a savings account bonus--you have to have $20,000 in their linked savings account to get the largest interest rate discount, I think it's 1.5 or 2%, so quite significant. I believe it's still offered, but you have to actually ask them about it over the phone. Otherwise the interest rate discount is based on the amount direct deposited into a linked checking account. And there's the usual autopay discount as well.

I have a physician mortgage with Laurel Rd as well, so it's one less account to deal with.
Wow thank you very much! This helps a lot. I will definitely look into all that. I am at a new medical school so Ive only been able to take out private loans. Once my class graduates then federal loans are offered. So all my loans are private. Luckily I have good credit, took advantage of discounts, and have great parents willing to co-sign who also have good credit so my rates are right around 5%. Not terrible compared to friends, but definitely tough as federal loans are frozen. Needless to say I will be applying to refinance as soon as I graduate, however I wont have a contract so hopefully it still works out okay.
 
I'm also considering refinancing before May. The info here is helpful.

I would be eligible for PSLF with my specialty and working for a non profit....but I've heard most dont get it...and dont want to accrue 10 years worth of interest hoping I'll be the exception. So was planning on just paying it off. That's the best course, yeah?
 
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I'm also considering refinancing before May. The info here is helpful.

I would be eligible for PSLF with my specialty and working for a non profit....but I've heard most dont get it...and dont want to accrue 10 years worth of interest hoping I'll be the exception. So was planning on just paying it off. That's the best course, yeah?
Most didn't get PSLF because they didn't fill out the forms correctly, had the wrong type of loans, didn't make eligible payments, etc. In other words they didn't follow the instructions.

If you think you will be eligible for PSLF forgiveness, it's worth doing the math to see if it pays off (it often does, espeically with larger loans and longer residency/fellowships). Save aside money each month into a "PSLF fund" (probably invested) in the event it disappeared or you ended up taking another job, so that you can pay off the loans should things change down the line.
 
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