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Posted on 2/9/15 at 9:05 am
Posted on 2/9/15 at 9:05 am
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This post was edited on 8/29/17 at 1:57 pm
3
Posted on 2/9/15 at 12:15 pm to CQQ
Here was an old thread on it. I think Golfer did it successfully. I applied, but was declined because my credit score was too low. At the time I applied with Sofi, I had a 680 and the only negative mark on my credit was a default on a student loan from a month earlier, which is why I was trying refinance anyway. I talked to a few folks at Sofi, all real nice, who simply said until my score comes up they couldnt do much, even though the only credit ding was a student loan payment. Havent revisited it yet, but desperately need to. Hope they can help you.
LINK
LINK
This post was edited on 2/9/15 at 12:16 pm
Posted on 2/9/15 at 12:20 pm to mkibod1
quote:
Here was an old thread on it. I think Golfer did it successfully.
Yep. Took a little bit of time because I co-signed but we're on a 10-year variable that's around 4.15%.
If it creeps back up above 5% (all of ours were at 7-9% before refi), I'll just refi to one of their fixed plans.
This post was edited on 2/9/15 at 12:21 pm
Posted on 2/9/15 at 12:23 pm to Golfer
Yeah, I really need to reapply with them soon. Finally have a viable cosigner, but I dont know if I will be rejected again due to credit score. About 80% of my credit is based on my Sallie Mae loans, and that is my only negative score mark from a missed payment last year. Heres to hoping for success this go round 
Posted on 2/9/15 at 12:29 pm to Golfer
quote:
Yep. Took a little bit of time because I co-signed but we're on a 10-year variable that's around 4.15%.
Yeah, I was wondering about the variable rate.
Posted on 2/9/15 at 12:34 pm to CQQ
If I can get in, I would take Golfers logic from the previous thread... Start at a variable, since they are capped at 8% (still better than my current average rate), but if rates start climbing steadily, jump over to a fixed rate and lock in around 5-7%. Sofi does not charge to move from fixed to variable.
Posted on 2/9/15 at 12:46 pm to Golfer
I just applied last week. How long does the application process usually take?
Posted on 2/9/15 at 12:50 pm to Delacroix
I got an answer back within 48 hours IIRC, but the extended application for co-signing and such took a lot longer. This was also 8 months ago when they weren't as popular.
Posted on 2/9/15 at 12:57 pm to Golfer
Is this a fairly new site? I kind of stumbled on it this morning. Wife is hesitant to move, even if it saves $10,000+ in interest.
Posted on 2/9/15 at 1:00 pm to CQQ
I moved over a few months ago and have zero complaints. Do it; you will be very pleased.
Posted on 2/9/15 at 1:06 pm to CQQ
They're like 18-24 months old. Got big last year. In the big picture, they are basically a small lending company that focuses on student loan debts held by those with high credit scores and higher incomes...thus have lower default rates.
There's a pretty good article I read a while back about how they could hurt Sallie Mae more than expected because Sallie Mae's best customers are going to use SoFi.
There's a pretty good article I read a while back about how they could hurt Sallie Mae more than expected because Sallie Mae's best customers are going to use SoFi.
This post was edited on 2/9/15 at 1:09 pm
Posted on 2/9/15 at 2:14 pm to Golfer
I just refi'd with them. 5 year variable at 2.625%. They use common sense and look at things more than just your credit score and income. They look at education and job also. It was an awesome experience from start to finish for me. I think they function more as a hedge fund than a traditional bank.
Posted on 2/12/15 at 1:10 pm to CQQ
Just got approved through Sofi for a 15 yr 4.17% interest rate. This is going save me at least 8k. If anyone is on the fence about doing it, I highly recommend it, customer service was quick and friendly. Oh and use my referral code to get you and me a free 100$
www.sofi.com/refer/5/12109
www.sofi.com/refer/5/12109
This post was edited on 2/12/15 at 1:12 pm
Posted on 2/12/15 at 4:01 pm to mkibod1
quote:
Start at a variable, since they are capped at 8% (still better than my current average rate), but if rates start climbing steadily, jump over to a fixed rate and lock in around 5-7%. Sofi does not charge to move from fixed to variable.
The biggest problem with this logic is its assumption that the fixed rates will stay the same as variable rates increase. Fixed rates are always more expensive due to the certainty they provide. By the time you're approved for the fixed rate refi, the rate will be substantially higher than when you were initially approved for the loan. Best to fall back on the 8% cap imo.
I refied with Darrien Rowayton about 6 months ago. They gave me a slightly (very slight) better rate than Sofi but are a HUGE pain in the arse to deal with. I may switch in the next year or so.
Posted on 5/8/15 at 7:55 am to CQQ
I just submitted all of my documents and application. Their variable rates are nice, but the fixed rates were actually higher than what I'm paying through Great Lakes and Navient.
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