Limit to how often you refi?

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TigerIsBack

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Limit to how often you refi?

Post by TigerIsBack » Thu Feb 13, 2020 11:42 am

Is there a limit to how often you should refi student loans?

Mine area all consolidated into 1 loan (I refi'd like 2 months ago), and I just randomly decided to complete an online soft quote, and it looks like I could get a better rate for the same term, saving me about $100 per month.

Is there any reason I shouldn't do this? There's no closing costs or anything, so seems like a no brainer because who knows when rates could start to rise. Figure I should lock in the lowest rate possible any chance I get.

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tlsadmin3

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Re: Limit to how often you refi?

Post by tlsadmin3 » Thu Feb 13, 2020 6:16 pm

I believe you are only allowed to refinance once if you keep it a Fannie May loan. I am not 100% sure though.

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LaLiLuLeLo

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Re: Limit to how often you refi?

Post by LaLiLuLeLo » Thu Feb 13, 2020 6:29 pm

If they are refinanced through a private party (bank) the limit is until a lender won’t lend.

decimalsanddollars

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Re: Limit to how often you refi?

Post by decimalsanddollars » Thu Feb 13, 2020 6:52 pm

LaLiLuLeLo wrote:If they are refinanced through a private party (bank) the limit is until a lender won’t lend.
Do private refi agreements usually have an anti-turnaround provision, or could you refi as frequently as your credit allows (in theory) if you wanted?

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LaLiLuLeLo

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Re: Limit to how often you refi?

Post by LaLiLuLeLo » Thu Feb 13, 2020 7:15 pm

decimalsanddollars wrote:
LaLiLuLeLo wrote:If they are refinanced through a private party (bank) the limit is until a lender won’t lend.
Do private refi agreements usually have an anti-turnaround provision, or could you refi as frequently as your credit allows (in theory) if you wanted?
I’ve only done it once and it did not have an anti turnaround or prepayment penalty.

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t-14orbust

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Re: Limit to how often you refi?

Post by t-14orbust » Fri Feb 14, 2020 1:32 am

I’ve refinanced three times in two years. There is no penalty. Just keep rate-shopping until you get enough liquid capital to refinance with first republic.

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beepboopbeep

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Re: Limit to how often you refi?

Post by beepboopbeep » Fri Feb 14, 2020 2:53 am

t-14orbust wrote:I’ve refinanced three times in two years. There is no penalty. Just keep rate-shopping until you get enough liquid capital to refinance with first republic.
same but just twice. and just do the refi after boneus season, unless you have crazy debt even a first-year bonus is enough

soviet1

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Re: Limit to how often you refi?

Post by soviet1 » Fri Feb 14, 2020 4:13 pm

Been out of school <5 years and refi'd at least 8 times. Each time I've received a referral/switching bonus.
Since my loans aren't huge, I'd estimate that the switching bonuses have offset the vast majority of any interest I've paid. I'll play that game as long as someone will let me.

sparty99

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Re: Limit to how often you refi?

Post by sparty99 » Fri Feb 14, 2020 4:30 pm

What type of FICO score did y'all have when you refinanced?

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Yardbird

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Re: Limit to how often you refi?

Post by Yardbird » Sun Feb 16, 2020 3:19 pm

sparty99 wrote:What type of FICO score did y'all have when you refinanced?
750+. I think Earnest had the best rates the last time I checked. I’m not in a First Republic branch location so that was not an option. I’ve refinanced every year since graduation to get better rates as the market changed and my credit score got higher and debt/income got lower. Just make sure there’s no origination fee.

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