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Trying to find lowest possible fixed loan rate with fast repayment for refinancing
October 12, 2017
3:10 pm
Low rate

I am currently looking to refinance my loan. My friend let me know about First Republic Bank and their All-in-One Loan Repayment option which she is currently using. She was able to get a 1.95% fixed rate option for a 5 year plan. I am confident I will not have issues paying off in 5 years and my income allows me to do so given I am already paying more each month than the designated option I had calculated on the site ($1,663 /month if I do a 1.95% fixed 5 year plan). You are probably aware of this program but here are the requirements listed on the site:
“-You must have a First Republic ATM Rebate Checking Account with automatic loan payment and direct deposit of main source of income
Minimum $500 to open an ATM Rebate Checking account.
A monthly fee will apply if minimum monthly average balance of $3,500 is not maintained. Monthly fee waived for first three months; monthly fee is currently $25.00.
Without auto debit and direct deposit, the rates will be as listed plus 5.00%. The loan amount must be between $40,000 and $300,000. All loans are subject to First Republic’s underwriting standards.
You must be located within close proximity to our offices in San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach, San Diego, Portland (Oregon), Boston, Palm Beach (Florida), Greenwich or New York City. For a complete list of office locations, visit our locations page or contact a First Republic banker.”

My only issue with these terms is that I live outside of their area. I am in NJ, and wouldn’t have an issue driving out an hour to get to a NYC bank but when I included my zip code they stated that I would not be able to use the program. My question to you is, do you know of ANY other refinancing bank/agency that would give me such a low interest at a fixed rate for a 5 year repayment plan for BOTH my federal and private loans? I was so excited to hear about it until I saw I was excluded just because of where I reside. Please let me know. Thanks!

October 12, 2017
3:24 pm
Forum Posts: 328
Member Since:
May 3, 2014
sp_UserOfflineSmall Offline

Not long ago I reviewed the First Republic Bank refinancing option and you are definitely right about the many limitations. It is a great option, but only for very specific circumstances.

If you can handle the large payments, your best bets are likely ELFI and LendKey

ELFI refinance starts at 2.39% and LendKey starts at 2.58%. These rates are obviously not as low as the First Republic Option (they are also variable-rate), but from a national lender perspective, it is the best you are going to do.

If you are looking for a fixed rate loan for five years, the best on the market is currently lendkey at 3.15%

One other resource that might be helpful is our breakdown of student loan refinance rates by loan type. You can see the top lenders at various loan lengths and repayment types: https://studentloansherpa.com/student-loan-refinance-rates/

Most lenders now refinance both federal and private loans. It does mean giving up federal perks, but you can dramatically reduce your interest rates.

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