Can you refinance part of a SoFi loan

[gobruins]

I'm interested in refinancing my wife's 160k loan at 6.8% with SoFi for their fixed 5.x% loan at 20 years.

Does anybody know if SoFi allows you to, later, refinance part of this 160k into their 5 year variable?

Basically I'm trying to lock in most of the 160k at 5.x% but since my job gives a regular (but not guaranteed) yearly bonus, I was hoping to refi some of the 160k at the lower 1.9% 5 year rate at a later time when I've saved enough to make sure I can make the higher monthly with the 1.9% 5 year.

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[RangerBob]

Call them and ask.

Remember that even if they won't, you could always refinance a portion with another company.

I assume you already thought things through carefully--to me refinancing my federal loans to just save ~1 percentage point (you do get a .25% discount with auto pay, so the 6.8 on the federal loans is actually 6.55%, and the consolidation lenders always include that same .25% discount for autopay in their quotes) wouldn't be worth what you give up with the federal loans, especially since it's a 20-year loan you'd be taking out.

 

[gobruins]

Thanks for reminding me that I could refinance with another lender - did not even think of it.

Yes, I'm continuing to debate the merits of a 1% rate decrease versus losing some of the protection of the federal loans. Tough call!

Thanks!