In addition, Brazos’ servicer, Firstmark Services, may also allow Brazos borrowers to apply for temporary deferment of payment. Under certain conditions, Brazos accepts applications for refinance loan forbearance. Additionally, benefits may only be available on a case-by-case basis. Lenders vary significantly on the benefits and options provided to borrowers during the loan servicing period. If applicants are not currently employed, they must have “accepted a firm offer of employment with a start date within sixty (60) days”.Graduate and postgraduate degree holders may be eligible to refinance up to $400,000.Borrowers who have received bachelor’s degrees may be eligible to refinance up to $150,000.Location Requirement: only residents of the State of Texas are eligible.Īdditional restrictions apply for specific individuals and loans.Graduation Requirement: bachelor’s degree or higher.Credit Score Requirement: minimum of 720 (or 690 with a co-signer).Income Requirement: minimum $60,000 (or $30,000 with a qualified co-signer).citizenship or permanent residence work or student visas are accepted with a qualified co-signer. To qualify for refinancing with Brazos, all borrowers must meet the criteria below. Brazos Refinance Eligibility Requirements Any referrals that result in a new loan origination earn the referrer $200. Brazos also has a referral program that assigns you a unique link to give to out to potential borrowers. Collection fee – fee for collection activity on a defaulted debt.īrazos offers a 0.25% interest rate reduction when you enroll in autopay.Returned payment fee – fee for failed payments due to insufficient funds, also known as a “bounced check.”.Late payment fee – fee for making a late payment.Prepayment penalty – fee for making extra payments to reduce a refinance loan balance or pay it off early.Disbursement fee – fee for distributing funds to lenders to pay off loans that have been refinanced.Loan origination fee – fee to create the new loan.Application fee – fee to apply for rates & approval. Fee Typeĥ% of the overdue amount or $7.50, whichever is greater, with a maximum of $35 Below is a list of these fees that Brazos does or does not charge. Previously, variable rates were based on the 1-month LIBOR rate.īased on advertised rates, use the calculator below to determine what your new monthly payment and potential savings may be if you refinance with Brazos.īeyond interest rates, there are a number of fees a refinance lender may charge up-front or during the loan servicing period.
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