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|First Republic Bank ›|| |
First Republic has a refinancing program called Eagle Gold All-in-One, that claims to put customers' savings to work. The program offers a one-month payment plan, with a variety of term options. There are no origination, annual, or prepayment fees, though the website does not specify whether or not there is an application fee. Borrowers work with a First Republic banker to begin the refinancing process. First Republic's goal is to reduce customers' monthly payments and overall loan repayment costs. The company boasts having a stress-free and simple program.
Borrowers can save 5.00 percent if they sign up for automatic payments, direct deposit, and online banking. If customers decide not to sign up for these three features, 5.00 percent will be added on in addition.
First Republic offers an additional rebate on the interest paid against the loan. If the loan is paid within 48 months, borrowers can receive a rebate of up to 2.00 percent of the original loan balance.
In order to be eligible for Eagle Gold All-in-One's program, borrowers must meet the following requirements:
Borrowers must also meet in-person to complete the paperwork for the refinancing program.
Eagle Gold All-in-One's program does not offer forbearance periods, financial hardship deferment periods, or income-based repayment plans.
If borrowers do not keep up with a $3,500 average monthly balance, First Republic Bank will charge a monthly fee of $25.00. This fee can be waived for the first three months.
The website lacks key information, rates and terms are not explained in-depth.
Many companies in the industry only require a $5,000 loan minimum. First Republic Bank requires that loans be between $60,000 to $300,000.
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I should have known this was a scam when I had to spill my guts to an account pre-screener who asked alot of questions. I have excellent credit and just wanted a better rate on college loans, but they want people who really don't need the money, and people who have large amounts of capital to invest in their brokerage arm. Don't waste your time.
Bad experience. Without appointment, won't allow us to open new checking account in Sunnyvale branch office. We have good credit rate and never been turned down by bank.