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Online Banking

Common Questions

Fixed versus Variable Rate Loans

Depending on the type of loan, the interest rate charged on your loan may be fixed (and remain the same over the life of the loan) or variable (and change over the life of the loan based on the changes to an index, such as the Prime Rate). Variable rate changes are tied to an underlying index such as Prime Rate plus a margin on most loans.  Loans with a variable rate are often revolving loans where the payment amount is calculated monthly based upon the outstanding balance and the interest rate.  With variable rate revolving loans your balance and interest rate can go up or down, your monthly payment can also go up or down.

What causes a variable rate change?
The Prime Rate will move up or down based on changes made by the Federal Reserve Board. Most financial institutions use Prime Rate to set interest rates on numerous loan products. These include adjustable-rate mortgages, personal loans, credit cards and home equity loans. You can check today's prime rate here. First Tech will be adjusting rates based on your agreed terms stated in your agreement. You can find information about your current interest rate by referring to your loan disclosures, accessing Online Banking, monthly statements or giving us a call at 855.855.8805.

 

How do I make a payment from external account?

Log in to First Tech’s Online Banking or the First Tech app and head to the Transfer feature. Once there, you can add an external account. Review this guide for how to setup an external account in the app.  After the external account is added, you can schedule your payment in the same Transfer feature.

Paying from your other bank’s online banking? You'll need your First Tech account number (which can be found on your statement or in our online banking), First Tech's routing number: 321180379, and First Tech’s mailing address.

How do I know if a co-signer is necessary on a loan application?

Co-signers are helpful if you have limited credit history or if more than one person is responsible for making the loan payment. Contact us if you have any questions prior to submitting a loan application at 855.855.8805 or visit a location near you.

 

What factors can influence my loan APR?

When applying for a loan, there are a few factors that may influence your annual percentage rate (APR).

Car loan example

- Credit score – People with higher credit scores are more likely to qualify for a loan and receive a lower APR.
- Loan and down payment amount – Typically, a larger down payment lowers the size of your loan, and helps lower your monthly loan payments and APR, too.
- Loan term – Usually, the longer the term (months you’ll take to pay off the loan), the higher the APR.
- Age of the vehicle – Often, you're more likely to get a better APR for a new vehicle than you are for a used one.
- Other factors – Dealership mark ups, your debt to income ratio, vehicle mileage, type of vehicle purchased (cars dealerships are promoting vs ones everyone wants to own) may influence your APR.

Home loan example

- Credit score – People with higher credit scores are more likely to qualify for a loan and receive a lower APR.
- Loan and down payment amount – Typically, a larger down payment lowers the size of the loan, and helps you get lower loan payments and APR, too.
- Loan term – Usually, the longer the term (months you’ll take to pay off the loan), the higher the APR.
- Points – Also known as discount points, lower your APR in exchange for an upfront fee.
- Fees – For example, broker or inspections fees may influence your APR.- Other – Appraisals, where the home is purchased may influence your APR.

 

What type of loans do you offer?

We have many loan options to meet your financial needs.

If you have any questions, contact us at 855.855.8805 or visit a location near you.

 

What's the difference between the interest rate and APR?

When reviewing your loan details, you may see two rates, an interest rate and an annual percentage rate (APR).

Interest rate – This is the cost you will pay each year to borrow the loan amount. It’s typically expressed as a percentage, and doesn’t include fees or other charges to get the loan.

APR – Reflects the total cost of financing your loan per year including fees and interest accrued to the day of your first payment.

For example, an auto loan APR may include vehicle service contracts, GAP insurance or licensing fees. A home loan APR, may include broker fees, discount points and closing costs. When comparing different loan offers, it’s best to look at the APR since it includes all associated loan costs. For example, an auto loan APR may include vehicle service contracts, GAP insurance or licensing fees. A home loan APR, may include broker fees, discount points and closing costs. When comparing different loan offers, it’s best to look at the APR since it includes all associated loan costs.

 

Auto

How do I make a payment to my auto loan?

Visit firsttechfed.com/carpayments to learn more. Keeping track of upcoming payments, due dates, and past payments is made easy with digital banking.  Enroll at https://banking.firsttechfed.com/Registration or download the First Tech app.

 

Buying vs. Leasing

There are pros and cons to both leasing and owning a vehicle. Leasing generally has lower monthly payments, while owning lets you build equity towards a vehicle you own. When you’re in the market for a new car, comparing the differences between leasing and owning will help you find the best option for you and your budget.

Purchasing a Vehicle

Financing a purchase of a car is fairly straightforward. You agree to a purchase price with the dealership, then decide if you want to finance tax and license or any of their loan protection products. Next, you choose a term for how long you wish to finance (usually 36-84 months). The lender sets the interest rate for the term and amount you are financing, which is generally most influenced by your credit history. Your monthly payments are calculated by the entire amount financed, the interest rate, and the length of your term.

Leasing a Vehicle

Leasing a vehicle is a little more complex. The dealership or lender establishes the residual amount, or estimated value of the vehicle at lease end, as well as the service charge factor dependent on the term of the lease. With longer lease terms, it is more difficult to accurately estimate the value of the vehicle – which generally makes the service charge factor higher. Predicting the value of a vehicle four or five years from now is difficult, since the sales market for given vehicle types can’t be controlled. However, other factors that influence the value of a vehicle, like mileage or longevity, can be controlled. That’s why almost all leases have annual mileage restrictions (usually 12,000 miles a year), and maintenance requirements for the leasee to maintain in order to keep the vehicle in good working condition. 

Purchasing vs. Leasing Considerations

Will you keep the vehicle 3 or more years? 

If you intend to keep the vehicle for several years, then purchasing is usually the better choice. While the monthly payments will generally be higher than with a lease, a portion of each monthly payment is paying down the principal balance on your loan. Over time, the amount between interest and principal converges and more of your monthly payment is allocated toward your principal balance and building equity in your vehicle. Assuming that the auto sales market stays relatively stable you will usually have enough equity to trade or sell your vehicle in three to four years. This gives you multiple options to build your financial wealth:
 

- If you like the vehicle, continue to pay your monthly payments until you own it. Once the vehicle is yours, you won’t have a monthly payment, which frees up income to put towards other things.

- If a new vehicle catches your eye, sell or trade in your car

If you do not intend to keep the vehicle for more than two to three years, then leasing will almost always be the better option. Generally you must pay the tax and license amounts up front in addition to the first monthly payment. This can range from $1,200 to $5,000; depending the amount of the vehicle. With a lease, you will not own the vehicle nor will you build equity; but you don’t need to worry about the stability of the sales market for that particular vehicle. At the end of your lease you will have a few options:
 

- If you are ready for a new car, you can turn your leased vehicle in to the dealership or lender.  Assuming that you’ve stayed within the mileage restrictions, have no damage to the vehicle and have performed customary routine maintenance and there are no other lease terms; your obligations to the lease agreement are complete.

- If you decide that you are in love with the leased vehicle and want to keep it, you can pay the residual amount (the amount that was agreed to at the beginning of the lease should you choose to purchase it after all of your lease payments have been made).  

What if you are still not sure? 

Request that the dealership provide a quote for financing both a lease and a term loan. Add up all of the payments, down payments and the residual amount to compare the lifetime cost of both options.  Sometimes visibility to total cost can help make the final decision.
It’s also helpful to consider the following:
 

- Do you mind tracking mileage?

- Do you have an alternate vehicle or transportation should you exceed the miles?

- Do you normally repair dents, larger scratches or other non-regular wear & tear?

- Do you prefer changing vehicles frequently?

- Do you have an affinity for “owning” vehicles?

- Do you like to customize your vehicles (new stereo, paint, after-market parts, etc)?

Answering these questions should help you make a decision on which option is right for you.

Overview

There’s no right or wrong answer when it comes to purchasing a vehicle vs. leasing – it comes down to which option is right for you. Some people prefer the shorter lease term, while others want to build equity into something they own. Whether you decide to lease or buy, First Tech offers various loan options to make it happen.
 

Do you have an auto buying service?

Yes, we partner with Autoland so you can find the right car to fit your needs. This distinct auto buying service allows you to not only purchase new and pre-owned vehicles, but they also offer an excellent trade-in program.

Currently, Autoland Consultants service our Bay Area branch locations in California, as well as our branches in Portland and Salem. Through the Autoland phone center, we can assist members in all locations where we have branches, excluding Texas and Puerto Rico. You can contact Autoland directly at 800.234.6999 to speak with an expert consultant. Autoland consultants are available to assist 9am - 6pm M-F, and Sat from 9am - 2pm PT.

If you have any questions, contact us at 855.855.8805 or visit a location near you.

 

Mortgages

How do I get assistance with my home loan payments?

We understand that from time to time our members may incur financial hardships. If your financial situation has changed and you’re finding it difficult to make your First Tech mortgage or home equity loan payment timely, we may be able to help. It's important to consider all your options before risking possible foreclosure. You may be eligible for a:

- Temporary payment reduction
- Loan modification
- Pre-foreclosure sale (also called a "short sale")

Getting started with your financial review

To determine the best possible way to assist you, we must review your financial situation. To do this, we need the following documents:

- Signed Hardship Letter
- Uniform Borrower Assistance Form
- Signed 4506T-EZ
- A pay stub(s) dated within the last 60 days representing one month’s household income (If all or part of household income is from business ownership (self-employed), include the last two years Federal tax returns; including all forms and schedules.)
- Two years’ Federal tax returns
- Declaration page of your homeowner’s insurance policy
- Most recent three months’ bank statements
- Most recent retirement statement(s) (401k, 403b, PERS, etc.)

In addition, you will need to complete the documents below so that we can determine which alternatives are best for you:

1. Workout Program Application/Affidavit
2. 4506-T Request for Transcript of Tax Return
3. Monitoring Form

Once completed, please fax the documents to 503.469.7739, attention: Mortgage Workout Team or email documents to samworkouts@firsttechfed.com. A Mortgage Workout Specialist will contact you by phone within five business days to discuss your application. Please call 855.855.8805 x4662 with any questions.

The Department of Housing and Urban Development (HUD) also offers counseling for homeowners whose mortgage loans have become delinquent. You can contact HUD at 1.800.569.4287 or TYY 800.877.8339.

Questions?

Please feel free to call our Member Service Center at 855.855.8805 or visit a location near you.

 

Do your loan officers have NMLS numbers?

All of our Mortgage Loan officers have an NMLS number. Please use this link to download a PDF document showing all numbers.

 

What types of mortgages are offered by First Tech?

Purchase – First Tech offers fixed and adjustable rate mortgages for members interested in purchasing a home. First Tech has both conventional and jumbo home loan options.

Refinance – Refinance your current mortgage with First Tech. First Tech offers refinance options for members that want to lower their monthly payments, payoff the balance faster, remove private mortgage insurance or to consolidate debt.

Home Equity – First Tech offers both fixed-rate home equity and flexible line of credit loans.

 

What is a fixed-rate home loan?

Fixed-rate home loans are the most common type of mortgage. A fixed-rate home loan allows you to maintain the same principle and interest payment throughout the duration of the loan. You won't have to worry about rising interest rates.

A fixed-rate loan is right for you if you plan on staying your home for at least five years or appreciate the peace of mind provided by a payment amount that will never increase.

First Tech’s fixed-rate mortgages have no prepayment penalty and are offered in both conventional and jumbo loan amounts.

Click this link to find out more about fixed-rate mortgages.

 

What is a jumbo home loan?

A jumbo loan is one that exceeds the current conforming loan limit amount. In some higher priced areas of the country, it's often necessary to apply for a jumbo loan in order to finance a home.

For more information about these loans, talk to one of our Mortgage Loan Officers.

 

What is an adjustable rate mortgage?

Adjustable rate mortgages, (also known as ARMs) are home loans with a fixed interest rate for a set number of years, with a rate that adjusts annually thereafter.  First Tech offers ARMs for a 5, 7, or 10 year term.

Click the link to find out more about adjustable rate mortgages offered by First Tech.

 

What is a mortgage pre-qualification?

Mortgage pre-qualification is one of the first steps in the mortgage process. You supply your overall financial picture, including your debt, income, and assets. After evaluating this information, a lender can give you an idea of what you can afford as a homebuyer. Pre-qualification can be done in consultation with a loan officer and typically requires minimal documentation. However, it is not a guarantee that you will receive financing.

Click on the link to find more information on getting your mortgage pre-qualified.

 

What is mortgage pre-approval?

The mortgage pre-approval process is a more in-depth review of your financial background. A pre-approval is helpful in establishing the amount of money you are qualified to borrow from your lender. This is the lender's commitment to lend to you based on assets, income and credit history.  You'll complete an official mortgage application and supply the lender with necessary documents. From this, you will receive a letter with the mortgage amount for which you have been pre-approved.

Not only will you know your budget for purchasing a home, you'll be a step ahead when it comes to securing your loan.

Many sellers prefer offers that have been pre-approved, since it provides a level of assurance that you are able to borrow a certain amount and can pay accordingly. Pre- approval isn't required to make an offer on a home, but it’s an advantage if the seller has multiple offers.

Click on the following link to find out more about mortgage pre-approval.

 

What type of home equity loans does First Tech offer?

First Tech offers two different types of home equity loans based on the member needs:

The Flexity Line of Credit allows you to apply for a line of credit based on the value of your home. This line of credit gives you access to money when you need it. You can find more information about Flexity home equity line of credit by clicking on the link.

First Tech also offers fixed-rate home equity loans with terms of 5 to 20 years with a fixed interest rate and monthly payments. You can start your application for a fixed-rate home equity loan by clicking on the link.

 

How can I apply for a First Tech Mortgage?

Apply for a mortgage through our online application process. Visit our Mortgage Homepage to learn more about the home loan product that will best fit your needs or complete an online application today.

You can also schedule an appointment to speak with one of our Mortgage Loan Officers to discuss the home loan that best fits your needs.

 

Personal

Do you offer personal loans?

We have a few personal loan options depending on your needs. Whether it's braces for that
perfect smile, a dream vacation, or a new deck on the house, you can get the money you need
quickly with a personal loan. We offer great rates and flexible terms. And you won't have to wait
weeks for an approval.

If you have any questions, contact us at 855.855.8805 or find a location near you.


How to apply for a personal loan?

You can apply for a loan online in just minutes, or by phone at 855.855.8805. First, check your credit. If everything is in order, including your debt-to-income ratio, determine how much you need to borrow and locate a loan that fits your needs.


How long does it take to get a personal loan?

Most loans are approved right away or within a business day, depending on the amount being financed and your overall credit and situation.


How to qualify for a personal loan?

Your credit does not have to be perfect to qualify, but you should be aware of your credit score and the factors that can affect it. Visit our Financial Wellness Center for more information about credit scores.

What do I need to apply for a personal loan?

We will need some form of identification, your name, address, employer information.


How do I check the status of my personal loan?

Call or email a member service representative at firsttechlending@firsttechfed.com. If you apply online you'll get an email with detailed information about next steps and how to check the status of your loan.


How long for a personal loan to go through?

For most applications it is possible to receive the money the same day your loan is approved. Sometimes it may take up to 2 to 3 business days depending on your unique situation.


Can I get a personal loan with bad credit?

Securing a personal loan with bad credit is not impossible. We have a full range of products to offer to all credit types. We will work with you to understand your unique situation.


Do personal loans hurt your credit?

As long as you do not miss any payments and your loan is paid in full by the time indicated by the terms of the agreement, a personal loan could improve your credit score overall. Different factors, such as the amount of loans you have compared to your income, can have different effects on your score. Visit our Financial Wellness Center for more information about credit scores.

How does a personal loan affect credit score?

Credit scores are highly individualized based on a number of factors. Consolidating several loans into one could improve your score.  Visit our Financial Wellness Center for more information about credit scores.

What credit score is needed for a personal loan?

Credit score requirements vary depending on the amount being financed and the security of the loan. We have credit products to fit most types of credit. If you're not sure where you stand, contact us. Visit our Financial Wellness Center for more information about credit scores.

Do personal loans build credit?

A personal loan can build credit as long as you do not miss any payments and your loan is paid in full by the time indicated by the terms of the agreement. Consolidating several loans into one could improve your score. Visit our Financial Wellness Center for more information about credit scores.

Do personal loans show up on credit report?

A personal loan will appear on your credit report as an unsecured, closed-end loan.


What is the average interest rate on a personal loan?

The average interest rate on a personal loan varies depending on current lending guidelines, other lender rates, as well as credit scores of those who qualify.  For current rates on personal loans, please visit https://www.firsttechfed.com/rates/rates-landing-page/loans?product=personal


Is personal loan interest tax deductible?

Unlike the interest paid on mortgage loans and student loans, personal loans, and the interest paid on those loans, are not tax-deductible.


What is the current interest rate on a personal loan?

For current rates on personal loans, please visit https://www.firsttechfed.com/rates/rates-landing-page/loans?product=personal


What is a personal loan?

A personal loan is unsecured debt paid back over a set period of time with a fixed interest rate and monthly payments. “Unsecured” means the loan does not need collateral, such as a car or a house, to be pledged to secure the loan. The money can be used for almost anything, from medical bills and other financial needs, to vacations, and holiday expenses.


How do personal loans work?

A personal loan allows you to borrow a set amount of money that is then paid back over a specific period of time. The interest rate is locked, which keeps payments consistent over the life of the loan.


Can you pay off a personal loan early?

Some lenders charge a fee called a pre-payment penalty if you pay off the loan before the end of the term. First Tech does not charge a prepayment penalty. You can pay off the loan as soon as you are able.


Should I take out a personal loan?

A personal loan makes sense for shorter-term loans of $500 to $50,000. In some cases it makes more sense to take out a personal loan than to use a home equity loan or credit cards. You can speak with a loan advisor to review the pros and cons of different loan types for your situation.


How many personal loans can you have at once?

While there is no set limit to the number of personal loans you can have at one time, there is a limit on the amount of money that can be borrowed in total on personal loans. For information about how carrying more debt can affect your credit score, visit our Financial Wellness Center 

How to get a personal loan from a credit union?

To apply for a personal loan from a credit union, apply online in minutes at firsttechfed.com or speak in-person with a member service representative to identify the loan amount and term that meet your needs.


Will a personal loan affect my mortgage application?

If you have a mortgage application in process, talk to your mortgage lender before applying for other loans.


Can I increase my personal loan amount?

A personal loan is an unsecured, closed-end loan. That means the loan balance cannot be increased. You can refinance an existing loan, which is basically the same as applying for a new loan.


Can someone cosign a personal loan?

When a borrower cannot qualify for a personal loan with their own, a cosigner can be added to the application to guarantee the loan.


Can you get a joint personal loan?

It is possible to qualify for a joint personal loan. This is when two borrowers take on equal responsibility to repay the personal loan. With a joint personal loan, each borrower will be assessed for creditworthiness.


Do personal loans affect your tax return?

The interest on a personal loan is not tax-deductible, and will therefore not impact your taxes overall. Contact a tax advisor for advice about your particular situation.


Do personal loans give you cash?

When you qualify for a personal loan, the funds are either put into your account or paid by check. You can then make a withdrawal in cash, if that suits your financial needs.


How long can you take a personal loan out for?

Our personal loans offer terms ranging from 24 to 84 months.


What happens to personal loan after death?

Even if the person who applied for the personal loan becomes deceased, the loan will still need to be repaid. The outstanding balance is typically charged to the borrower’s estate.


Are credit unions better for personal loans?

Credit unions are member-owned, not-for-profit institutions, meaning that profits go toward lower loan rates and higher interest for members. Because of this, credit unions can often offer lower interest rates and low or no fees on personal loans.


Can I apply for a personal loan online?

It is possible to apply for a personal loan online. Visit firsttechfed.com to start yours.


Can you get a personal loan the same day?

Most loans are approved right away or within a business day, depending on the amount being financed and your overall credit and situation.


Can you have a personal loan and a car loan?

It is possible to have both a personal loan and an auto loan. Depending on interest rates and your overall credit, you could save money by consolidating both loans into one.


Can you refinance a personal loan?

Yes. To refinance a personal loan, you would need to qualify for a new personal loan and use those funds to pay off the older personal loan. This could save you money every month with an extended term, lower interest rate, or both.


Does refinancing a personal loan hurt your credit?

To refinance a personal loan, you would need to open a new loan. This can affect your credit score slightly. As long as you make your payments on time, the possible negative effects could be reversed quickly. Visit our Financial Wellness Center for more information about credit scores.

What is an unsecured personal loan?

An unsecured personal loan is an obligation no protected by a guarantor or collateral by lien. For example, when borrowing money for an auto loan, the vehicle is the collateral. With a personal loan, there is often no collateral, and therefore the loan is unsecured.


What is a secured personal loan?

A secured personal loan is a way to borrow money against the value of an asset. This can include a vehicle, savings account, or other valuable item.


What is a benefit of obtaining a personal loan?

Depending on your financial situation and credit, a personal loan can offer flexibility to pay for and buy almost anything. These loans can offer a lower interest rate than some other forms of credit.


What can I use a personal loan for?

Once your personal loan is approved and you have the funds, you can use the money for almost anything.


Can you use a personal loan to buy a car?

The funds from a personal loan can be used for almost any purpose, including buying a car or truck. However, an auto loan that is dedicated to the purchase of a vehicle might be a less expensive option.


Should I get a personal loan to pay off debt?

Depending on the type of debt you are paying off, a personal loan may be the right choice for you. For example, the interest rates on many personal loans are often lower than those on credit cards, which would save you money. In addition, the rates on a personal loan are often locked while credit card rates are usually variable. Consolidating several loans into one could even improve your credit score. Visit our Financial Wellness Center for more information about credit scores.

Can I use a personal loan for school?

Once your personal loan is approved and you have the funds, you can use the money for almost anything, including school.


Can you get a personal loan for a down payment?

While the funds from a personal loan can be used for almost anything, there are stipulations that do not allow you to use those funds for the down payment on a house. That is because unsecured debt cannot be used for the down payment on a mortgage.


Can you use a personal loan to buy a house?

It may be possible to use a personal loan to buy a home. However, the offer on the home would need to be cash instead of financed. Some tiny homes and manufactured home buyers turn to personal loans because many financial institutions will not finance non-traditional homes.


Should I take personal loan to pay off credit cards?

Depending on your credit card balance and interest rate, a personal loan may be the right choice for you. For example, the interest rates on many personal loans are often lower than those on credit cards, which would save you money. In addition, the rates on a personal loan are often locked while credit card rates are usually variable. Consolidating several credit cards into one could even improve your credit score. Visit our Financial Wellness Center for more information about credit scores.

Can you invest a personal loan?

You can use the funds from a personal loan to invest in legal enterprises, including the stock market and other investment options. However, some investments are not insured and can lose money. Regardless of the outcome of the investment, the personal loan would still need to be paid back in full according to the terms of the loan.


Can you use a personal loan for business?

You can use the funds for any legal enterprise, including a business venture. The personal loan would still need to be paid back in full according to the terms of the loan.


Is a personal loan a good way to consolidate debt?

Using a personal loan to consolidate debt can be a good idea if your new personal loan has a lower interest rate than the loan(s) being consolidated. Consolidating debt to a single payment can often help ensure that all monthly payments are made on time, which can help build credit. Consolidating several loans into one could even improve your credit score. Visit our Financial Wellness Center for more information about credit scores.

Student

Do I have to be a member of First Tech to refinance my student loans?

Yes, but don’t worry if you’re not a member. There are hundreds of ways you can be eligible to join First Tech. If you don't meet any of the criteria below just give us a call at 855.855.8805 or stop by a branch and we'll help you navigate. You are eligible to join First Tech if:

  • A family member or household member is a First Tech member
  • You or a family member work for an innovative company on our partner list or for the State of Oregon.
  • You work or live in Lane County, Oregon.

What are the benefits to refinancing my student loans?

Potential benefits of refinancing student loans include:

  • Combining multiple payments from various lenders into one payment
  • Enjoying simple, clear loan terms and knowing when your loan will be paid off
  • Possibility of lowering your monthly payment
  • Possibility of getting a lower interest rate and/or saving hundreds or even thousands of dollars of interest over the life of the loan

Is there a difference between loan refinancing and loan consolidation?

Refinancing is when you pay off your existing loan with a new loan that may offer lower interest or lower monthly payments. Loan consolidation achieves a similar goal by combining multiple student loans into a single, larger loan. You may consolidate private and federal loans together, so you make just make one payment.


Can I get a new student loan from First Tech Federal Credit Union?

No, First Tech only offers refinancing of existing student loans.


What refinancing terms are available?

Depending on the amount of your loan, you may refinance for loan term of 5, 7, 10 or 15 years.


How long does it take to refinance my student loan?

You can apply online in about 15 minutes. The review and decision process typically takes a few business days, sometimes faster. To speed up the process, make sure you have the documentation listed above ready.


Can I refinance a student loan at a lower rate?

If interest rates have dropped since your original loan disbursement, you can take advantage of the lower rate by refinancing. Securing a better rate not only lowers your monthly payment, but may reduce the total amount you pay over the life of the loan.


What interest rate will I get?

Rates are determined by your credit score, terms of the loan and the amount of the loan. The rate will be disclosed to you prior to you accepting the loan. You can get a rate estimate in minutes from our handy Student Loan Refinance calculator.

What are the possible disadvantages of refinancing my federal student loans?

Federal loans offer specific protections for some borrowers including loan forgiveness, deferment, and forbearance. These options could be lost by refinancing a federal loan to a private loan. Ask a First Tech employee for help if you have any questions.


What are the benefits to refinancing my student loans?

Some of the potential benefits include combining multiple payments from various lenders into one payment, potential for a lower monthly payment, lower interest rate and a lower amount of money paid out over the life of the loan.

Can I refinance a student loan if I have already refinanced my student loan with another financial institution?

Yes, you may refinance student loans at First Tech even if you have already refinanced with another financial institution.


Is there a minimum or maximum student loan amount I can refinance?

You may refinance student loans in a range of sizes, small or large. The First Tech student loan team can review your current student loans and make a recommendation based on your individual account. Contact a First Tech Student Loan specialist at 1.888.422.5680.

 

Do I have to refinance all my student loans together?

You do not have to refinance all of your student loans together, but each loan you refinance must be paid in full. You may not refinance with a partial payoff of an existing student loan.


Can I refinance private student loans?

Yes. You can also consolidate and refinance private and federal loans together

Can I refinance a Federal Direct Loan?

Yes, you may refinance Federal Direct student loans with First Tech.


Can I refinance federal student loans that are held by a third party service like Mohela or Nelnet?

Yes, you may refinance federal student loans with First Tech, even if they are held by a third party service.


Can I refinance a PLUS loan?

You may refinance a PLUS student loan if you are the primary signer on the loan.


Which student loan refinancing option is best for me?

There are many student loan refinancing options. The type of loan you choose depends on the timeframe (how long you want to take to repay the loan) and what size payments you are able to make.

  • If you want to make lower payments now, but anticipate you will be able to make higher payments in a few years, you may want to look at a Balloon Loan or Interest-Only Loan.
  • If you are looking for a lower interest rate and consistent payments for the life of the loan, First Tech’s popular Fixed Term Loan may be right for you.

What documentation will you need to start the refinancing application?

To refinance your student loans, you will need to submit:

  1. Proof of income (this could be a W-2 form for the last two years and a current pay stub)
  2. The most recent statements of your current loans
  3. Other items may be requested as First Tech processes your loan

How soon will I have to start repaying my refinanced student loan?

Repayment on your student loans depends on the type of loan. For Fixed Rate Loans, your first payment can be up to 90 days after closing. For Balloon and Interest Only Loans, your first payment is due 30 days after closing.


Can my parents co-sign on a refinanced student loan?

A refinanced student loan can be co-signed by a parent as long as the primary signer on the original loan is the same before and after refinancing.


Can I defer my payments if I go back to school?

At this time, First Tech does not offer this option. If you think you will not be able to make loan payments, please contact us right away at 855-855-8805 so that we can explore all the options with you.


Who may I contact if I have more questions?

Please contact a First Tech Student Loan specialist at 1.888.422.5680.