Refinancing

In addition to the television and digital camera purchases this past week, I was busy with the refinancing of the house and planning Spring Break. I was bothered by the paperwork of the refinancing on my house and the actual closing costs, so when the closer came out on Thursday evening I had many questions. He had another appointment so he left, while I was talking to the mortgage company on the phone. After a long conference call with two employees, I felt comfortable with moving forward on the refinance. The closer came back and I signed the paperwork, but had three days to cancel.

LL advised me that the closing costs were far too high with my credit rating and the amount of the loan. She advised that I look at other lenders. I checked online and couldn't find much that was different than what I offered. In addition the woman on the phone from my mortgage company said that she was quoting 4.8% that day, .5% higher than my rate. I talked with someone from QuickenLoans and he stated that my closing costs were comparable and he advised that I stick with my current refinance. I also stopped into my bank and sat down with the mortgage lender and learned that my closing costs were actually lower, significantly, than what he could have offered me and he said that my great was good and that I had gotten a good deal.

So after it was all said and done, I can rest easy being comfortable with my decision to lower my rate 2% and reduce my loan to a 15-year fixed rate, 5 years lower than what my pay-off was on my 30-year fixed rate. In addition, my monthly payment will increase less than $45 per month. I also don't have to make a payment for April and get a few hundred dollars back. So paying April and putting the money back into the mortgage, I'll be so much closer to getting it back to where I was before the refinance!