So, when I bought my condo I got an adjustable rate mortgage and a second mortgage hoping to refinance in a year and combine the two and lock in the interest rate.
I've been looking at this off and on all summer, but started acting on it last week. Still not doing much and thinking I might not actually do it.
But yesterday, I decided to check out lendingtree.com and see what they could come up with. I got four very similar offers, with very good interest rates. Turns out rates when down about two weeks ago. Perfect timing if I do say so myself. The problem with these was the fees. Then I checked out ditech.com. Sure enough, their one fee was much less, but the interest rate was slightly more.
Now I didn't know what to do. I spent a lot of time last night debating the pros and cons of the lower monthly payment but the higher balance (I'd incorpurate the fees into the balance). Then I figured out that I was talking about a $22 per month difference.
That's right, this debate came down to that.
So I decided to go with ditech since I wouldn't have to roll the fees into the balance.
But when I called the lendingtree found person, he told me they'd do the same with no fees. Meanwhile, my fourth bid came in with a phenominal rate.
So I've spent most of the day on and off the phone trying to get this all worked out. It's finally settled. My new loan only cost me $110 at that. (The no fee turned out to be a slight fee because of the loan amount). Still, refinancing for $110 is very good if you ask me.
I was thrilled last night and this morning. Tonight I'm a little scaried and worried that I didn't go with the best deal. Not sure why that is because on paper it looks like the best deal and this is the person I spent the most time with on the phone.
Don't ask me to explain myself. I can't figure me out either. But if you can explain why I feel the way I do so much of the time, I'd like to know. I could use the insight.