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The Hassle Of Being In Debt

Being in debt is a major hassle, and this entire situation is a painful reminder of why we want to become debt free in the first place.  I hate debt.

Searching for solutions

Unfortunately, hating debt isn't enough to make it go away. And since I didn't want to waste money on private mortgage insurance for another 13 months, I started looking for a solution to our problem. The Internet has a plethora of good and bad information and I began the frustrating task of sorting through it all, hopeful that I could find a solution.

I didn't want to refinance my home again. After all, refinancing can cost thousands of dollars that would easily wipe out any  savings I would earn by removing the PMI. Right?

Wrong. Actually, I found out that there are some ways to refinance without paying closing costs at all.  A few different sources led me to  Amerisave. After speaking with an agent, I learned that I could indeed refinance my home without paying any closing costs. The process, called a “no-cost refinance,” meant that the lender would pay all of my closing costs and fees in exchange for charging a higher interest rate.

Paying a higher interest rate sounds counterproductive. But in my case, it made perfect sense. Interest rates are now lower than they were when I last refinanced. And since rates were lower, I could now refinance my home into a new, 15-year fixed-rate mortgage at the higher rate of - you guessed it - 3.25 percent. Basically, I would be trading in my 15-year mortgage for the same loan, minus the pesky PMI. And since my new loan would also have no prepayment penalties, I could keep moving forward with my rapid debt repayment. My only out-of-pocket costs were going to be an appraisal, which MetLife required anyway, and $15 to pull my credit report.

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