Working on my Refi-Loan

[basketsbears]

Hi,

I have been interested in reading how this works as well. You have done a great job! I wondered tho, can you apply at maybe some local credit unions, or other places where you may get a lower rate like you had wanted.

Keep us posted!

[IBroke]

I wondered tho, can you apply at maybe some local credit unions, or other places where you may get a lower rate like you had wanted.

I am a member of a local CU as well and considered that, too. But I really prefer NOT to have any auto-loans with the financial institutions where I'm doing my daily banking. Might sound odd but I'm not a huge fan of financial "packages" where everything is tied together. I like to be more independent and keep it balanced.

[basketsbears]

I am a member of a local CU as well and considered that, too. But I really prefer NOT to have any auto-loans with the financial institutions where I'm doing my daily banking. Might sound odd but I'm not a huge fan of financial "packages" where everything is tied together. I like to be more independent and keep it balanced.

I understand that. I am so happy for you and your "experiment". It is helping us all. Thanks!

[lostinnola]

It is crazy what paying off your credit cards does to your credit score. I have a discharge of May 2010. I have no late payments on anything since then. I paid off 2 credit cards with my tax refund and my score shot up (literally overnight) 40 points.

[IBroke]

FINAL UPDATE:

Sooooo....I'm finally in the position to announce that my refi-project has been finalized.

After all, I did NOT take the offer from Capital One. I somehow had the feeling that I could get a better deal than the 12% interest they offered. Turned out I was right. When I applied over lendingtree, I received the message that I had a pending offer from Fleet Financial. I thought I'd give it a try and called them. They were able to get me approved through NuVision Federal Credit Union from California - and they offered 9.32%. Now THAT'S darn close to what my goal was!

The CSR from Fleet Financial did a great job and I could always reach him when I had a question (BTW, if anybody is interested, just send me a PM and I'll gladly provide you with info how to get in contact with them).
Today, I received my paperwork from NuVision FCU and set up my online-access. Was pretty easy.

So after all, I think I can consider my mission "accomplished". From 18.24% to 9.32% interest does make a difference...

My loan was extended to 72 months (they simply did that on their own) and my minimum monthly payment changed from $547 to $394 - but as I said before, I'm planning on paying it off much, much faster..

[basketsbears]

I'm so happy for you. Thanks for letting us in on your experiment.