Insurance and Refinancing

Since I was already looking to change insurance companies for my home insurance, I figured why not look into refinancing my home loans since now the rates aren't bad and plus I can bet on getting a lower rate than I currently have. When I bought my house, not many companies were looking to offer me a mortgage. Granted my salary was no where near than what it is today, but I guess companies thought I would be a risk. In the end I ended getting 2 loans, one 80% and the other being a 10% loan to avoid and PMI fees. These mortgages were 5 year ARMS and at the time I really wanted to buy the house. Plus the mortgage broker I went through gave me a decent monthly payment amount, which I could manage. One mortgage had a rate of 8.125% and 11%. Plus my monthly payments for one of the mortgages was creating negative amortization (I think that is the term) since I was paying below the payment option that covered just the interest. I shopped around for rates and ended up with a good deal with Bank of America. I am looking to close sometime around next week. So far the process has been very smooth and easy. Everything so far has been done through phone calls, email, or by faxes. I got a rate of 6.25%, only have to pay $2500 for closing costs, and do not have to pay any points. Since I am also changing home insurance companies this was perfect timing for me to change my mortgage company as well. My monthly payments have increased a little, but at least now I will not have to face any negative amortization, which could have been costly down the road. Overall I am happy with the process and will post an update once the refinancing has been completed.