Recently my husband mentioned in passing that mortgage rates were really low. Now I knew that mortgage rates were really low, and I knew that they were lower than our current rate of 4.625%. For some reason though, his comment galvanized me in a way that just “knowing” hadn’t.

So I went on a short-lived hunt for a better mortgage rate. I found some good rates too, everything from a 2% for a 1 yr ARM (no thank you) to about 3.5% for a 10 year fixed. Now going from 4.625% to 3.5% would be worth it, IF we could get VERY low (or no) closing costs. That seemed to be the sticking point though, as the lowest I was able to find for closing costs was $1000. And that’s not worth it, based on our mortgage repayment goal.

So, no refinance for us, unless I can somehow convince our current mortgage holder that they really do want to give us that 3.5% rate with super-low closing costs. I tried to get them to waive the appraisal, but no go. I guess the housing crash has (rightly) made them cautious, but it’s not like we don’t already owe them the money.

Anyway, during this mortgage-rate-hunting process I discovered something amazing: I could buy a condo today in my city with $20K down for about $165 a month plus taxes, insurance, and HOA.

Why oh why did I ever open Realtor.com?

I want a condo!

So badly I can almost taste it.

But, more than I want a screaming deal on a condo, I want to meet our goal of having our mortgage paid off by December of 2011. That will make me happiest, and I’m sure there will be other screaming deals to choose from once we get the mortgage paid off and I save up the cash for a condo or maybe a single family home. Even if there aren’t, I will be free in a way that I wouldn’t be if I had two mortgages.

Lesson learned? If you want to make your goal, you have to stick to it, despite incredible temptations. Keep your strongest desire in sight, and do everything you can to get it.

Also, don’t check out Realtor.com if you love investment properties.