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Mortgage Refinancing Help
: Regional: North America: United States: Louisiana: Business and Economy: Financial Services
: Insurance (3)
 Many people with poor credit history look to take out loans from friends and family. While this may be a fairly good short term solution, it might not be the smartest of long term business moves. What you need to do is refinance your mortgage and lower your payment. The best thing you can do for yourself is to shop around. I'd be willing to bet that some banks will give you a better deal on a mortgage refinancing than you think they would. Find out who's got the best rate to get the best deal on your loan. This might take a little legwork, but it could pay off. Finding that right bank to give you the right deal on your refinancing will be worth the effort.
 See also:
 InsureMart of Louisiana »
Provides insurance for car, home, or business. Offices in Houma, East Houma, Morgan City, and New Iberia.
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 Louisiana Companies »
Offers personal and business insurance including life, health, and retirement plans from multiple locations.
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 Wright & Percy Insurance »
Offers commercial, surety, personal, and employee benefits insurance services. Offices in Baton Rouge, Alexandria, Lake Charles, and Shreveport.
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 Be Proactive. Your loan representative should keep in contact with you even if there isn't any action on your loan. But do your part to keep the lines of communication open as well. If you don't hear from your loan representative for a few days, pick up the phone and ask for an update. The old adage that the squeaky wheel gets the grease definitely applies in this situation.
If you have a mortgage, you should keep an eye on rates-especially if you have an adjustable rate mortgage. Getting locked in at a lower, fixed rate can save you hundreds, possibly even thousands, of dollars over the life of your loan.
If you are refinancing from one ARM to another, check the initial rate and the fully-indexed rate. Also ask about the rate adjustments you might face over the term of the loan.
If your property value reduces and you refinance up to 80% of the reappraised value, your original mortgage amount may be higher than this amount. Thus, the new loan will not be sufficient enough to help you pay down the existing one.
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