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It’s said that timing is everything, and that can be especially true when it comes to financial matters. Florida residents may be interested in knowing that some in the financial industry believe that interest rates will again be climbing later this year.

If that is indeed the case, homeowners now struggling to pay their mortgages could possibly benefit from a well-timed refinance of their loan. The federal Home Affordable Refinance Plan that was designed to assist homeowners with weathering the earlier economic recession expires at the end of the year, so acting now can be crucial.

HARP allows homeowners to refinance at lower rates even in cases when the mortgage is currently underwater. Average consumer savings from HARP refinances are $2,500 a year, which can add up to $75,000 on a typical 30-year mortgage. Banks were forced to institute this consumer refinancing program after they accepted federal bail-out dollars to keep their industry afloat.

Taking advantage of this program is one way that homeowners can save their property from the nightmare of foreclosure. But while useful, it may not be enough for them to climb out from under a mountain of accumulated debt. When debt is truly unmanageable, the only way out sometimes is filing for consumer bankruptcy.

Make sure you weigh all of your financial options so that you are able to salvage the most important assets as you work toward a financially sound future. Seek the counsel of experienced and reputable financial planners and legal professionals so that you can take advantage of any programs for which you are eligible and abide by all laws.

Source: Lending Tree, “Refinancing can save homeowners a lot of money, but not for long” Jarret DiToro, Feb. 06, 2015