Tropical Financial Credit Union (TFCU) offers home equity loans and lines of credit with interest rates as low as 4.00% APR.

TFCU has partnered with ENERGY STAR to save you even more. Improve your home's energy efficiency and save on your electric bill by replacing less energy efficient appliances with ENERGY STAR appliances.

Top 5 Banking Annoyances

Harry Smith and Vera Gibbons discuss the top 5 things that drive us crazy about banks!
1. Fees
2. Lack of Disclosure
3. Changing Interest Rates
4. Low Savings Rates
5. Poor Customer Service

When to Refinance Your South Florida Mortgage Loan

Knowing when to refinance your South Florida home mortgage loan can help you take advantage of low interest rates and save you money.
Interest rates in Florida are at all-time lows. Refinancing your home can save you money on your monthly mortgage loan payments. Whether your credit score has recently improved, or you want take advantage of the state's record-low interest rates, see what refinancing your home mortgage can do for you and your monthly mortgage payments.
Free online mortgage calculators, like those offered by Tropical Financial Credit Union, can help you find out if refinancing is right for you.

Credit Unions Remain a Safe Haven

With banks failing weekly, savers worry about the longevity of their financial institutions and the security of their savings, while borrowers scramble to find willing lenders offering affordable rates. 

Thankfully, more and more former bankers are finding safe haven in their local credit union. Credit unions seem like a no-brainer, boasting higher interest rates for savings and lower rates for loans than traditional banks. 

Credit union membership rose 5 million from 2004 to 2008. Credit union lending rose $36 billion from 2007 to 2008, coinciding with a decrease in bank lending of $31 billion in the same year. 

Not only do credit unions offer better rates, they blow the competition away with outstanding customer service, all without monetary assistance from the federal government. 

"The credit union industry has proven solid," said Karen Dorway of BauerFinancial, a firm that analyzes banks and credit unions. Loans from credit unions increased 7% last year, largely due to first time mortgages and auto loans. Delinquencies on these loans are less than half of the amount of bank loan delinquencies. 

Banks Take a Hint from Credit Unions

Banks may finally be forced to offer reasonable interest rates on consumer loans and credit cards. 

Since the beginning of the year, millions of credit card customers have been hit by rising interest rates, many from lenders who have received billions in government bailout money. 

Vermont Senator, Bernie Sanders, has proposed a bill which would set a 15% cap on the interest rate for consumer loans. Currently, there is no nationwide usury law which regulates bank consumer loans, and consequently, rates have soared to almost 30% from financial institutions like Citigroup. Rate increases are also evident from Bank of America, JP Morgan & Chase, Capital One and more. Credit Card defaults are quickly rising to a record 10% but banks have not lowered their rates to balance the issue, they seem to be cashing in on the economic downturn. 

If Sander's bill passes, banks will be forced to follow in the footsteps of the National Credit Union Association (NCUA) by capping interest rates at 15-18%. The rate cap has not impaired federally chartered credit unions, like Tropical Financial Credit Union, in their ability to continue lending - even in these tough economic times. 

Sanders believes that even though 15-18% is enough to cover the lender's risk in offering a loan, the banking industry will lobby heavily against this radical bill. However, "the American people are disgusted with the financial industry. They want change." Sanders wonders if it is in fact ethical to charge 30% interest rates, when credit unions are thriving and staying under 20%.