$1,000 Off Mortgage Closing Costs Offer Extended

Tropical Financial Credit Union (TFCU) has extended our $1,000 Mortgage offer.

Apply for a mortgage by September 15th, 2011 and receive $1,000 off your closing costs!

Nearly Half of South Florida Homes Underwater

Nearly half of all homes in South Florida were in negative equity, or underwater, after the first quarter of this year.

In Miami, 46.6% of homes were underwater, while the figure was 49.4% in Ft. Lauderdale.

Having negative equity, or being underwater, means that borrower owes more on their mortgage than their home is worth.

51% of Broward County Mortgages "Underwater"

More that half (51%) of homes with a mortgage in Broward County were "underwater" in the fourth quarter. Palm Beach county mortgages showed similar trends, with 44% of homeowners owing more on their mortgage than their property is worth.

Many homeowners refinanced or purchased during the economic boom that preceded the current recession and are now facing the issues that go along with negative equity.

Check Out TFCU's New Loan Center

Tropical Financial Credit Union (TFCU) makes applying for a home loan or mortgage easy with our new Loan Center.

Whether you are looking to refinance or apply for a new home loan, TFCU has a variety of options including Fixed Rate Loans, Adjustable Rate Loans, Jumbo Loans and FHA Loans.

TFCU makes applying for loans convenient by offering applications online, over the phone and in person. We also provide calculators for expected monthly payments, refinancing and more.

TFCU Mortgage and Auto Loan Rap

Take advantage of better mortgage and auto loan rates at Tropical Financial Credit Union.

Creating a Realistic Budget

Managing your budget is one of the most essential elements in keeping your finances in order. These tips will help you prepare, and stick with, a working budget:

1. First, collect all financial statements for you and your family, including check stubs, bills and investments in order to get an idea of average monthly income and expenses. Be sure to differentiate between variable (groceries, clothing) and fixed expenses (mortgage, car payments).
2. Make adjustments as necessary, especially if your monthly expenses exceed your monthly income. It will be easiest to adjust variable expenses by dining out less and only purchasing essential items. Your budget may suggest the need for additional sources of income.
3. Continue to check your budget each month. Account for any new sources of income or added expenses. Your budget will change as your life changes.

For more information on creating a working budget, as well as a budget template, visit Tropical Financial Credit Union.

How mortgages work

There are as many types of mortgages to choose from as there are types of houses to buy. In this article from Bankrate.com, you'll learn how to choose the mortgage that is right for you -- and what kind of lender to get it from.

There's a lot to learn, since there are all kinds of ways to finance your home. The article covers fixed-rate and adjustable-rate mortgages, as well as subprime mortgages for those who have credit problems. It also explains the less-well-known kinds -- jumbo, balloon and others. Finally, it discusses the different types of lends and tells you which ones are the best choices in different financial situations.

Read the entire article here.

Welcome to Tropical FCU's Blog!

We're excited to launch our new blog! We invite you to come back often for useful news, articles, advice, features and other tidbits related to banking, finance, the South Florida economy and much more.

***

Since 1935, Tropical Financial Credit Union has provided members and their families with a wide range of financial services at very competitive rates and terms. TFCU is a not-for-profit, member-owned and member-operated financial cooperative that helps members better manage their time and money. For more information, visit http://www.tropicalfcu.org/