Sign Up for Our Newsletter:
Email: (required)

Are You a Member? (required)

Product

First Name(required)

Last Name(required)



Personal

 

Protect Yourself In This Unique Market

Since the 1970s, South Florida has rebounded from FIVE recessions. Power Financial Credit Union has rallied through them all serving only South Florida from 1951. We have identified five things all South Floridians need to do to protect ourselves in this unique market. We need to understand our mortgages. During the worst of the recession, Florida ranked #1 in foreclosures and in the number of home mortgages with delinquent payments. With construction back to being our #1 industry, there will be even more homes available on the market.  Understand that the interest rate on a fixed rate mortgage will not change over the life of the loan so your monthly payment will always remain the same. This loan is best suited for families who wish to remain in the home for a significant amount of time. Alternatively, an adjustable rate mortgage is better suited for families who wish to stay in their home for a short period of time. The low interest rate will remain fixed for a set period of time before increasing. For example, a 7-1 adjustable rate loan will remain fixed for seven years then will reset to current market rates on the eighth year. While figures, facts and outlooks were hazy, the one thing that was clear during the recession was the fact that many South Floridians did not fully understand their mortgages. We need one year of savings. For years, we were told to save for six months of hardship. However, the Great Recession saw an increase in the number of long term unemployed workers (those unemployed 27 weeks or longer) reaching an all-time...