Shopping Around For Mortgage Refinancing in South Florida More Important Than Ever

By Gabriel Traverso
Local Lender Columnist
Jul 11, 2007
South Florida is one of the markets that saw some of the best gains in the recent housing explosion. Other areas are still playing catch-up and only now are seeing prices rise. However, now Miami and other south Florida markets are seeing some turbulence.

Refinancing: Keeping Your Cool

Many homeowners took advantage of the recent boom to refinance their homes or buy new homes using adjustable rate mortgage and hybrid loan options. Now payments are starting to go up and the need to refinance is growing. If you're in this category you might be eyeing your mortgage payment plan with a bit of anxiety, especially with all the news about spiking foreclosure rates in South Florida.

In fact, the Miami metro area has seen a rise in the mortgage delinquency rate of 2.5% since the end of 2005. David Berenbaum, executive vice president of the National Community Reinvestment Coalition, believes that the market will turn around and says that, "people have been in an environment where they're flipping homes," and that it's time to start focusing on home ownership as a long-term investment.

South Florida Refinancing

If you are one of many homeowners facing rising mortgage payments due to an ARM resetting the answer is simple: it's time to look into refinancing. Many South Florida homeowners are in the same boat and in spite of the news of rising delinquency rates you may get the refinancing you need. No bank wants to foreclose on your loan and mortgage lenders will find a way to work with you. The important thing to understand is that you need to shop around--save time and use the Internet. Try finding lenders using mortgage quote tools and other online forms. You'll find that you can save a great deal of time and some headaches.

Source
The Wall Street Journal: Safeguarding Your Home's Value As Foreclosures Flood the Market

About the Author
Gabriel Traverso is a freelance writer, professional musician, and an artist. He resides with his family in Reno, NV.