Miami Homeowners Missing Info on Mortgages

by Isaac Benmergui, Esq on May 13, 2013

inverted house_edited-1Nearly one-third of all homeowners are missing key information on their mortgages that could have saved thousands, according to a survey from real estate website Zillow. Some are not aware they could qualify for an FHA mortgage with only 5 percent down. When it comes to mortgages, nearly a third of all homeowners are clueless.

For down payments the Florida Housing Authority offers a bond program for down payment assistance for first-time homebuyers, and homeowners are encouraged to seek out community banks for good loan programs.

Furthermore, 20 percent of homeowners don’t know they could get their home refinanced if they have an underwater mortgage, and they can find help from housing counseling agencies and government programs like HARP (Home Affordable Refinance Program), and HAMP, (Home Affordable Modification Program).

Zillow also reports that 25 percent of homebuyers didn’t know they could get a better rate on their mortgage. Most homeowners focus solely on getting a lower home price and then forget about finding the right loan. Even lowering the interest rate by a mere half point, will save thousands of dollars over the course of the loan.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

 

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