How do you know if you should obtain a Jacksonville refinance? Well, the first step is to do your research. Take a look at some of the information in the article below and then consider inputting your zip code into the free tool on the top of the page to compare Jacksonville refinance rates from multiple Jacksonville lenders and banks so that you can make an informed decision.
Jacksonville Population/Income Statistics
Jacksonville is the largest city in Florida, with a population of over 800,000, making it the twelfth most populated city in the country. Jacksonville is divided into six major sections with a regional population that exceeds 1,313,000 people. The median income for a family is approximately $44,000 and approximately 10% of families are below the poverty line.
Jacksonville Housing Authority (JHA)
The Jacksonville Housing Authority (JHA) aids disabled residents, the elderly, and people with low income with getting into public or subsidized housing. The goal of the JHA is not just to house people, but to lift them out of their current situation through education and various programs so that they can move out of the public housing system and into their own home. The problem, however, is that with today’s economy more people are finding themselves getting kicked out of their homes and into the streets.
Jacksonville Foreclosure Statistics
While of course, obtaining a Jacksonville mortgage refinance can be a way to save money for those that are not facing foreclosure just the same as it can be a lifeline for those who may see foreclosure proceeding on the horizon there are things that we can all learn about the Jacksonville foreclosure situation.
Foreclosures are on the rise in Jacksonville, Florida, seeing a rise of over 10% in just one month this past August of 2009. It is the highest level of foreclosures in the last five years.
Despite the upswing change in Jacksonville real estate, many residents are finding themselves in a desperate situation of not being able to pay their mortgage and being threatened with foreclosure as a result.
Perhaps one of the biggest problems is the large population of this very metropolitan city. Even though new jobs are on the rise, there are just not enough new opportunities to meet the demand of the currently unemployed. While foreclosure rates are on the rise, so are unemployment rates, which have recently reached 4.2%, the highest it has been since 2005.
Jacksonville Refinancing in the Face of Foreclosure
While the threat of foreclosure feels intimidating, it does not mean you are out of options. With interest rates at a low of approximately 5%, refinancing is definitely a viable solution for some Jacksonville homeowners.
If you have a steady employment history of two years, you do not need to refinance with your current lender. If your work history is sparse or sporadic, you may still be able to refinance with your current lender through a government bailout program. Either way, refinancing is one way to try to prevent foreclosure.
The key to refinancing successfully is to compare the Jacksonville refinance rates from different reputable lenders. Use the free tool on the top of the page to get rates on a mortgage refinance. Jacksonville residents should do all that they can to put in the necessary homework to find the best rate and this free tool makes it easy to compare rates from various Jacksonville mortgage brokers!
Jacksonville Refinance Scams
There are many fraudulent companies that are taking advantage of the Jacksonville foreclosure situation that is common in today’s economy. Although refinancing usually does come with fees of some sort, such as appraisal costs, closing costs, and sometimes points, you need to be aware of reputable lenders and proper refinance fees versus outright scams.
It is no surprise that the number of foreclosure scams have gone up with the number of foreclosures. Beware of companies that call you with offers to help you refinance or save your home from foreclosure.
DO NOT send any money to anyone without truly knowing the company and its legitimacy. Desperate people oftentimes take desperate measures, and that is what these criminals are counting on. Many homeowners have paid anywhere from $600 and up to companies promising to refinance their loan and save their home. The low cost offer, even at one $1,000 is enticing.
Unfortunately, after these phony companies take your money, they disappear, taking your hopes with them. And since they’ve also take your next month’s mortgage payment, in essence they are taking your home. The bank that intends to foreclose on your house is not going to reconsider based on the face that you were scammed. If you are a victim, be sure to report it immediately to the local authorities. Your insurance commissioner can offer detailed assistance.
The best way to avoid becoming a victim of fraud is to go through a reputable home lender. Verifying a company’s existence through the Better Business Bureau is not sufficient. The lender should be a stable financial institution and you should read all documents closely before signing them or paying any monies.
Also, be very wary of paying upfront fees to anyone offering to negotiate to your lender on your behalf. If you are not sure if someone is legitimate, do not hesitate to contact your lender and make inquiries.
Alternative Options to Jacksonville Refinance
If traditional refinancing does not work for you, there are several current government bailout options that may be of assistance to you. For example, if you do not have a steady work history and cannot refinance with a new lender, you may qualify for a refinance option with your current lender through a government bailout package called the Making Home Affordable Refinance Program (HARP).
The key with this type of refinance is that it requires you to have a current job, even if you didn’t have one in the previous two years, and it requires good credit performance. The Making Home Affordable plan also offers options of loan modifications that can vary greatly from reducing your current interest rate to delaying the payment of past dues and adding them on to the end of your loan.
Facing foreclosure is scary, but acting on it can make all of the difference in its prevention. Do not wait for the foreclosure intent. If you are having trouble with your mortgage payments or are already in jeopardy, contact your lender immediately to review your options.
Compare Jacksonville Refinance Rates
Whether or not your home is in danger, consider refinancing and taking advantage of the low rates that are being offered today. Enter your zip in at the top of the page to get started comparing Jacksonville, FL refinance rates today!
