Disclaimer: This Inside South Florida segment is sponsored by Tropical Financial Credit Union. All opinions and views are of the advertiser and does not reflect the same of WSFL-TV.
In a recent episode of Inside South Florida, we explored the impact of the Federal Reserve’s decision to lower interest rates and what it meant for everyday finances. Joining us to break it all down was Marketing Director Marylen Yiris from Tropical Financial Credit Union, the official credit union of the Florida Panthers NHL team.
Marylen explained how the Federal Reserve’s actions had direct effects on individuals. “The average person needed to start paying attention to rates on both deposits and loans,” she said. As interest rates dropped, savings accounts and certificates of deposit (CDs) started offering lower returns, while loans, such as mortgages and auto loans, became more affordable.
With rates fluctuating, Marylen shared some valuable financial tips to help individuals make the most of the situation:
- Lock in High Savings Rates Quickly: Marylen advised viewers who were thinking about opening a certificate of deposit to act before the rates dropped further.
- Homebuyers Shouldn’t Wait: Even with potential rate reductions, she urged buyers not to delay purchasing their dream home, reminding them that if rates dropped later, they could always refinance.
- Refinancing High-Interest Mortgages: Marylen encouraged homeowners with interest rates of 7% or higher to consider refinancing as rates continued to fall.
- Home Equity Loans: With rates dropping, it was a good time to explore home equity lines of credit for home improvements or consolidating high-interest debt.
- Auto Loan Refinancing: She also shared that refinancing auto loans was an easy process that many people didn’t know about, urging viewers to take advantage of lower rates.
Tropical Financial Credit Union offered various services to assist during this time:
- Pre-Approval Services: Marylen highlighted how pre-approval for both homebuyers and car buyers was essential to lock in the best rates.
- Auto Advisor Service: Tropical Financial’s Auto Advisor service helped with car shopping, ensuring the best financial decision was made.
- Mortgage Programs: Their mortgage officers also provided guidance on down payment assistance and first-time homebuyer programs.
Marylen encouraged viewers to visit tropicalfcu.com for more information and personalized financial advice.
