As we get closer and closer to the US 2016 presidential election, one thing is certain: nothing is certain. Right now, the two main candidates, Donald J. Trump and Hillary Clinton, are neck and neck. However, no matter who wins, the change of administration will definitely result in changes to the economy. Good or bad, it’s hard to predict it. But, at the moment, mortgage rates are close to historic lows. It’s a great time to refinance and, if you’re thinking about it, you should do it. Here are just a few of the benefits of refinancing before the US presidential election is over.
Interest rates
Numerous studies have already shown that most Americans spend at least one third of their income on mortgage payments. So lowering them becomes extremely important, as it can improve your finances and even the quality of life.
As I mentioned before, interest rates are currently near historic lows, below 3.5%. This means that you can save thousands of dollars each year, even if your current rate is just one percent higher.
Protection against future inflation
These good rates aren’t going to stay like this forever. Refinancing your mortgage now, at a fixed rate, will allow you to protect yourself against future inflation. Even if inflation occurs, your payments won’t change.
Bottom line
There’s nothing more annoying than not knowing what will happen next. But this uncertainty is not unusual, especially when it comes to presidential elections and changes in administration. What’s important is that you understand that change is inevitable.
When it comes to the president, even the smallest change can have huge consequences. But, if you understand this, you’ll be able to protect yourself against things that may hurt you, and you’ll also be able to take full advantage of the benefits of refinancing or any other thing that you are involved in.
Refinancing your mortgage right now is a good idea, especially if you were already considering it. Don’t hesitate, don’t postpone it until next year, or the year after that. Do it right now and you definitely won’t regret it.
