Homeowners May Benefit From Refinancing Before Election Day

A presidential election year always brings uncertainty, and that includes concerns about interest rates and inflation. Still, experts say now might be the perfect time to refinance your home loan.

If you’re spending more than a third of your income on your mortgage payment, you’re paying more than the average American. If you find yourself in this boat, refinancing now while rates remain near historic lows may mean a boon in savings going forward. Just think what you could do with extra cash each month! It’s difficult to tell what will transpire with mortgage rates under a new president, but they remain stable – and affordable – in the here and now.

If you’re paying down a variable rate mortgage, it may also be time to look into refinancing. Even if your rate is low right now, it’s impossible to predict what may happen to the market once there’s a new administration in the White House. Locking in a fixed rate now means fewer concerns about the impact of new leadership on your homeownership status, as well as certainty about what you’ll pay your lender each month.

Though we’re closing in on Election Day, there’s still time to explore a favorable refinance. Speak with a trusted lender – or two or three – at your earliest opportunity so you can get your application completed and the underwriting process started before voters head to the polls. Refinancing isn’t for everyone but, if you’ve been considering the benefits already, now may be the optimal time to move forward.

Image via Flickr/sergioruiz