Brexit and Your Mortgage

  • I remember Black Monday October 19, 1987 - the day the Dow crashed and lost over 20% of it's value in one day! Guess that's not surprising since I was a broker / financial planner at the time. Looking back at it now I wish that I had taken some of the money that was invested in bonds and CDs and shifted it to stocks!

     

    Of course it's always easier to see the past than it is to see the future. But sometimes you can get a pretty good glimpse of what's coming. Take mortgage rates for instance. When we bought our first home our mortgage was 10 3/4%. And, that was because we could come up with an unusually large down payment. Otherwise it would have been 11 1/2%.

     

    According to an article from our Bankrate feed, mortgage rates are at a 3 year low and within a spec of their all-time low. So while I can't claim to see the future, I can be pretty sure that they won't stay there for ever. And, that the next change is likely to start to increase rates.

     

    That makes this an excellent time to see if refinancing your mortgage can reduce your mortgage payment or the length of your loan. Suppose you had a 4.5% 30-year mortgage of $165k. That's costing you $836 a month. A refi at today's rate could save you $94 a month!

     

    If you haven't compared rates in the last 6 months now is a great time to do it. We have a page where you can easily compare rates without giving up any personal info unless you decide to apply for a refi. Since it's not sponsored by any lender, the information that you get is current and unbiased.

     

    Finally, yes, I know that you're busy and you think that you probably can't save that much. But look at it this way. If you're right you've wasted a few minutes you would have spend wasting time on YouTube. If I'm right you could be saving literally thousands of dollars for a few minutes of your time. Isn't that a gamble you should take?


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