Brexit And US Mortgage Rates

Brexit is the hottest topic of 2016. While many are confused about what Brexit is, in essence, it is Britain’s exit from the European Union.

Britain’s exit from the EU occurred after a referendum, a vote in which people of the voting age took part. The voting took place on Thursday 23rd June and the vote was casted to see and realize if UK should or remain a part of the EU. The votes were casted and 52 percent voted to leave EU whereas 48 percent didn’t. The majority won.

Brexit is a word that describes Britain’s exit from the EU. It simply means Britain Exit. Since Britain is no longer a part of the EU, the exit could have and means serious business for Britain in itself. After the vote, there was a massive decline in the Pound currency. In fact, it hit an all time low in decades. This was just one example of the consequences of Britain’s exit from the EU.

A lot of people are now thinking about moving from the UK to other parts of the country including the US. In fact, celebrities such as David Beckham have endorsed it too. Brexit has serious implications for the UK economy and will have so in the near future.

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Britain leaving the EU has both positive and negative implications. The pros include:

  • Membership fee: Britain would save up a lot on the membership fee as an exit from the EU. The country will not have to pay for the EU budget, which is surprisingly a huge cost benefit. Britain paid £13bn last year to the EU, a number which is staggering.
  • Trade: As a part of the European Union, Britain was allegedly trading with the member states on their terms. While this had its advantages, Britain will now be trading on its own and can easily establish free and own trade agreements.
  • Free from the European Union rules and regulations, Britain will successively be able to reinvest itself and become a supercharged economy. There will be fewer rules and regulations which is a huge bonus. Therefore, UK will be seen as a safe place from many external risks and it will attract a lot of investors which will boost the pound and increase Britain’s overall place as an economy in the world economy in general.
  • Britain’s exit from the EU is also said to create more jobs in the UK. Those who campaigned for EU suggested that 3 million jobs will be lost if Britain decides to go alone but on the other hand, those opposing EU said that the gains could be higher.

In a nutshell then, Britain leaving EU has both its pros and cons. The cons include loss of jobs, loss of trade, people moving out of the country and so on.

One place people are more likely to move after Britain’s exit from the EU is the United States. As a result of the influx of people in the US, there is going to be a spike in the demand for people buying homes in the country. When it comes to homes, one factor that people will be looking at is the mortgage rates. Mortgage rates in the United States differ from one state to another.

For instance, the 30 year fixed mortgage rate has increased to 3.72 percent in Kansas whereas the 30 year fixed rate in Kentucky was 3.48 percent. Contrarily, the mortgage rate in the US Indiana was at a 30 year fixed rate of 3.63 percent.

Since mortgage rates are still under the radar in the United States and with Britain’s exit from the European Union, it is a good time to buy a home in the United States or to refinance your existing mortgage.

There are many benefits of doing so. Some of these benefits are:

  • You save money: With decent mortgage rates, you will end up saving a lot of money, something that otherwise might not be possible
  • You secure yourself: Another benefit is that you will end up securing yourself with the investments. You can either assess the mortgage rate to buy a new home or you can simply re finance your existing one. Whatever it might be, you will be able to save up and secure yourself a decent place in the country.
  • Second home: Britain’s exit from the EU would push a lot of people to move from the country and therefore, it would be time to make a move (house wise). It would be better for people to move from the UK to the US and in order to do that, they have to have a proper set up or home where they can live and that is where US mortgage rates comes in.

Generally, it is better to go for a home in the US as a second option and with decent mortgage rates, there will not be a better time to do so.

If you are looking at US mortgage rates in order to buy a new home or looking to refinance your existing home, you can check out different options but one of them is the Company Elite Mortgage. The company offers two different types of choices for you to get through the mortgage process; one is to refinance the mortgage and the other is to purchase a new home.

If you are looking to refinance an existing mortgage, you can simply go to www.eliterealtyservices.com. This is a place that provides all the necessary information regarding refinancing a current mortgage. On the other hand, if you are looking to buy a new home, a good option is Bay Area Home Locator (www.bayareahomelocator). Both sites offer you an amazing chance to refinance a mortgage or pay for a new one depending on your needs.
Therefore, in order to get in touch with the company, you can get in touch with Gabe Haney, the loan officer at Company Elite Mortgage to get more information and get your loan financed.

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