As the leaves start to change and the crisp fall air rolls in, it’s the perfect opportunity to take care of your home and financial health. Fall is not only ideal for seasonal maintenance but also a great time to check in on your mortgage. Just like the temperatures, mortgage rates are starting to dip, offering homeowners possible options to save money. Let’s take a look at a fall home maintenance checklist and why it’s wise to review your mortgage right now.
Fall Home Maintenance Checklist: Winter is Coming
- Clean Gutters and Downspouts: Fall leaves can clog gutters, leading to water damage. Clean them out to ensure proper drainage and prevent ice dams in the winter.
- Inspect Roof and Siding: Look for any damage or wear and tear that could become a bigger issue with winter snow. Repair shingles or siding to prevent leaks.
- Check Windows and Doors for Drafts: Cold air can sneak in through gaps and cracks. Seal any openings with caulk or weatherstripping to save on heating costs.
- Service Your Heating System: Schedule a professional HVAC check-up to ensure your furnace is ready to run efficiently all winter long.
- Winterize Outdoor Plumbing: Drain and store garden hoses and turn off outdoor faucets to prevent frozen pipes.
- Trim Trees and Shrubs: Prune back any overhanging branches that could break under snow and ice, potentially damaging your home or power lines.
- Test Smoke and Carbon Monoxide Detectors: Before using fireplaces and heating systems, make sure your safety devices are working properly.
Mortgage Check-In: Falling Rates, Rising Opportunities
As you’re taking care of your home this fall, it’s also a good time to take a closer look at your mortgage. While interest rates have hit some record highs, they have been fluctuating over the month in a downward pattern, and with the changing seasons and upcoming election comes the possibility of falling mortgage rates.
Presidential elections have historically had a significant impact on mortgage rates, as financial markets tend to respond to the uncertainty and potential policy shifts that come with a change in leadership. Leading up to an election, rates may fluctuate due to market speculation about the future of economic policies, including fiscal stimulus, tax laws, and regulations that could influence inflation and interest rates. After an election, mortgage rates often stabilize once the new administration’s economic approach becomes clearer. In some cases, a change in administration may lead to more favorable conditions for lower rates, especially if the new government prioritizes economic growth and housing market stability. However, rates can also rise if there is concern about increased government spending or inflation. As a result, homeowners often pay close attention to election cycles when considering refinancing or new home purchases.
If you’re considering refinancing or simply curious about how current rates might affect your situation, now’s the time to check in. If you are struggling with high credit card payments and balances on your cards, you are not alone—balances have hit record highs. A refinance may significantly help your monthly cash flow, and we can walk you through the numbers for your specific situation.
Why Refinance Now?
- Lower Your Monthly Payment: If you bought when rates were at their highest, even a few percentage points lower might help. A lower rate could reduce your monthly mortgage payment, freeing extra cash for other expenses.
- Pay Off Your Loan Sooner: Refinancing to a shorter loan term at a lower rate could help you pay off your mortgage faster and save on interest.
- Consolidate Debt: If you have high balances and monthly payments, it could take a long time to tackle your debt. Refinancing to consolidate your debt may significantly affect your monthly cash flow and streamline your plans for paying off debt.
How to Get Started
Reach out to us now so we can review your current rate and explore your refinancing options. Even if you’ve refinanced recently, it’s worth checking if today’s rates could offer you more savings. With potential rate changes on the horizon as election season approaches, being proactive could help you lock in a great deal before rates shift again.
Stay Ahead This Fall
Between preparing your home for winter and checking in on your mortgage, fall offers the perfect opportunity to get ahead of both home maintenance and financial planning. A little effort now can save you time and money in the long run.
If you’re ready to explore your refinancing options or just want to talk about your mortgage, don’t hesitate to reach out. As your lender for life, we’re here to help you through every season—both in your home and in your financial journey.
Have a great fall, and happy homeowning!
Need help with your mortgage or refinancing? Contact us today to discuss how we can assist you during this time of falling rates!