Barack Obama
The lesson: Refinance your home at lower rates
Mortgage rates have been close to 4 percent (or lower) for years now, but Obama is still paying 5.6 percent interest on the loan for his Chicago home. Obama has acknowledged that he would likely save money by refinancing, but has said, “When you’re president you have to be a little careful about these transactions.” Apparently, the Federal Election Commission has investigated (and cleared) Obama’s existing mortgage for having terms that may have been too favorable.
