What Brexit means for your mortgage, 401k and vacation plans - WRCBtv.com | Chattanooga News, Weather & Sports

What Brexit means for your mortgage, 401k and vacation plans

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CHATTANOOGA, TN (WRCB) -

The sound of a new day at the stock market has been drowned out by the noise of uncertainty. 

Hours after British voters decided to leave the European Union, the U.S. DOW dropped 500 points. 

The exit matters to your mortgage, 401k and vacation plans but University of Tennessee Chattanooga Economics Professor Dr. Bruce Hutchinson believes this will be temporary. 

"Markets primarily look to economic activity. Very simple terms: profits and losses. Those are not significantly impacted by this move," he said. 

Hutchinson said your 401k may change in the short run but the best advice for most people is, don't look at it right now. 

"For most small people, the costs are much higher than anything to be gained. Wait it out. In the end, if you do, there will be pretty much zero costs," he added. 

Mortgage rates could actually drop, so if you're looking to refinance or buy a new home, those rates may be much lower than the last time you checked. 

Another benefit: travel. 

Your American dollar will buy a lot more in Great Britain because the British pound is at a low not seen since Ronald Reagan was President. 

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