Subprime Blogger

Your Mortgage News Source

Bank of America Refinance Mortgage Rates – Higher Credit Score Equals Lower Rates

Posted on | December 9, 2009 | No Comments

Bank of America refinance mortgage rates are very close to an all-time low. Unfortunately, many bad credit borrowers are finding it is hard to walk into a low interest-rate with a bad credit score. Even if you have equity in your home you are going to find it difficult to lock into the current all-time low mortgage interest rates if you find yourself with a very bad credit score. The only way to know what your credit score is to actually purchase a credit report.


There many companies out there that offer free credit reports but please make sure to read the fine print before signing up for these types of reports. It is often the case that you have to sign up for a membership which will eventually charge you in the long run. If you do not cancel the membership in time you’ll end up paying a lot more than the $20 you would pay for the credit reports you buy from the big three credit report companies.

Bank of America has been advertising mortgage interest rates well below 5% for quite some time. The last weekend in November we sell mortgage interest rates around 4.49% for the 30 year fixed-rate mortgage. Since then, mortgage rates have jumped all the way back up to 4.76% before settling around 4.65% today. It has been extremely volatile week for mortgage rates as the 10 year treasury rate yield has been everywhere.

Last week we saw the 10 year yield rally over 7% and this week we have seen it pulled back almost 3%. This is one of the main reasons we are seeing the volatility in mortgage rates at the current time. Even though mortgage rates have been extremely volatile they are still very close to all-time lows and many homeowners would benefit by going to the refinance process. If you hope to refinance to a lower interest rate make sure that your credit score is as high as it can possibly be for your current situation.

One of the things many borrowers should do before applying for a mortgage refinance is check their credit report and make sure all of the lines of credit are accurate. It is surprising how many borrowers have credit reports that are not 100% accurate. You could drastically increase your credit score by getting these inaccurate pieces of data off your credit report.

If the current economy and your financial struggles have gotten you down make sure to check out the inspirational blog My Life After Retail.  The blog is an account of the journey to find peace of mind and happiness in today’s society.

Author: Jesse Wojdylo

Category: bank of america mortgage rates

Comments

Leave a Reply





    • Subprime Blogger is Digg proof thanks to caching by WP Super Cache!