Bank of America Refinance Mortgage Rates – Lock in Under 5%
Posted on | October 29, 2009 | 1 Comment
Bank of America refinance mortgage rates have been around or below 5% since the beginning of September. Many home owners would like to refinance under the psychological level of 5% but we have yet to see a strong move below this point. With that being said, there are still opportunities to lock into a mortgage interest rate under 5%.
If you have good credit and are not underwater in your home then there is a chance that you could qualify for a mortgage rate under 5%. There are many extenuating circumstances but if you play your cards right and do your homework you could find that there are many opportunities to lock in at a low mortgage rate in the current mortgage environment.
Bank of America and many other lenders have done an amazing job of advertising their home loans division. It is had to do any type of research on the Internet without seeing Bank of America home loans all over the place. The same holds true for television. If you have watched any financial network over the last few months you have noticed that there is a great deal of advertising for mortgage rates.
If you want to lock into a low rate that is being advertised then you will have to have good credit. Many borrowers are finding out that their credit scores have dropped over the last few months and they didn’t even realize it. If you do not have a clean credit report you are not going to get a mortgage rate under 5%. You have to be a prime borrower to get these luxuries.
If you can save a full percentage point on your current mortgage rate it would be a good idea to refinance in the current mortgage environment. If you wait a few weeks you might find that mortgage rates are moving higher. In November the Federal Reserve Bank is going to stop buying US Treasuries which could cause mortgage rates to move up quickly. Do not miss out on the current opportunity you have.
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Author: Mike Garner
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One Response to “Bank of America Refinance Mortgage Rates – Lock in Under 5%”
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October 30th, 2009 @ 7:00 am
DO NOT Apply to Bank of America. They are RIPPING people off. They will collect their upfront fee and keep you on hold for months and months until they finally deny your supposedly pre-approved loan. Do some googling.