Bank of America Refinance Mortgage Rates – Debt Reduction and Home Loan Help Plan
Posted on | March 27, 2010 | 2 Comments
Bank of America refinance mortgage rates stabilized below 5% for much of 2010 but we have seen a move much higher lately. At the present time we are seeing 30 year fixed mortgage rates around 5% or slightly higher. Bank of America recently announced a debt reduction and home loan help plan to help struggling homeowners.
Even though mortgage interest rates are very low at the present time it does not mean that all Americans have the ability to access these rates. If you are behind on your mortgage payments or underwater in your home then it is nearly impossible to lock in to a low refinance rate.
With this being the case Bank of America announced a home loan assistance plan for those who are struggling to make payments and are unable to lower these payments through refinancing. If you are currently unemployed or are severely underwater in your mortgage then you may benefit from this plan.
Bank of America has created many free resources to help you better understand your options when you are in a bad financial position. If you currently pay on a Bank of America or Countrywide mortgage then you may want to contact your lender and see if you qualify for assistance through the home loan help plan.
Author: Jeremy North
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2 Responses to “Bank of America Refinance Mortgage Rates – Debt Reduction and Home Loan Help Plan”
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March 27th, 2010 @ 8:50 pm
Tried to qualify for HOPE through BOA. Sent in my materials. Sent in more materials when BOA said those were incorrect in some way. BOA acknowledged receiving the new materials, but still says they don’t qualify. I think BOA wants to avoid saying ‘no’ to people since it will look bad in terms of their record but also doesn’t want to say ‘yes’ because it’s bad for them financially. So they lose items and say things don’t qualify when they do.
March 29th, 2010 @ 2:15 pm
I totally agree with your comment, the same thing has happened to me over and over and over again