Bank of America Refinance Mortgage Rates – Home Loans for April 26 Around 5% for First Time Home Buyers
Posted on | April 26, 2010 | Comments Off
Bank of America refinance mortgage rates have been at or around 5% for much of 2010. Home loans for April 26th, 2010 are around 5% for both current home owners and future home owners. First time home buyers with a respectable credit score, above 740, will likely find that they can qualify for mortgage interest rates around 5% for the 30 year fixed mortgage.
It is very important to note that Bank of America is a very large mortgage lender but it is not the only option when it comes to locking in to low mortgage rates. There are many mortgage lenders spread throughout the United States that can greatly help Americans qualify for low interest rates.
If you are looking to refinance then it is very important to note that you will need a significant amount of home equity and a great credit score. If you currently find yourself underwater in your mortgage then it is highly unlikely that you will be able to qualify for a mortgage refinance.
If you are looking to reduce your monthly payments and cannot refinance then you may want to consider home loan modification. This could help you to lower your monthly payments without refinancing. It is important to note that you will need to do a great amount of homework and submit up to 6 months of paperwork to get your mortgage permanently modified.
Author: Heather Best