Bank of America Refinance Mortgage Rates – Home Loans Drop to 4.6% on May 28th, 2010
Posted on | May 28, 2010 | Comments Off
Bank of America refinance mortgage rates have fallen to historic lows as home loans have dropped to as low as 4.6% on May 27th, 2010. With home loan rates this low it is not surprising at all to see many Americans looking to refinance to a much lower rate which could save them quite a bit of money.
Over the last several months many Americans have had the opportunity to refinance but now that rates are very close to all time lows there is very little doubt that we will see a huge move up in refinance activity. A very important point to make is that not all homeowners will be able to refinance to low levels.
If you do not have a significant amount of equity in your home and a credit score above 740 you are going to find it very difficult to qualify for a home loan rate that is below 5%. Without a strong financial base you will likely get much higher interest rate offers from mortgage lenders.
It is also very important to note that Bank of America is the largest mortgage lender in the country but there are many other options as well. It would be wise to exhaust your resources with mortgage lenders before making any final decisions.
Author: Mike Garner
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