Bank of America Refinance Mortgage Rates – Home Loans Sink Below 4.75% on June 24, 2010
Posted on | June 24, 2010 | Comments Off
Bank of America refinance mortgage rates have been very low for the entire month of June 2010 and that continues on June 24th. We are currently seeing home loans sink below 4.75% for the 30 year fixed mortgage. With mortgage rates this low many borrowers may greatly benefit.
Before making any assumptions that all borrowers will qualify for low mortgage interest rates it is very important to understand that you will need a very impressive credit score, above 740, and a significant amount of home equity if you are looking to refinance. If you are looking for your first home you will need a debt to income ratio less than 40%.
Without these requirements you will likely find that mortgage interest rates below 5% are much harder to come by. Financial institutions are not letting bad credit borrowers have access to the currently low interest rates. This does not mean that they cannot benefit with lower rates than they have.
There are many mortgage calculators available online to help determine just how much money you can save my locking in to a lower mortgage interest rate. It would be wise to take advantage of these free resources so you can get a better gauge of how much money can be saved.
Author: Alan Lake
Tags: bank of america home loans > bank of america mortgage rates > bank of america refinance > home loan rates > refinance home loan > refinance loan rates > refinance mortgage rates