Today’s Lowest FHA Mortgage Rates – Bank of America, CitiMortgage, Chase and Merrill Lynch Interest Rate Offers Today
Posted on | June 29, 2010 | Comments Off
Today’s lowest FHA mortgage rates continue to remain very close to all time lows as the 30 year conventional mortgage rate is being quoted around 4.5% from many of the larger mortgage lenders including Bank of America, CitiMortgage, Chase and Merrill Lynch. Please note that the are some of the largest mortgage lenders but not the only options.
It is also very important to understand that not all borrowers will have the opportunity to lock in to low FHA mortgage rates. You will need a significant amount of equity in your home and a great credit score to refinance to a low rate. If you are a first time borrower you will need a low debt to income along with a great credit score.
Without a credit score over 740 most borrowers will find that it is very difficult to lock in to low mortgage interest rates. By having a lower credit score you are telling most mortgage lenders that you have struggled when it comes to make the right financial decisions in the past.
At the present time Americans are granted one free annual credit report. It is important to remember that this free credit report does not include a free credit score. By making sure you have a strong credit report you will have a much better chance to lock in to today’s lowest FHA mortgage rates.
Author: Heather Best
Tags: bank of america fha > chase fha > citimortgage fha > fha interest rates > fha mortgage interest rates > fha mortgage rates > merrill lynch fha > todays lowest fha mortgage rates