Bank of America Refinance Mortgage Rates – 4.8% 30 Year Home Loan Interest Rates Available for a Good Credit Borrower
Posted on | December 23, 2010 | No Comments
The average 30 year fixed mortgage rate continues to fluctuate as we are currently seeing a 30 year conventional home loan interest rate around 4.8%. For those looking to refinance today it is important to remember that it takes a good credit score. Even though Bank of America refinance mortgage rates have been quite volatile they’re still very low when looking at the historical chart of 30 year fixed rates.
To receive the lowest possible interest rate offers it will likely take a credit score that is well above 740, equity in a home, and the very low debt to income ratio that is below 40%. By having these requirements many homeowners will find that they can save a significant amount of money by going to the refinance process during the early part of 2011.
Unfortunately, a large number of Americans have made bad financial decisions in the past few years which are going to end up costing them when it comes to receiving low interest rate offers. Having a credit score that has dropped over the last several months or years means that borrowers are very risky and lenders will likely apply a much higher interest rate to any amount of money borrowed.
Before going to the refinance process it is important to remember that Bank of America is the largest mortgage lender in the country but it is not the only option. By doing some extra homework online most homeowners will find that there are multiple mortgage lenders located at the local level they can offer great customer service and very attractive interest-rate offers.
When making any major financial decision it is always smart to do homework and complete due diligence. They’re great savings to be had in the current low interest rate environment but it is important to make certain that credit score is 100% accurate. By accessing the free annual credit report online many homeowners can better understand if their credit score and credit report is 100% correct.
Author: Alan Lake
Tags: 30 year fixed interest rates > 30 year home loan rates > bank of america home loans > bank of america mortgage rates > bank of america refinance > home loan interest rates
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