Bank of America Refinance Mortgage Rates – Final 2010 Home Loans Around 4.75% for Borrowers in the United States
Posted on | December 31, 2010 | No Comments
On the last day of 2010 we are seeing Bank of America refinance mortgage rates settle around 4.75% for the 30 year fixed. Even though we are not at the all time low it is still very attractive to refinance at the present time as 30 year fixed mortgage rates have never been below 5% for such an extended period of time.
Remember that all homeowners will not have the ability to refinance to the lowest possible rates. It takes a great financial history to have any chance to lock in to the lowest possible rates. A credit score above 740, a very low debt to income ratio below 40% and equity in a home are all necessary to have any chance at the lowest rates at the present time.
Without these financial requirements it will likely be the case that there is great difficulty locking in to the lowest rates available. Even though homeowners cannot lock in to the lowest rates it does not mean that they will not benefit from the refinance process. The general rule is that homeowners should look to save at least one full percentage point to cover closing costs.
Bank of America is currently the largest mortgage lender in the country but remember that they are not the only option when it comes to home loans. Other large mortgage lenders include Wells Fargo, Citigroup and Chase. There are also a large number of regional and local mortgage lenders that can help as well.
With the advancements in technology it is now much easier than it has ever been to lock in to the lowest possible rates. By doing extra research online homeowners will be able to find a competitive rate rather than just making the assumption that the first rate offer is the best. By using this competitive rate there could be great savings to be had.
Author: Alan Lake
Tags: 2010 home loan rates > 2010 refinance mortgage rates > bank of america home loans > bank of america mortgage rates > bank of america refinance > refinance mortgage rates
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