Bank of America Refinance Mortgage Rates – January 23 Home Loans at 4.7% Interest Rates for Homeowners
Posted on | January 23, 2011 | No Comments
Bank of America refinance mortgage rates continue to remain below 5% which is very helpful to Americans looking to save money with a lower mortgage payment. On January 23 we are seeing home loan interest rates at 4.7% which is not the lowest level of the month of January but still very attractive when it comes to saving a little bit of extra cash.
Taking the time and effort to do research on mortgage interest rates and late January could prove to be greatly beneficial when it comes to saving money. There many free resources available online that will help homeowners better understand their options when it comes to reducing the amount they pay on interest each and every month.
With mortgage rates below 5% there many American homeowners who stand to benefit greatly from the refinance process. Unfortunately, not all Americans will have the opportunity to lock in to the lowest rates as it takes an amazing credit history and a very low debt to income ratio. Throughout the last several years some homeowners have seen their credit score drop drastically.
By having a credit score that is above 740, a significant amount of home equity, and a very low debt to income ratio there many opportunities to save by going to the refinance process. While Bank of America is currently one of the largest mortgage lenders in the nation it is important to recognize that their other lenders that can help when it comes to locking in the lowest possible rates.
The HUD website that is supported by the federal government has many valuable resources that are completely free. Taking advantage of these free resources would be a great first step when it comes to better understanding the refinancing mortgage process. Remember that there are closing costs and the refinance process so it is important to add these into the calculations.
Author: Alan Lake
Tags: bank of america home loans > bank of america mortgage rates > bank of america refinance > bank of america refinance mortgage rates > home loan interest rates > home loan rates today
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