Bank of America Refinance Mortgage Rates – 2011 Late January Home Loans at 4.75% for the 30 Year Fixed
Posted on | January 27, 2011 | No Comments
Bank of America refinance mortgage rates have been quite stable for most of 2011 as the entire month of January has seen a range from 4.55% to 4.75%. With this being the case many Americans are excited to have an opportunity to save money with lower interest rates. Unfortunately, not all homeowners will qualify for these low rates without a great credit score.
It generally takes a credit score that is above 740 and a debt to income ratio that is below 40%. Without these requirements it is nearly impossible to lock in to the lowest rates available. With that being said it is important to recognize that it usually takes a full percentage point savings to fully benefit from the refinance process.
As we get deeper and deeper into 2011 it will likely be the case that mortgage interest rates start to move higher. The Federal Reserve Bank has stated many times that there is a very good chance that an improved economy will likely increase interest rates. With this in mind it might be smart to take advantage of rates while they are low now.
Over the next several months it will likely be the case that many Americans have the chance to save money but by waiting until the summer or later these opportunities may be gone. Remember that Bank of America is currently one of the largest mortgage lenders in the nation but they are definitely not the only option when it comes to lock in low rates.
There are a large number of regional, national and local mortgage lenders spread throughout the country. By doing research online most will find that there is a mortgage lender within the area that will not only offer great customer service but attractive rates as well. Taking the extra time and effort to do research often saves people quite a bit of money.
Author: Heather Best
Tags: bank of america home loans > bank of america mortgage rates > bank of america rates > bank of america refinance > home loan interest rates > mortgage interest rates
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