Bank of America Refinance Mortgage Rates – Weekend Home Loans at 4.8% in Late February 2011
Posted on | February 18, 2011 | No Comments
Bank of America refinance mortgage rates have been a very hot topic in the world of finance over the last several years due to the fact that interest rates are very close to all-time lows. Heading into the third weekend of February we are seeing 30 year fixed home loans around 4.8% for borrowers who have an amazing credit score.
It is very important to realize that not all hard-working American homeowners will qualify for the lowest possible interest rates in February of 2011. It generally takes a very impressive debt to income ratio and a credit score that is above 740 to have any chance at interest rates well below 5%.
With that being said it is also important to recognize that not all Americans will need to qualify for the lowest interest rates to save on a monthly mortgage payment. The general rule of thumb is that homeowners should save at least one full percentage point to fully benefit from the refinance process. By not saving this one full percentage point it is often the case that homeowners find the closing costs greatly outweigh benefits.
With millions of Americans struggling to make ends meet when it comes to personal finances it comes as no surprise to see many of these individuals looking for lower refinance mortgage rate. Some homeowners could save hundreds of dollars a month on a home loan payment by simply refinancing to a lower rate during the first part of 2011.
Bank of America is currently the largest financial institution in the United States but it is important to recognize that there are many other financial lenders as well. By doing research on the Internet most will find that there are local and regional lenders they can greatly help when it comes to receiving customer service and very low interest rate offers.
Author: Mike Garner
Tags: bank of america home loans > bank of america interest raes > bank of america refinance > home loan interest rates > weekend home loan rates > weekend home loans
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