Bank of America Refinance Mortgage Rates – May 24 Fixed Home Loans Reach the Lowest Levels of the Year
Posted on | May 24, 2011 | Comments Off
Bank of America refinance mortgage rates have been at very low levels for several years now as the Federal Reserve Bank has taken every necessary step to keep rates at attractive levels. On May 24th, 2011 we are seeing fixed home loan interest rates at the lowest levels of the year as the 30 year fixed rate is slightly below 4.5%.
With interest rates this low it comes as absolutely no surprise that millions of American homeowners are looking to refinance at the lowest rates possible. Rather than assuming that everyone will qualify for low rates it is important to remember that only the best borrowers of money have a chance to use Bank of America or any mortgage lender to lock in to rates that are well below 5%.
Bank of America is currently one of the largest financial institutions in the United States but it is important to recognize that there are many options available. In late May of 2011 the FDIC insures slightly over 7000 banks that can help individuals when it comes to refinancing a home loan. It is always advisable to check the competition before a final decision is made.
With a credit score that is above 740, a large amount of home equity and a debt to income ratio that is below 40% most American homeowners will be in a great position to not only save money but to receive low interest rates on almost any amount of money they decide to borrow.
As we continue to advance with technology it is the case that millions of Americans have a chance to do a significant amount of research online. Rather than having to call mortgage lenders all day most people can simply access the websites of banks and find all the information they need when it comes to saving money by refinancing.
Author: Alan Lake
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