Bank of Whittier Refinance Mortgage Rates – Today’s Fixed Home Loan Rates Drop Below 4.5% for Many Borrowers
Posted on | May 31, 2011 | Comments Off
The 10 year treasury rate yield has recently dropped below its 200 day moving average which likely means that we will see 30 year fixed mortgage rates very close to 2011 lows. Many California homeowners are seeking Bank of Whittier refinance mortgage rates as they home to save money by lowering a home loan payment each and every month.
While Bank of Whittier has helped many homeowners save money by refinancing it is very important to remember that there are many options available at the present time. The FDIC currently insures over 7000 banks throughout the country and over 250 of these financial institutions are in the state of California.
By doing extra research and understanding every option available there is a strong possibility that many homeowners could save a significant amount by going through the refinance process. It is very important to remember that it takes an amazing financial history and strong credit score to have any chance to lock in to the lowest interest rates in June 2011.
By paying down high interest rate debts most homeowners will find that their credit score gradually increases. The general rule of thumb is that homeowners should improve a credit score to at least the 740 level to have any chance to refinance to a mortgage interest rate that is well below 4.5%. In fact, a debt to income ratio below 40% is almost necessary.
Before making any major financial decision in ones life it is very important for all homeowners to do as much research as possible. With many free resources available online at the FTC and HUD websites there is no reason to pass up an opportunity to educate oneself on ways to save money by refinancing.
Author: Mike Garner
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