Bank of America Refinance Mortgage Rates – Fixed 30 and 15 Year Home Loans Remain Under 4.5% for Homeowners
Posted on | June 22, 2011 | Comments Off
Bank of America refinance mortgage rates have been a very hot topic in the finance industry over the last several years as many Americans are looking to save as much money as possible by reducing the home loan interest rate. At the present time we are seeing fixed 30 and 15 year home loan interest rates under 4.5% for borrowers who have a very good financial history.
On June 21, 2011 the 30 year fixed mortgage rate is around 4.35% while the 15 year fixed mortgage rate is around 3.6%. Unfortunately, not all Americans will be able to lock into these low rates as it often takes a very impressive financial history including a credit score that is above 740 and a debt to income ratio that is below 40%.
With this in mind it is always advisable to make 100% certain that high interest rate debts are paid down to the best of one’s ability. By having a significant amount of revolving credit card debt it will likely be true that homeowners will find it very difficult to lock into the lowest mortgage interest rates in late June of 2011.
By simply creating a strong weekly or monthly budget and documenting every single expense it could be the case that Americans could easily pay that high interest-rate debts which in turn could improve a credit history. Luckily, there are many free resources on the FTC website that should help Americans much better understand how to create a monthly budget that will help them alleviate debt problems.
It is also important to recognize that Bank of America is one of the largest financial lenders in the country but not the only option. At the present time there are over 7000 FDIC insured banks in the United States or customer should have no problems finding local, regional or national lenders.
Author: Alan Lake
Tags: bank of america fixed rates > bank of america home loan rates > bank of america home loans > bank of america refinance rates > fixed home loan interest rates > fixed mortgage interest rates