Bank of America Refinance Mortgage Rates – Fixed 30 Year Rates Head Into Weekend Below 4.5% for Many Borrowers
Posted on | June 24, 2011 | Comments Off
It is amazing to think that 30 year fixed mortgage interest rates have been below 5% for much of the last few years but that is exactly what has happened. Heading into the last weekend of June we are seeing Bank of America refinance mortgage rates below 4.5% for the 30 year fixed mortgage. It is important to remember that these low rates are usually only available to the borrowers with the best credit score and financial history.
By having a credit score that is above 740 and a debt to income ratio that is under 40% many Americans will greatly benefit from the low interest rate environment. Rather than assuming that low interest rates are available to all it might be wise to contact several lenders and get a competitive interest rate quote.
By doing a little bit of extra research online most homeowners will find that there are plenty of opportunities to save money by refinancing in late June 2011. Remember that there are closing costs involved in the refinance process so it is advisable to save at least one full percentage point to cover these closing costs.
By not saving one full percentage point it is often the case that customers are unable to see savings by refinancing. Luckily, there are many free mortgage calculators online that should help Americans much better understand the options that are available when it comes to refinancing a home loan with different mortgage types.
Bank of America is one of the largest banks in the United States but remember that it is not the only option when it comes to refinancing. Most American homeowners have the opportunity to contact several mortgage lenders at the regional, local and national level. It may be wise to do this as it could help to save time and money down the road.
Author: Alan Lake
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