Bank of America Refinance Mortgage Rates – Fixed 30 and 15 Year Loan Rates Quoted Online as Low as 4.35%
Posted on | June 29, 2011 | Comments Off
Bank of America refinance mortgage rates have been quite popular over the last several years as millions of Americans are looking to take advantage of the low interest-rate environment. On June 29, 2011 we are seeing 30 year fixed interest rates as low as 4.35% while 15 year fixed interest rates are around 3.55%.
It is very important for all homeowners recognize that it takes a very good credit score to have any opportunity to lock into the lowest fixed mortgage interest rates. By not having a credit score above 740 and a debt to income ratio below 40% it can be extremely difficult for homeowners to find mortgage lenders that will be willing to quote interest rates below 5%.
While Bank of America is one of the largest financial institutions in the country along with J.P. Morgan Chase, Citigroup and Wells Fargo it is important to recognize they are not the only option when it comes to refinancing home loan in June of 2011. Currently, the FDIC insures over 7000 financial institutions which could help individuals when it comes to receiving low interest rate quotes.
Taking the time and effort to do extensive research on the FDIC website could prove to be greatly beneficial for those looking to save money. By doing research online and receiving interest rate quotes from many financial lenders some homeowners could end up saving a significant amount of cash as they can use these different interest rate quotes to negotiate lower costs and fees.
When going into the refinance process it is important to recognize that there are closing costs involved. The general rule of thumb is that homeowners should desire to save at least one full percentage point if they expect to fully benefit from the refinance process. By not saving this one full percentage point it is often true that homeowners will not be able to save enough to cover closing costs.
Author: Alan Lake
Tags: bank of america fixed home loans > bank of america home loans > bank of america mortgage rates > bank of america refinance > fixed bank of america rates > fixed home loan rates