Bank of America Refinance Mortgage Rates – Fixed Home Loans Start Week Around 4.3% For Many Borrowers
Posted on | July 18, 2011 | Comments Off
Over the last week we have seen the 10 year treasury rate yield drop well below 3% which in turn has helped to push 30 year fixed mortgage rates down to 4.3%. Bank of America refinance mortgage rates are starting Monday around this level for borrowers with a very impressive financial history.
By doing extensive research on line most homeowners will find that it is almost imperative to have a credit score above 740 and the debt to income ratio below 40% have any opportunity to lock into the lowest interest rates in July of 2011. By not meeting these financial requirements is likely true that individuals will see higher interest rate offers.
Taking the time to do extensive research on one’s personal finances could prove to be greatly beneficial when it comes to saving money before refinancing. Luckily, there are many free resources online that should help individuals much better understand how creditors look at their specific financial situation.
It may be a wise choice to take advantage of the free annual credit report is available at the website annualcreditreport.com. This credit history report to go very long way in helping Americans better address lines of credit that they may have outstanding. Unfortunately, many Americans do not realize that they have some lines of credit outstanding that are not being paid down.
By paying down high interest rate credit cards and personal loans some Americans could end up seeing their credit score increased by as much as 100 points. This could be the difference in interest rate of 4.3% and interest rate well over 6%. With this in mind it is always a wise decision to address these areas of concern well before contacting mortgage lenders or financial institutions.
Author: Alan Lake
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