Bank of America Refinance Mortgage Rates – Fixed 30 Year Loans Under 4.4% for Good Credit Score Borrowers
Posted on | July 20, 2011 | Comments Off
Bank of America refinance mortgage rates have been quite attractive for many years as the credit crisis has helped to push interest rates close to all time lows. At the present time we are seeing fixed 30 year loans around 4.4% as the 10 year treasury rate yield is at 2.95%. Since 1971 the 10 year treasury rate yield and the 30 year fixed mortgage have had a very strong correlation which is likely to continue into the future.
While Bank of America is one of the largest financial institutions in the United States it is important to check out several different lenders. The FDIC search website has helped Americans find lenders at the regional, local and national level. With over 7000 FDIC insured banks throughout the country there is no reason to pass up the opportunity to take advantage of these many options.
When looking for the lowest mortgage interest rates it usually takes a credit score above 740 and a debt to income ratio that is below 40%. If these financial requirements are not met then it is going to be quite difficult to lock in to the lowest rates. It may also be advisable to have a significant amount of home equity when looking to refinance.
Taking the time and effort to do extensive research on a financial situation can prove to be greatly beneficial for those who have had problems in the past. Luckily, there are many free resources including the free annual credit report at the website annualcreditreport.com along with the HUD website and the FTC website. The HUD website should help many better understand each and every step of the refinance process.
Author: Jeremy North
Tags: bank of america home loans > bank of america loan rates > bank of america refinance > bank of america refinance rates > fixed bank of america rates > fixed home loan rates > home loan interest rates