Compare Mortgage Interest Refinance Rates Today – Fixed VA and FHA Bank of America, Chase and Wells Fargo Loans at 4.5%
Posted on | July 22, 2011 | Comments Off
The 10 year treasury rate yield it is currently right below the 3% level on July 22, 2011 which allows many Americans the opportunity to save money by completing the refinance process. Many of these individuals will look to compare mortgage interest refinance rates today in hopes of finding some of the lowest home loan rates in the history of the United States housing market.
When looking for VA and FHA Bank of America, Chase and Wells Fargo home loan interest rates most will find that 30 year loans are around 4.5%. It is very important to remember that not all Americans can lock into the lowest interest rates as it takes an amazing financial history including a strong credit score.
The general rule of thumb is that individuals must have a credit score that is above 740 and the very low debt to income ratio that is below 40% to have any opportunity to lock into the lowest mortgage interest rates today. By not meeting these financial requirements many will find that interest rates can grow to a level above 5% and possibly above 6%.
With this in mind it is always a wise choice to pay down high interest-rate debts to the best of one’s ability. Unfortunately, many Americans do not realize that having a high amount of unsecured credit card debt or personal loan debt can greatly affect a credit score making it very difficult to lock into low rates.
It is also advisable to check several different mortgage lenders to make certain that competitive interest rates are being offered. With over 7000 financial institutions in the country many will find that there are a plethora of options available at the local and regional level. These local and regional banks will often offer great customer systems as they are looking to add new customers in July of 2011.
Author: Alan Lake
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