Bank of America Refinance Mortgage Rates – July 26 Fixed Home Loans at 4.35% for Many Current Homeowners
Posted on | July 26, 2011 | Comments Off
For quite some time we have seen 30 year fixed mortgage interest rates very close to historic close as the 10 year treasury rate yield remains very close to 2.95%. On July 26, 2011 we are seeing fixed home loans from Bank of America and many other mortgage lenders around 4.35%. Unfortunately, individuals who have made poor financial decisions in the recent past are going to find it difficult to lock in the lowest rates.
The general rule of thumb is that individual should have a current credit history score of 740 to go along with the debt to income ratio below 40% to have any opportunity at the lowest rates. Unfortunately, by making poor financial decisions in the recent past they can be very difficult to meet these financial requirements.
One of the best ways to improve a credit history score is to pay that high interest-rate debts to the best of one’s ability. By paying down high interest rate credit cards and personal loans many individuals will find that their credit score increases which in turn will make them more attractive to lenders throughout the country.
Bank of America is currently one of the largest financial institutions in the nation but not the only option when it comes to locking in the lowest possible interest rates. By doing extensive research on line most will find that there are a number of FDIC insured banks at the local and regional level they can offer very low interest rates.
By accessing the FDIC search Web tool many individuals will be able to better understand which banks and lending institutions are in their specific area. Rather than attempting to pick up bank solely on word of mouth it may be a wise choice to do some extensive research and get some honest reviews from individuals who have used that particular institution.
Author: Jeremy North
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