Today’s Lowest Mortgage Interest Rates – Bad Credit Home Refinance Loans at Bank of America and Countrywide Near 2011 Lows
Posted on | July 26, 2011 | Comments Off
Over the last several years millions of Americans have taken advantage of the low interest rate environment by refinancing home loan. When seeking today’s lowest mortgage interest rate that is very important for all homeowners recognize that those with bad credit are going to find interest rates much higher than the advertised levels. The average 30 year fixed interest rate is currently around 4.35% but remember that this is only available to good credit borrowers.
For individuals seeking a bad credit home refinance loan from Bank of America or its subsidiary Countywide it is very important to recognize that it takes a credit score above 740 and a very low debt to income ratio below 40% of lock-in to 30 year fixed interest rates below 4.5%.
These financial requirements are very difficult to obtain for individuals who have made poor financial decisions in the past. With this in mind it may be a very wise choice to pay down high interest rate debts including credit cards, personal loans and any outstanding payday loans. Unfortunately, these revolving credit card debts could cause huge financial problems.
While Bank of America is one of the largest financial institutions in the country it is important to recognize that they are not the only option when it comes to locking in the lowest possible interest rates. Unfortunately, some Americans feel as if they are just a few lenders that will work with them but this is simply not the case as many institutions are looking to gain new customers.
By doing research on the FDIC website most will find that there are many mortgage lenders that are willing to go above and beyond to help when it comes to refinancing home loan. In fact, there are over 7000 financial institutions nationwide that have FDIC insurance and will likely help when it comes to mortgage interest rates.
Author: Mike Garner
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