Bank of America Refinance Mortgage Rates – Thursday Fixed Home Loans Remain Around 4.25% for Many Borrowers
Posted on | August 18, 2011 | Comments Off
During this week many Americans have submitted refinance mortgage applications in hopes of saving a significant amount of cash. Bank of America mortgage rates have dipped to a level around 4.25% which is held many hard-working American homeowners save money during these very difficult economic times.
Bank of America is one of the largest financial institutions in the United States but all Americans should recognize that there are a number of options available. By doing research online most will find that J.P. Morgan Chase, Wells Fargo, Citigroup and Bank of America are the big four banks throughout the country but there are a plethora of options.
The FDIC currently insures over 7000 financial institutions so individuals should not find it difficult when it comes to seeking a local or regional mortgage lender. Taking the time and effort to do extensive homework often proves to be greatly beneficial for those who are more than willing to refinance at the present time.
The general rule of thumb is that individual should have a credit score above 740 and a debt to income ratio below 40% have any opportunity to refinance to the lowest possible interest rates. Unfortunately, making poor financial decisions and missing bill payments often means that individuals can not lock into the lowest rates in August of 2011.
Paying down high interest rate credit cards and personal loans helps greatly when it comes to improving your credit score. By reducing the debt to income ratio to a level that is well below 30% most homeowners will find that they have great negotiating power when it comes to gaining access to low rates. Unfortunately, many people do not realize this and they miss out on an opportunity to save quite a bit of money.
Author: Jeremy North
Tags: bank of america home loans > bank of america refinance > fixed home loan rates > fixed mortgage interest rates > home loan interest rates > home loan mortgage interest rates