Bank of America Refinance Mortgage Rates – Fixed 30 Year Home Loans in Late August Under 4.25% Nationwide
Posted on | August 29, 2011 | Comments Off
With 30 year fixed home loan interest rates very close to all-time lows it comes as little surprise to see many American homeowners seeking Bank of America refinance mortgage rates. In late August 2011 we are seeing fixed 30 year home loans well below 4.25% for some good credit borrowers.
It is very important to recognize that not all borrowers of money will have an opportunity to lock in to the lowest possible rates. The general rule of thumb is that individuals will need a credit score that is well above 740 and the debt to income ratio that is below 40% to have any opportunity to lock into the lowest rates at the present time.
Unfortunately, some Americans have made poor financial decisions in the recent past and this can make it very difficult to lock in the lowest possible interest rates. With this in mind it is always a good decision to pay down high interest rate debts such as unsecured credit cards or personal loans.
Taking the time and effort to do extensive research on the financial situation could prove to be greatly beneficial for those looking to save money. As we get closer to the fall of 2011 there is a possibility that interest rates could rise so it may be a wise choice to take action sooner rather than later.
Over the next several weeks it will be quite interesting to see just how many refinance applications are submitted as millions of Americans will want to take advantage of the low interest-rate environment. Generally speaking individuals should desire to save at least one full percentage point if they hope to benefit from the current low interest rate environment. If they cannot save one full percentage point it is often true that they will find closing costs outweighing benefits.
Author: Jeremy North
Tags: bank of america fixed home loans > bank of america home loans > bank of america refinance > fixed home loan rates > fixed home loans bank of america > home loan interest rates