Bank of America Refinance Mortgage Rates – Fixed 15 and 30 Year Home Loans Dip with 10 Year Yield
Posted on | August 31, 2011 | Comments Off
On August 30th, 2011 we saw the 10 year treasury rate yield dip to a level below 2.2% which continues to push average 15 and 30 year fixed home loans very close to all-time lows. Many individuals will seek Bank of America refinance mortgage rates in hopes of saving a significant amount of cash over the next several months but it is important to recognize that there are many options available.
Over the next several weeks it will be interesting to see just how many Americans submit refinance applications. Unfortunately, some of these individuals may recognize that they do not have an opportunity to lock into the lowest rates due to poor financial decisions they have made in the recent past.
Taking time and effort to do extensive research online could prove to be greatly beneficial for individuals looking to lower monthly mortgage payment. Luckily, there are many free resources that should help individuals recognize if there are any mistakes or errors on credit history report. By accessing the free annual credit report at the website annualcreditreport.com individuals will be able to tell if mistakes or errors are negatively affecting their credit score.
The general rule of thumb is that individuals should obtain a credit score above 740 while having a debt to income ratio below 40% to lock in the lowest interest rates today. Unfortunately, some Americans have made poor financial decisions will not have an opportunity to obtain the financial requirements but it does not mean that they should not consider refinancing.
If individuals can save one full percentage point on their current home loan that it would be worth it to go through the refinance process. Luckily, there many free resources available online that will help individuals recognize if refinancing is the right decision. By using these free mortgage calculators most will find that they can determine just how much will be saved.
Author: Alan Lake
Tags: bank of america home loans > bank of america loans today > bank of america refinance rates > fixed bank of america loans > fixed home loan rates today > home loan interest rates