Bank of America Refinance Mortgage Rates
Bank of America refinance mortgage rates continue to remain stable in 2010. In March we have seen Bank of America home loans around 4.75% for a 30 year fixed mortgage. When looking at historical mortgage rates you will clearly notice that this is an extremely low level.
It is very important to note that not everyone will qualify for a 30 year fixed mortgage rate at 4.75%. Even though the average is at this rate it does not mean that borrowers who have little home equity can access these rates. It is becoming more and more common that you will need a significant amount of equity to access low mortgage interest rates.
If you are underwater in your home you can forget about the opportunity to refinance at current low mortgage rates. The only way you will be able to lock in to a low rate on an underwater mortgage is to sink a large amount of equity in your home so you can remove the underwater mortgage situation.
Bank of America and almost all mortgage lenders continue to market his current low interest rate environment very hard. Banks have benefited greatly by adding customers and customers have benefited by locking in to lower monthly mortgage payments.
Related posts:
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- Bank Of America: Over 20,000 Mortgage Modifications Processed
- Government Mortgage Refinance Plan – Save Money on Low 15 Year Fixed Rates
Tags: Mortgage, Mortgage Rates