Homeowners looking for refinancing rates from Bank of America are currently able to take advantage of low mortgage interest rates being offered by top lenders. Some homeowners, that qualify, are able to get rates on their mortgage for around 5% and certain homeowners have even refinanced for rates as low as 4.75%.
By refinancing, a homeowner is able to not only get a lower interest rate in most cases, but also, they are able to get a lower monthly mortgage payment as well. Homeowners that are struggling in their finances may want to check with Citigroup CitiMortgage, as well as other lenders, for refinancing options and rates.
Many homeowners are also using the refinancing option to obtain money from the equity built up in their home. Homeowners, in some cases, are given money back when they refinance their home loan, and they use this money to pay bills, get out of debt, and make repairs or additions to their home.
However, homeowners fortunate enough to get money back when they refinance may want to pay off the principal on their home loan, as doing so can be beneficial. Before refinancing, though, look at lenders other than just Citigroup and make sure you are getting the best interest rate you can on your mortgage. Also, make sure you are financially stable enough to afford the costs of refinancing and that it is in your best, financial interest.