Homeowners with Bank of America are refinancing their home loan in order to get a lower mortgage payment. Mortgage interest rates are low at the present time and homeowners that are able to refinance for one of these lower rates are getting a lower mortgage payment, in most cases, as a result.
Taking advantage of these low interest rates is something that many homeowners may not have a chance to do much longer. The Federal Reserve is set to stop buying mortgage-backed securities at the end of March and many analysts say this will cause mortgage rates to climb higher.
It is for this reason that many homeowners are looking to get a lower interest rate on their home loan while they can and refinancing to a 30-year fixed rate mortgage, commonly, is the way in which homeowners are getting both the low mortgage rate and mortgage payment.
If you are a homeowner and have been looking into refinancing your home loan, first make sure it is in your financial means to do so. If you can get a good rate and afford the costs associated with refinancing then it may be a good option for you, but make sure you do your homework before going forward.