Homeowners with Bank of America may benefit from refinancing their mortgage for a lower rate. Lower mortgage rates, for many, have not only brought a more affordable mortgage over the life of their loan but also a lower monthly mortgage payment.
Many customers with Bank of America, as well as other lenders, have been refinancing their home loan in order to take advantage of record low mortgage rates. While mortgage rates are not as low as they were a few months ago they are still around 5%, which is quite low for many homeowners.
Due to the economy and job market many people have had trouble paying their mortgage. It is for this reason that many people have decided to refinance their mortgage in order lock in a lower rate on a 30-year fixed rate mortgage, which more than likely will bring a lower mortgage payment as well.
Also, those who have got money back from equity built up in their home are using that money to pay down their mortgage principal which is going to also make their home more affordable and the long run.
While refinancing a mortgage is not something that is confined to Bank of America customers, homeowners, no matter what lender they choose to bank with, need to make sure that refinancing is in their best financial interest before proceeding.