Bank of America is one of the many mortgage lenders that is currently offering low mortgage rates, which are around or below 5%, and as a result many homeowners are refinancing their home loan in order to, hopefully, get a lower monthly mortgage payment. Homeowners that are struggling to make their home loan payment have been using refinancing as a way to make their home loan more affordable.
It should be known though, refinancing is not the only option a homeowner has when it comes to getting a more affordable mortgage rate. Many homeowners have turned to the home loan modification program in the hopes of getting a lower mortgage payment, but often this program requires that a homeowner has gotten into such a bad situation that they have become delinquent on their mortgage and this is not something a homeowner should willfully choose to do.
Refinancing is something the homeowner may be able to take advantage of, if their credit score is at a place where they might be able to obtain a low mortgage rate, and if this is the case homeowners may want to talk to their lender about refinancing options that are available.
While refinancing is not a guarantee for a lower mortgage, many homeowners have been able to get a lower mortgage payment as well as a lower mortgage rate. Also, homeowners have been able to get money back from the equity that has built up in their home have been using this money to pay down their mortgage principal amount, which is another way to make your mortgage more affordable in the long run.
No matter if you are a mortgage customer with Bank of America or another lender, if you are having trouble making your mortgage payment you should talk with your lender about options that may help you avoid foreclosure.