Bank of America homeowners, along with homeowners with other mortgage lenders across the nation, have been seeing low mortgage interest rates when they refinanced their home loan. Some homeowners have seen record low interest rates on their mortgage when they refinanced and a lower monthly mortgage payment as well.
Homeowners have been using refinancing to make their home loan payment more affordable and since certain homeowners are able to lock in a low interest rate and mortgage payment, refinancing has been a way for many to make their home more affordable. However, not all homeowners are going to be able to or benefit from refinancing.
Typically, homeowners that are in the position to benefit from refinancing will have equity built in their home, a good credit score, and they will be able to afford the costs that come with refinancing. Depending on a homeowner’s situation, a low mortgage rate and lower monthly payment may be offered, but again, the rate and payment will vary depending on the homeowner.
While homeowners with Bank of America can use their current lender to refinance, homeowners are often told to shop around and see what financial institution can given them the best offer on their home loan mortgage rate. Taking the time to weigh the pros and cons of refinancing, looking for the best offer, and being certain that refinancing is the right move is something every homeowner must do before refinancing their home loan.