Many homeowners with a Bank of America home loan have been able to refinance their mortgage in order to get a lower monthly mortgage payment. Bank of America, along with other mortgage lenders across the nation, have been able to offer low mortgage interest rates on home loans over the past months for homeowners who refinance or buy and qualify.
Homeowners who are customers with reputable mortgage institutions like Bank of America have been seeing these low interest rates over the past months, which have been very beneficial for some homeowners who may have considered refinancing or have gotten into the housing market for the first time. Current homeowners who have refinanced and qualified have been able to get record low mortgage interest rates in some cases, which has made their home loan payments much more affordable.
There are some homeowners who are in a decent financial position, but are still struggling financially when it comes to making ends meet and those who are in this situation may not qualify for mortgage assistance through the Making Home Affordable modification program. Yet, for those who can afford the cost of doing so, refinancing has been a way to reap similar benefits of a modification.
Homeowners who have equity built in their home and a good credit score were, in some cases, able to refinance their home loan to a lower mortgage interest rate, which has brought a lower monthly mortgage payment. For homeowners who may seen a cutback in their wages at their place of employment or live in a household where one of the providers has lost their job may still be able to pay their bills but it isn’t always easy.
These types of homeowners who have been able to refinance were relieved of some of their financial burden by getting a lower monthly mortgage payment on their home loan. There are still homeowners who can take advantage of refinancing, and they can do so with a variety of lenders. While Bank of America is one of the top mortgage lenders in the nation, homeowners are often advised to talk with a variety of mortgage lenders to see who can offer them the best mortgage interest rate if they see that refinancing will be in their best financial interest.