According to the Personal Finance Bulletin mortgage rates at Bank of America are at their lowest levels seen this year.
Bank of America (NYSE:BAC) enters the new week with some of the lowest mortgage rates of the year. 30 year fixed home purchase loans are just 4.625% today which is a level not seen or at least sustained since mid-December 2010.
If you’re considering mortgage refinancing should you consider Bank of America for your next home loan? I don’t usually recommend banks because they’re exempt from the Real Estate Settlement Procedures Act thanks to the Banking Lobby; however, if you do your homework and compare B of A’s rates with those offered by an honest mortgage broker from a wholesale lender you might find B of A to be a good deal. Bank of America inherited a huge mess from the Countrywide Mortgage deal; although it looks like they won’t be found liable for any of Countrywide’s predatory and deceptive practices.
One thing you’ll need to pay close attention to before refinancing your home loan with Bank of America are lender fees. Compare bank fees to broker fees to make sure you’re not overpaying before committing to a bank home loan.
You can learn more about refinancing your home with wholesale mortgage rates without paying junk fees by checking out my free Underground Mortgage Refinancing Videos.