Bank of America Mortgage Refinance Review

#16 in Mortgage Refinance

 

Bank of America is a leading financial institution that provides mortgage and refinance services. It offers homeowners mortgage refinance solutions for helping them lower mortgage payments. This allows homeowners to take advantage of lower mortgage rates or switch to a fixed or adjustable mortgage plan.

 

Types of Home Refinancing Mortgages

  • Fixed Rate Mortgages
  • Adjustable Rate Mortgages
  • FHA and VA Refinance loans

 

Qualifying for Mortgage Refinance

 

Credit Score

680 or better

Income to Debt Ratio

45% or more

Years Employed

24 months

Loan Terms

Up to 30 years

 

Things you will need

 

  • W-2s (for the last 2 years)
  • Recent pay stubs (two most recent consecutive)
  • Bank statements for all financial accounts, including investments (for the last 2 months, all pages)
  • Signed personal and business tax returns (all pages and relevant schedules)
  • If self-employed, a copy of most recent quarterly or year-to-date profit/loss statement
  • Most recent monthly statement for any mortgage, home equity loan or line of credit you hold on your home

 

Refinance Mortgage Rates

 

 

Rate

APR

30 Year Fixed

4.000%

4.416%

15 Year Fixed

3.125%

3.325%

5/1 ARM

3.000%

3.166%

 

Why Mortgage Refinance at Bank of America

Qualifying for a mortgage refinancing can be difficult for those with less than average credit scores. This can be a problem since most of the homeowners applying for a mortgage refinance may be experiencing a financial downturn.  Getting approved is still possible with its FHA and VA loans but expect higher mortgage rates. 

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