Taking Advantage of Bank of America Mortgage Rates
Thinking about taking out a loan with Bank of America? You’ll find that they, like many national banks, are offering low rates for their loans. Compared to five years ago, Bank of America mortgage rates have plummeted by nearly 50%. The interest rates five years ago was around 6.5% on average, and today, you can find Bank of America mortgage rates as low as 3.34%. This is a very low rate, making it a great time for individuals and small businesses to take out loans. If you’re planning to refinance your mortgage, buy a new home, renovate your property or open a new business, you could finally be able to afford to do so.
Why Bank of America Mortgage Rates Are Low
When the economic downfall started to take place in 2008, Bank of America’s books started to look horrid, with increased foreclosures on small businesses and homes. In order to help clean up their financial books, you are now seeing lower Bank of America mortgage rates. By lowering their rates, it is inviting people back into the loan market to borrow money they need for home, business or life. This will get more people buying their foreclosed homes and bringing more money into the franchise. It looks like a win-win situation for borrowers and Bank of America. Bank of America has been able to increase profit, without having to loan out as much money, which is a good thing on their part. The loans they’re giving out are done with much less risk, making the loan process a lot more likely to be stable compared to five to ten years ago.
Getting a Refinance Mortgage Loan
The time to get a refinance mortgage loan through Bank of America is now. If you’re paying high interest on a primary mortgage loan or other refinance loan you’ve taken out before, you can lower your rates and even shorten the term of your mortgage loan. Now that Bank of America mortgage rates are lower than loans that were taken out five years ago, you can cash in on the savings and obtain a refinance loan. If you currently have a bank account with Bank of America or even a primary mortgage, you can speak to a financial representative there to see if you’d qualify for a refinance loan.
Open a New Business at Home
The high interest rates have halted the amount of people starting new businesses, thus slowing the amount of new job openings. By more people opening businesses, this will boost the economy and lower the unemployment rate that has devastate the United States. If you have home business ideas that require funds you don’t have, you can apply for a business loan from Bank of America. Their lower-risk loans are ideal for small businesses, which won’t have large revenue streams.
Applying for a Personal Loan
A personal loan is another product that you can obtain from banks like Bank of America. This too will have the low interest rate and can be used for many different things. The funds from a personal loan can be used for a vacation, to buy a car, pay off debts or any other personal expense that you may have. The loan amounts can vary, depending on how much you will qualify for.
Ensuring You Can Afford Bank of America Mortgage Rates
Before closing on a loan with Bank of America, it’s a good idea to use a loan calculator to determine what the monthly payments will be. If you will be taking out a mortgage loan, there are mortgage loan calculators and refinance mortgage calculator to help you figure out how much the payments will be. When going over the loan terms, make sure to find out about all of the fees you’ll have to pay upfront, other than the interest rate and APR. Also you should ensure that the loan term is at a length that satisfies your financial situation, this is especially so if you’re planning to get a primary mortgage loan or a refinance mortgage loan.
Getting Quotes from Bank of America
If you are interested in getting a loan through Bank of America, you can either go to a local branch or do a loan application over the Internet. You will be able to speak with an online salesperson on their Web site or have them give you a call. Use the free quotes to help you decide which lender you’d like to go with for your mortgage, auto, business or personal loan.