America Refinance Loans are suitable for those mortgage customers who have built significant equity in their home and are willing to get the advantage of lower interest rates. Besides the opportunity to lower your monthly payments, a refinancing solution can offer you a chance to pay off your home mortgage faster, and get cash out of your property to use it anyway you like. You can even solve multiple payment problems by consolidating all your debts into one single payment, which is convenient to handle.

Whether to choose a home loan refinance option or not depends upon your current financial status and the kind of rates you are being offered. Remember that it is a new loan replacing your existing mortgage, so you are required to go through the complete application process, which also require you to pay closing costs, appraisal charges and several other unwanted fees.

Sometimes the benefits of refinancing are offset by these additional costs and you get nothing out of the deal. So it is important to take an informed decision based on accurate calculation and correct analysis. Use Bank of America refinance calculator to get an estimation of your refinance options.

Bank of America Refinance Rates

Use online tools available at Bank of America website to know the current interest rates applicable in your state. You can compare today’s rates with what you are getting currently. The current refinance rates should be such as to cover the cost of closing and other expenses. The interest you would be paying for the life of the loan should not be more than the refinancing cost, which includes fees given to the lender for application processing, underwriting and other administrative work. Bank of America refinance fees may also include the charges you pay to a third-party company for escrow handling, title insurance, document preparation, recording and appraisal processing. Moreover, you will also be required to pay for notary and attorney fees.

Bank of America Mortgage Refinance Programs

The usual Bank of America mortgage refinance program requires you to have at least percent equity in your home. Moreover, you must be current on your monthly payments. Nevertheless, specialized programs exist to widen your refinance options, more so for the existing customers of the bank.

For example, the Neighborhood Advantage Credit Flex is a program suited to those who live in a low-income area and does not fulfill the annual income criteria of the lender. For people who are facing credit challenges, there exists Fannie Mae Expanded Approval, which allows them to make a choice between a fixed-rate loan and an adjustable-rate one.

Another BOA refinance program is known as Neighborhood Champions Protected Mortgage, which is designed for people with specialized professions, such as teachers, doctors, firefighters, police officers, nurses and physicians. It is even possible to obtain interest-only, jumbo or combination loans at B of A.

Existing mortgage customers who do not qualify for any of the above option can try President Obama’s Home Affordable Refinance Program (HARP), FHA streamline refinance or VA streamline refinance program. Some of these programs are available with no closing costs and no appraisal requirements.

Bank of America Refinance Department

Talk to a BofA loan officer to obtain information on all available refinance options. Bank of America refinance department is accessible over phone also. You can check your application status online and view current rates for 15 year and 30 year mortgages. BAC has recently come out with an innovative loan forgiveness program for borrowers with underwater mortgage. Read reviews online before taking a final decision. For all your refinancing problems and complaints, contact BAC refinance department. Here are the details.

Phone Number: 1.800.586.9852