Bank of America Mortgage Rates

For a big bank, I’m a fan of Bank of America. My next bank will be a Credit Union for sure, but for now, Bank of America is it. And their Mortgage Rates, like others, have been dropping like dimes this year.

Bank of America acquired Countrywide, the former King of the mortgage market. Their combined power has made bank of america a monster in the mortgage rate market. That being said, lets take a look at their current mortgage rates.

Current Bank of America Mortgage Rates

30 Year Fixed Interest Rate:
15 Year Fixed Interest Rate:
5/1 ARM Interest Rate:

I tried to apply at bank of america for a mortgage, and was referred to a former Countrywide loan officer. I think they are still working on integrating the Countrywide purchase into their mortgage process. Your mortgage rate of course depends on your current income, location, and most importantly, credit score.

Bank Mortgage Rates

Wells Fargo Mortgage, Chase Mortgage, Citibank Mortgage, Bank of America Mortgage

Bank of America Mortgage Review

What was your experience with Bank of America or Countrywide Mortgage? Good? Bad? I’m looking for experiences in the past year (2009).

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  • Linda Abalos

    We are currently re-financing with Bank of America. Our original finance on the property was with Countrywide so when I wanted to re-finance I called only to find out that Countrywide was now Bank of America. I bought the foreclosed property in 2008 and had been remodeling it. I wanted to get the PMI removed by showing that we had 20% equity in the house along with getting the house payments lowered with a new lower rate. I started the process in early Sept 2009 and just got word last week that we will close on Dec 23. I was warned up front that it could be a long process because there seem to be so many that are refinancing with a these lower rates along with those first time home buyers looking for that $8000 credit. Since I bought the house at such a good deal I decided to go ahead and finance the closing costs in. Not sure how much the closing costs will be but think it is going to be in the neighborhood of $4000. That seems like a lot to me but the savings each month will quickly make up for that since it will lower my payment $500/month. I’m talking from $1642 on the old loan to $1120 on the new loan. That is a savings. We were paying $150/month just on PMI and I hated paying that. It has been a long drawn out process but well worth it. The loan officer I used was very nice helpful during the process and I would not hesitate to recommend him. I am glad I had him as a go-between me and the person handling the loan because I would get so frustrated communicating with her because she asked for documents over and over and I sent them over and over. Finally, my loan officer told me to send everything to him so he could provide them to her if she “lost” them or “didn’t receive” them. After that, I had no more trouble with her supposedly not receiving documents that I faxed to her. He even helped me with sending the Income tax forms without having to fax them. Having someone between you and the people that actually work directly on the loan is a tremendous stress-reducer. Yes, I would recommend Bank of America.

  • barry Carol knoch

    we just want to know the interest rates to decide on a mortgage, it seems to be a very difficult item to obtain.

  • George Pantozzi

    I sell real estate in Central New Jersey. I always recommend my clients to Bank of America.
    Very straight forward on conventional mortgages and quick approvals. I also use them on my primary residence. Several years back I
    took out a home equity line of credit and paid off my 1st mortgage. I use the line of credit when I purchase
    a home as an investment and then put on the market (flip). Back then the rates were 1.01 under prime,30 years interest only
    and as long as I keep a balance I’m still at 1.01 under prime.
    They are awesome to deal with. Sovereign used to be very good but it has been years since I dealt woth them and I’m not sure what they are offering these days.