Mortgage Company Announces Refinance Offer

Bank of America has introduced special pricing for borrowers who are seeking to refinance home loans with conforming 30-year and 15-year fixed-rate loans.

The company said that the offer also extends to certain non-conforming, 30-year fixed rate mortgages. The limited time offer runs through November 30.

“Millions of borrowers are feeling the pressure of resetting adjustable rate mortgages, and now invite them to examine the security of a Bank of America fixed-rate mortgage at attractive pricing,” said Floyd Robinson, president of Consumer Real Estate and Insurance Services Group.

The company believes much of the bad credit mortgage turmoil sweeping the market has caused consumers to re-examine security, financial soundness of their mortgage provider and their own fiscal situations.

Chances are, they’re at least a little right in that assumption. Fannie Mae estimates roughly $1.1 trillion in single-family first-lien home loans face a mortgage rate (and payment) reset in 2007.

With so many Americans in possession of adjustable-rate mortgages, it’s not surprising that lenders are trying to target refinance business.

The “Great Rate Refi Event” is available in all of Bank of America’s retail channels, including 5,700 banking centers, more than 2,000 mortgage loan officers, and the mortgage lender’s website.

SOURCE: CNN Money