More information of FHA & VA Mortgage Refinance
The bottom line about a Bank of America FHA or VA mortgage refinance is that you can get more favorable terms to put that debt behind you.
If you are already a client of this financial institution, this translates into lower monthly payments, lower interest rates, less demanding requirements and dedicated attention (Client Assistance Program).
In addition, you can get additional money in the process, which can be used to consolidate debts, make a major purchase or invest. This will depend on the accumulated value of your home (equity), which may or may not be substantial.
The BofA offers you a payment option (cash-out) that allows you to withdraw a single amount at the time of closing.
As a warning, keep in mind that your credit score will have a relevant influence on the interest rate. Larger banks, like this one, favor their most loyal and reputable customers first. Taking into account the term you need, a high score gives you access to the best conditions to repay the loan.
Your reasons, personal finances and the economic situation will be what will tell you if the FHA or VA mortgage refinancing is the right decision. In any case, count on Busconomic to find similar banking products that serve as a comparison.
Español: Refinanciación de hipoteca FHA o VA