How to Get Bank of America to Lower My Rates

If you're having difficulty making your Bank of America mortgage or credit card payments, the bank may work with you to lower your rates. If you meet the bank's criteria, you may be eligible to refinance your mortgage at a lower interest rate. Bank of America has also joined with other credit card issuers to partner with the National Foundation for Credit Counseling to provide hardship debt relief. This program allows customers who are suffering financial hardship to repay their credit card debt at a lower interest rate.

Instructions

Refinance Your Mortgage at a Lower Rate

1

Calculate your home equity (see Resources). You are not eligible to refinance your Bank of America mortgage at a lower interest rate unless you have least 10 percent equity built up in your home.

2

Stay current with your Bank of America mortgage payments. You are not eligible to refinance at a lower rate if you have not made your payments.

3

Gather your Bank of America mortgage loan number, household pay stubs for the past year, two years of income tax returns, two months of checking and savings account statements, and account balances on all other debts such as student loans, car loans and outstanding credit card debt.

4

Print out the Bank of America Call Information Sheet (see Resources). Fill as much of it out ahead of time as you can.

5

Call 800-720-3758 to speak with a mortgage refinancing specialist.

6

Enter the information you receive in your Bank of America refinancing welcome packet in the Bank Rate Refinancing Calculator (see Resources). This calculator will calculate the total amount of money you will save over the life of your mortgage by refinancing at a lower rate.

Lower Your Credit Card Interest Rate

7

Calculate how long it will take you to completely repay your credit card debt using the Bank of America Credit Card Calculator (see Resources). Use the Simple Calculator to calculate the cost of repaying your debt at the current rate, and the Advanced Calculator to determine the cost of repaying your debt at a lower interest rate.

8

Build a budget (see link in Resources). Based on your current budget, calculate whether you are willing and able to pay the minimum balance due on your credit cards each month, or if you need to enter a debt management program.

9

Gather documents proving financial hardship, if you are undergoing hardship because of unemployment, death of a breadwinner or medical bills. These documents include medical records, death records or proof of unemployment.

10

Call 888-800-5160 to speak with a Bank of America representative about refinancing your personal credit card at a lower rate. Call 866-450-3299 to inquire about lowering the rate of your business credit card. Be prepared to provide documentation of financial hardship, if that is the reason for your refinancing request.