Citigroup has had some of the best numbers in the Making Home Affordable home loan modification program over the last few months, but there are still homeowners with a Citigroup mortgage that are unable to qualify for this type of loan modification. Another option Citigroup customers may want to consider is refinancing for a 30-year fixed rate mortgage to lower their interest and mortgage payment.
Unemployment has cause countless troubles with the housing market and as many homeowners now live on a very tight income, they are looking for ways to keep their home. Citigroup, among many other lenders, is able to currently offer low interest rates on mortgages, so if you are in a position to refinance your home loan, you may be able to get a more affordable monthly payment.
Typically, homeowners with a higher interest rate are finding that their monthly payments are difficult to handle. Refinancing your home may be the equivalent to the home loan modification program, in that it brings a lower mortgage payment to struggling homeowners.
It’s not just confined to Citigroup, but many homeowners are complaining they are rejected from the home loan modification program because they are in too good of a standing with their mortgage, despite the financial strains they may be experiencing.
Citigroup customers who are looking to ease their mortgage payment burden in these financially trying times may want to look into their refinancing options to see if they may obtain a lower interest rate and smaller monthly payment.
