Citigroup is one of the big mortgage lenders that have seen more and more homeowners looking to refinance to a lower mortgage rate. A lower mortgage rate, typically, also brings along a lower monthly mortgage payment as well and as many say that interest rates on mortgages are soon to rise, more homeowners may be looking to lock in a lower rate.
Usually, homeowners are looking into refinancing for a 30-year fixed rate mortgage to get not only a lower interest rate on their mortgage, but also a lower monthly mortgage payment as well. By doing this, many homeowners with Citigroup and other lenders have made their home more affordable.
The Federal Reserve is said to be no longer buying mortgage-backed securities as of the end of March, so there is speculation that interest rates on mortgages are going to rise in the coming months. Many disagree with this assessment, but there are homeowners that believe it to be accurate and are looking to get a low mortgage rate while they can.
If you are a Citigroup homeowner and are thinking about refinancing, make sure it is going to be in your best interest to do so. If you have financial problems or are not able to cover the costs of refinancing, it may not be in your best interest, but do the research and make sure refinancing is the right move for you before proceeding.