Homeowners with Citigroup are turning to refinancing in order to get a lower mortgage interest rate as low rates have been available over the past few months. The lower mortgage rates have been at record lows for some time, and while currently mortgage rates are not as low as they once were they are still around 5%, which is a much lower rate for many homeowners.
Getting a slower rate on a mortgage oftentimes brings with it a lower mortgage payment, which has helped many people who are struggling financially and unable to make ends meet. Some people have benefited from this refinancing option and have been able to avoid seeking out home loan modification.
Also, some people got money back from equity built up in their home and they have been able to use this money for a variety of things, one of which is paying on their mortgage principal, which is beneficial in the long run.
While Citigroup is not the only lender with which a homeowner can refinance a home, it is being advised that no matter who a homeowner banks with or refinances with they should be sure that refinancing is in their best financial interest before proceeding. A homeowner may benefit from refinancing but before doing so they need to be aware of the costs associated with refinancing their mortgage.