Many homeowners with Citigroup are looking at refinancing options in order to get a lower monthly mortgage payment. Interest rates have been quite low for some homeowners who are choosing to refinance and as a result these homeowners that qualify for a lower interest rate have been able to get a lower mortgage payment as well.
Refinancing is not a guarantee for a lower mortgage rate, as a homeowner’s equity and credit score will heavily depend upon what mortgage rate and monthly payment is received. However, homeowners in good financial standing have benefited from refinancing and are now in possession of a more affordable mortgage.
Citigroup has been one of the big lenders that has made various efforts to help homeowners avoid foreclosure. There have been complaints waged against Citigroup from frustrated homeowners who simply did not get the mortgage assistance they were seeking, but Citigroup has been using both in-house assistance programs and mortgage plans from the Obama Administration.
Homeowners that may want to refinance their home loan need to look at their personal financial situation to make sure it is the right move for them. Citigroup offers a variety of assistance for homeowners who are struggling in their mortgage, so if this is the case homeowners are being advised to contact their lender for help. Yet, any homeowner simply looking to refinance for a lower rate needs to weigh the pros and cons and make sure they can handle the costs that come with refinancing.