Homeowners with a Citigroup home loan have been using refinancing as a way to lower their monthly mortgage payment by getting a lower mortgage rate. Homeowners over the past few months have been able to use this method in order to get a more affordable home loan payment as many people are still struggling financially.
Refinancing a home loan can bring a lower mortgage rate, which can also bring a lower monthly mortgage payment. Homeowners who have a good credit score and equity built in their home have a higher likelihood of getting a lower monthly mortgage payment through refinancing since they are in a better position to get a lower mortgage rate.
It needs to be understood that homeowners are not guaranteed a lower monthly mortgage rate if they refinance nor are they guaranteed a lower mortgage payment. However, homeowners can talk with their current lenders or other lenders and ask about what mortgage rates may be offered for them and see if refinancing is going to be beneficial.
There are costs associated with refinancing, so any homeowner who wants to get a lower mortgage rate and lower monthly mortgage payment needs to make sure they are able to afford the costs that come with refinancing their home loan. Again, there are many lenders a homeowner can speak with and they do not have to just work with their primary mortgage lender when refinancing.
While some people may not be able to benefit from refinancing, assistance like home loan modifications are also available to help those homeowners who are in need of a lower mortgage payment so that they may avoid foreclosure.