Homeowners with Citigroup, along with homeowners with other lenders across the nation, have been using refinancing as a way to lower their monthly mortgage payment by refinancing to a more affordable mortgage rate. Mortgage interest rates are quite low at the present time and many homeowners have seen record lows over the past few months.
Citigroup homeowners, along with other lenders, have been using this refinancing option in order to get a lower mortgage rate on their home, which can often bring a lower mortgage payment. This, for homeowners who may be struggling financially, has been greatly beneficial since some homeowners are simply financially strained and could use a break from a high mortgage payment.
Refinancing for a lower monthly mortgage payment is not guaranteed, it can be helpful for homeowners who qualify. A homeowner will need to be in good financial standing and have a great credit score in order to qualify for a lower interest rate and monthly mortgage payment. Also, homeowners will need to have equity built in their home, which can be used to pay down their mortgage principal when they refinance.
While Citigroup homeowners can refinance with their current lender, there are other financial institutions that may offer a better deal, so it’s advised by many experts that homeowners speak with more than one lender. Again, refinancing is not a guarantee to a lower mortgage payment but it has been beneficial for homeowners that are in the position to do so. Homeowners will need to take stock of their financial situation and talk with mortgage lenders so that they can make sure refinancing is in their best interest before proceeding.