Citigroup Home Loan Refinancing And Modifications–How Can Homeowners Lower Their Mortgage Payment?

Citigroup homeowners, along with homeowners from other top lenders across the nation, have been looking for ways in which to lower their monthly mortgage payment and make their home loan more affordable. Typically, homeowners have used refinancing in order to lock in a lower mortgage interest-rate and monthly mortgage payment but so many financial troubles for homeowners as of late a home loan modification is often the only option.

Refinancing can benefit a homeowner if they have a good credit score, equity built in their home, and can afford the closing costs that come with refinancing a home loan. Mortgage interest rates have been quite low over the past months and homeowners who qualify have been refinancing, locking in these low rates, and getting a lower monthly mortgage payment as a result.

Yet, some homeowners are not in the financial position to benefit from refinancing as they have missed mortgage payments or have seen a loss in the value of their home. While there are underwater mortgage refinancing options, usually traditional refinancing is not available to these homeowners and they must turn to a home loan modification.

While there have been troubles with the home loan modification program, there are more and more permanent modifications being made and homeowners are finding assistance from lenders themselves when they do not qualify for the Obama Making Home Affordable Program.

Homeowners who can refinance are often advised to talk to their current lender, as well as, other lenders to see who can offer them the best rate. Yet, when it comes to a home loan modification the Making Home Affordable website has information on various programs for struggling homeowners and homeowners will also need to talk with their mortgage lender about how to begin the modification process.