Homeowners with Citigroup and various other mortgage lenders have been using refinancing as a way to lock in a low mortgage rate and lower their monthly mortgage payments. Low interest refinancing has helped many homeowners as interest rates on mortgages have been near record lows over the past months. Homeowners in certain situations have even seen record low interest rates and have been able to get a much lower monthly mortgage payment on their home loan.
There are still numerous homeowners who are struggling financially but may be in a decent financial position and unable to qualify for a home loan modification. Since certain forms of mortgage assistance have been unavailable to these homeowners refinancing to a lower interest rate has been beneficial since it has brought with it a lower monthly mortgage payment.
While homeowners who have a Citigroup home loan can refinance with their current mortgage lender, it’s often advised that individuals who are going to refinance their home loan look around and see if other lenders will offer a better rate. Obviously, when refinancing a homeowner will need to get the lowest interest rate possible in order to benefit, so homeowners need to make sure that they are in a good financial position, meaning they have a good credit score, equity in their home, and can afford the cost of refinancing before they proceed.
Doing research and taking stock of one’s current financial standing will be necessary before going forward with a home loan refinancing plan. While homeowners can benefit, there are many who may be unable to lock in a lower monthly mortgage payment by refinancing so homeowners need to be cautious before taking this action with their home loan and make sure it will be in their best interest.