Some Citigroup homeowners have been using refinancing as a way to lower their mortgage rate and their home loan payment as well. Mortgage interest rates have been low over the past few months and homeowners that qualify have been able to lock in low rates, and in some cases record low mortgage rates, when they refinanced their home loan.
It must be understood that refinancing is no guarantee to a lower monthly mortgage payment and not every homeowner is going to get a lower mortgage rate as a result of refinancing their home loan. However, homeowners that are in a good financial position, meaning they have equity in their home, a good credit score, and can afford the costs of refinancing may be able to obtain a lower mortgage rate and payment when they refinance.
Homeowners have been struggling due to fallout still being felt from the recession and even individuals who are able to meet their financial needs are still able to benefit if their home loan payment is lower. Also, homeowners that can benefit from refinancing may get money back from the equity they have built in their home, which can be used for a variety of things like paying down a mortgage principal.
Anyone who may be considering refinancing for a lower mortgage rate is being advised to talk to their lender about options that may be available. While homeowners with a Citigroup home loan can refinance with that lender, it’s often suggested that homeowners look at multiple mortgage lenders to see who can offer them the best rate when refinancing.