Citigroup homeowners may be able to lower their monthly mortgage payment through refinancing their home loan and getting a lower mortgage interest rate. Homeowners across the nation with Citigroup, and other lenders as well, have still been feeling the effects of the recession and have sought ways to make their finances go further.
Commonly, homeowners in mortgage trouble have been using a home loan modification plan in order to make this happen, but there are some who are in too good of a financial position in order to qualify. While Citigroup has been one of the top lenders in the Making Home Affordable Program there is little that can be done when a homeowner is simply able to make their mortgage payment despite the fact that it may be a strain on their finances.
However, homeowners that have a good credit score, equity in their home, and who can afford the costs that come with refinancing may be able to use mortgage refinancing as a way to get a lower monthly mortgage payment. Some homeowners have been able to get record low mortgage rates on their home loans over the past months and even those who don’t qualify for a record low rate have still seen drops in their interest.
Homeowners with Citigroup that are considering refinancing are able to do so with their lender, but there are many who advise homeowners to look around for the best deal on their home loan. Refinancing is not a guarantee for a lower mortgage rate or payment, though, so homeowners must look at their financial situation before they proceed to make sure it is in their best interest.