Homeowners with a Citigroup mortgage may be able to refinance for a lower monthly mortgage payment by obtaining a lower mortgage rate. Many mortgage lenders across the nation are able to offer low mortgage interest rates as mortgage rates have stayed quite low over the past months and are currently below 5% in some cases.
Many homeowners with Citigroup, and other lenders as well, have been struggling in their finances as they are still feeling the fallout from the recession. Some homeowners have sought out a home loan modification or other form of mortgage assistance through the Making Home Affordable Program but there are homeowners who are in too good of a financial position to benefit from a home loan modification.
Yet, homeowners who may not qualify for a home loan modification due to the fact that they are able to pay their monthly mortgage payment, may find that refinancing is one way in which they can lower their monthly home loan payment. Citigroup homeowners may be able to refinance their Citigroup home loan for a lower rate with their current lender, or they can shop around to see if another lender can offer them a better interest rate when they refinance.
However, homeowners need to make sure that they are in a good financial position before they proceed with refinancing due to the fact that it will not always be in a homeowner’s best interest to do so. Typically, homeowners who have a good credit score, equity built in their home, and can afford the costs that come with refinancing may benefit from seeking a lower mortgage interest rate and payment on their home loan.