Citigroup is one of the top mortgage lenders in our nation and has been participating in the Making Home Affordable Program in order to make home loan payments more affordable for struggling homeowners. However, Citigroup homeowners are also able to take advantage of low mortgage interest rates that are being offered at the present time by refinancing their home loan.
Over the past month, homeowners with not only Citigroup but other mortgage lenders across the nation have been able to refinance their home loan for a lower mortgage interest rate. Usually, when a homeowner is in the position to do this they can also obtain a lower monthly mortgage payment on their home loan as well.
Homeowners who are in a position where they may not qualify for a home loan modification, but could benefit from some form of assistance by way of a lower mortgage payment have been able to refinance and make their home more affordable. Homeowners who are in the financial position to do so have seen, in some cases, record low interest rates on their mortgage when they refinanced but this is not something for which all homeowners can qualify.
Yet, many homeowners, even without a record low mortgage rates, have seen a decrease in their home loan payment and mortgage interest rate when they refinanced. However, these homeowners who benefited from refinancing typically have a good credit score, equity in their home, and could afford the costs that come with refinancing. While refinancing is no guarantee to a more affordable home loan payment, homeowners are advised to do their homework before refinancing.
Refinancing can be beneficial for some homeowners but for others the cost of refinancing may offset any benefits they get from a lower mortgage interest rate. Also, homeowners with a Citigroup home loan can refinance with their current lender but it’s often advised that homeowners talk with other lenders as well to see who can offer the best interest rate if they refinance.
Also, homeowners who have benefited in the past have done their homework to make sure refinancing was right for them. Current homeowners who are considering refinancing are advised to do likewise seeing as how, again, refinancing will not be in everyone’s best interest.