Citigroup homeowners have been seeking a way to lower their monthly mortgage payments on their home loan and, depending upon a homeowner situation, there have been two main methods which homeowners have used to get a more affordable home loan payment. While homeowners have either found themselves in a very troubling situation or in a situation where they can benefit from current economic conditions, the means which homeowners use to obtain a more affordable home loan payment will be dependent upon their financial situation.
Some homeowners have found that, due to unemployment or other financial difficulties, they are unable to make their home loan payment and as a result they have sought out a home loan modification plan from the Making Home Affordable Program. Citigroup, one of the top lenders in the modification program, has seen a continued increase in the number of permanent home loan modifications that have been made over the past months and have been offering alternative plans to homeowners who are struggling to make their home loan payment. While not every homeowner has qualified for one of these home loan modifications, there have been plans like underwater refinancing, that have allowed some homeowners to gain a more affordable home loan payment even when they are distressed in their mortgage.
However, homeowners who are in a good financial position have been able to take advantage of low mortgage interest rates that have been available over the past months. Interest rates on home loans have remained low for a variety of factors, most commonly, the slow economic recovery that is being experienced in areas like the job market. Yet, homeowners who were able to avoid any of the fallout that came from the recession and sweeping job losses have been able to refinance their home loan to a lower rate and obtain a more affordable home loan payment in many cases. While refinancing is not beneficial for every homeowner, there have been those who have equity built in their home, a good credit score, and can afford the costs that come with refinancing who have seen a more affordable home loan payment.
While homeowners who may be able to refinance their home loan are able to contact various lenders, including the primary lender, in order to see who can offer them the best rate on home refinancing, homeowners who are seeking a mortgage modification will have to work with their primary lender. While there are second mortgages to be considered in some cases, homeowners have been working with lenders like Citigroup and the Making Home Affordable Program in order to obtain a more affordable home loan payment by either the lowering of their interest rate or the reduction in their monthly mortgage payment. Obviously, homeowners in either a good or bad financial position who are trying to lower their monthly mortgage payment will have two very different roads which they must travel, but there can be beneficial results at the end as many homeowners, in both cases, have seen more affordable home loan payments.