Homeowners with Citigroup who have been seeking a way to make their home loan payment more affordable have been using various modifications and refinancing opportunities as a way to lower their monthly home loan payment, which has helped many financially troubled homeowners keep their home. While there are a variety of methods which homeowners can use to make their home loan more affordable, depending upon one’s situation, typically there are specific options available.
Citigroup has been one of the top lenders in the Making Home Affordable Program and over the past months they have seen the number of permanent home loan modifications they have made increase. Homeowners who obtain a permanent modification are, in many cases, able to reduce the interest rate on their home loan or expand the terms of their mortgage so that they can obtain a lower monthly mortgage payment. While modifications have been popular, not every homeowner has been able to obtain this form of aid due to a variety of reasons.
Troubles that arose early in the modification process, like second liens on homes loans, called for modification and extension programs like the Second Lien Modification Plan, which allows homeowners who have a second mortgage on their home loan to modify both their primary and secondary mortgage, which has helped lower their monthly costs. There have also been underwater refinancing opportunities available for homeowners who have lost value in their home and have been unable to meet their monthly mortgage payment as a result.
Traditional refinancing has also been an option for homeowners who are in a decent financial standing with their home loan and can afford the cost to do so. Interest rates on home loans have been quite affordable over the past months and, as a result, many homeowners have refinanced their home loan for a lower interest rate and have gotten a lower monthly mortgage payment as well.
While homeowners who are seeking a way to lower their home loan payment must first look at their financial situation before proceeding with one of these plans to lower their home loan payment, there are sources that can be consulted no matter what position a homeowner may be in. For instance, homeowners who want to refinance can talk with their lender or various other mortgage servicers to see who can offer the best rate on refinancing or homeowners seeking a modification can also talk to their lender or consult the Making Home Affordable website for more information, tools, and assistance on getting a lower mortgage payment on their Citigroup Home Loan.