Citigroup homeowners who are looking for a way to lower their monthly mortgage payment may have opportunities through either a home loan modification or refinancing. Over the past months, situations have arisen where homeowners have benefited from each of these mortgage assistance opportunities, but it is heavily dependent upon a homeowner’s personal financial situation as to which of these options will be beneficial.
For instance, Citigroup homeowners who have chosen to use a home loan modification have typically been those who have come upon some form of financial trouble and are unable to meet all of their debt obligations. As a result, the Making Home Affordable Program and proprietary home loan modifications have been offered from servicers like Citigroup in order to provide homeowners with the opportunity to lower their monthly mortgage payment.
However, some homeowners have been unable to take advantage of these modifications and, as a result, there have been animosities between homeowners and mortgage servicers. Yet, there are cases where homeowners have simply used traditional home loan refinancing as a way to lock in a lower interest rate on their mortgage and a lower monthly payment as well.
While Citigroup has not been the only servicer that has offered low mortgage rates and homeowners with a Citigroup home loan are not required to refinance with their primary servicer, numerous individuals who have been able to afford and benefit from refinancing have seen lower monthly mortgage payments as a result.
Over the past months, homeowners who have either been concerned with their monthly mortgage payment or the long-term costs of their mortgage have been able to benefit from refinancing, in some cases, but there have also been mortgage assistance options through modifications and HAMP extensions plans which have offered homeowners in a poor financial situation the opportunity to lower their monthly mortgage costs.
While, again, homeowners looking to refinance can shop around for the lowest interest rate from various lenders before they refinance, individuals who are in need of a home loan modification are often advised to contact their primary mortgage servicer as soon as they can to get their home loan assistance plan in the works.