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Home Mortgage Loan Rates – Will Citi Help Me Modify My Mortgage Payments?

Posted on | November 11, 2009 | No Comments

Home mortgage loan rates continue lower even though the 10 year treasury rate yield has increased. Today we are seeing the 30 year fixed mortgage rate as low as 4.69%. We have also found out that Citigroup has modified more mortgages, as a percentage, than all of the big four banks. Citigroup has modified 40% of the overall mortgages.

To make a comparison, Citigroup is modified to 40% while Bank of America has only modified 14% of their mortgages. As a whole bank of America has modified the most mortgages but that is because they hold many more mortgages than Citigroup. If you have a Citigroup mortgage and you would like to modify to a lower mortgage rate you have a good chance of getting this process done.

With home mortgage loan rates near historical lows there is a good chance that you could refinance to a lower mortgage rate. It is much easier to refinance at a lower mortgage rate and maintain this low monthly mortgage payment over time than going to the mortgage modification process. If you go to the mortgage modification process your monthly mortgage payment will eventually go back up.

If your last resort is to get a mortgage modification then by all means you should go through this process. Pres. Obama has urged all of the mortgage lenders to do everything in their power to modify mortgages to lower more affordable mortgage payments. The making home affordable plan is starting to take effect in many mortgages are getting modified.

If you are in a very difficult situation and foreclosure is on your mind then you should go to the mortgage modification process. If you have a Citigroup mortgage there is no reason that you should not contact them and do everything in your power to modify to a lower monthly mortgage payment. This will make your financial life much easier.

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Author: Alan Lake

Category: Home Mortgage Loan Rates

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