Refinance Home Loan Rates – CitiMortgage and Wachovia Offer Help
Posted on | February 23, 2010 | No Comments
Two companies that are currently offering help when it comes to refinance home loan rates are CitiMortgage and Wachovia. Both of these mortgage lenders are working hard to get homeowners into a permanent mortgage modification if the homeowner qualifies. Prior to applying for a mortgage modification it might be wise to attempt to refinance.
Any major mortgage lender, including CitiMortgage and Wachovia, is going to desire homeowners have a very good credit score and a significant amount of equity in their homes. If you have a credit score well under 700 and very little equity in your home then you are going to struggle to refinance.
If you have the ability to refinance to a home loan rate that is one full percentage point below your current home loan rate then it would benefit you to refinance. This one full percentage point will not only help you to see savings in the future but it will also help you to cover the closing costs.
When refinancing you must take into account the closing costs. These costs can often be over a thousand dollars and you will have to pay the up front so make sure you either have this money saved or know that you are going to save it shortly after you go through the refinance process.
Author: Jeremy North
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