If you are ready to refinance your mortgage, Citibank provides competitive rates on fixed-rate loans to help you reduce your mortgage payment or transition out of an adjustable-rate mortgage.
If you are ready to refinance your mortgage, Citibank provides competitive rates on fixed-rate loans to help you reduce your mortgage payment or transition out of an adjustable-rate mortgage.
Refinancing your mortgage through Citibank has a number of benefits. The biggest pro is that you'll likely reduce your monthly payments. You might even save hundreds of dollars every month depending on the size of your mortgage. It's important to decide whether refinancing is worth your time by comparing the amount of money you might save with the cost of refinancing. If you pay $5,000 to refinance your loan and your payments drop by $100, it will take 50 months before your savings and payments equal out. If you have a smaller amount of payments left on your original loan, refinancing might not be worth the cost.
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One of the reasons you might opt for a Citibank/Citimortgage refinance is if your credit score has changed since you originally received your loan. For example, you might originally have an interest rate of 5 percent because of issues on your credit report. You may now have good credit and access to lower interest rates. Depending on your situation, you can pay your mortgage faster and save money when you refinance. Citibank offers tools that help you determine your new interest rate before applying.
To refinance your mortgage, you need to go through the same steps as you did when you got your home loan. You may choose between a fixed-rate mortgage with a term of 15 or 30 years. Today, mortgage interest rates range from 3.625 to 4.75 percent based on the duration of the mortgage and the number of points that you purchase when you refinance your mortgage. Citibank lets you buy points that immediately drop your interest rate. You'll also find tools such as a refinancing calculator that lets you enter information about the type of mortgage you want, the balance on your existing mortgage, and whether you have a second mortgage on your home. The calculator will then let you know how much you could save and the possible interest rate that the bank might charge. Keep in mind that rates may change overnight. To see today's rates, go to this site.
Refinancing your mortgage may help you pay off your home loan faster. Check Reply! to compare refinancing rates from leading national lenders.
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