Refinancing Your Citibank Mortgage

Learn about refinancing and loan modification options on Citibank Mortgages

If you have a mortgage loan with Citibank, you can cut your monthly payments with a refinance or a loan modification.

Citibank is one of the largest banks in the United States and the world. Last year. Citibank is one of the nation's top mortgage loan servicers, but right now they are not offering a full range of mortgage refinance loan programs. As a result, it may make sense for Citibank borrowers to look to other mortgage sources for the best deal on refinancing.

Citibank took TARP money from the federal government and like other banks that used this program is required to participate in the Home Affordable Modification Program(HAMP) and the Home Affordable Refinance Program that were implemented in March 2009. As of August 2009 Citibank had hired over 11,000 employees to handle loan modification requests. As a result, modification requests are being processed more quickly.

If homeowners do not qualify for a refinance loan, then a loan modification is their only option to help reduce their monthly payments. For loan modifications, borrowers can try working directly with Citibank to modify their loan or they can hire a loan modification professional to negotiate one for them. Citibank has the standard HAMP modification loan program and also its own modification program for home owners who do not qualify for the HAMP modification program.

Home owners can contact Citibank directly to assist with a refinance or they can contact a mortgage lender such as Total Mortgage to see if better options are available. Not only are standard loan programs available, but the 125% refinance program for Fannie Mae and Freddie Mac borrowers is now available for Citibank borrowers as well. For the 125% refinance program, borrowers can only refinance with their existing lender if they currently have mortgage insurance. If not, borrowers are free to select any lender such as Total Mortgage currently offering the program. In some cases, Total Mortgage can actually refinance your Citibank mortgage even if you do have mortgage insurance.

Citibank definitely lost a lot of money over the past two years on losses from mortgage loans and the financial instruments created out of those loan products. While Citibank works its way out of major losses and financial issues, the bank is back to offering only conforming Fannie Mae, Freddie Mac and FHA loans. Jumbo loans are either not available or only on a much more restricted basis.

If you have a jumbo mortgage loan owned or serviced by Citibank, you may not find many options to refinance through Citibank. Your only option may be to look for a small portfolio loan program such as those offered through mortgage bankers like Total Mortgage.

So what should home owners do if they are not sure which option is best for them? The first step would be to speak with a loan officer at Total Mortgage who is experienced in refinancing Citibank mortgages. Your loan officer can help you determine if you should refinance or look at a mortgage loan modification and who it is best to refinance with if a refinance makes sense.

For a free mortgage pre-approval and exact rate quote to refinance your Citibank mortgage, please email us or call us at 1-877-868-2503.

To see the current mortgage rates, visit our Current Mortgage Rates page.

If you have any questions that you would like to get answered by our expert mortgage brokers, please email us or call us at 1-877-868-2503.

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