Mortgage Rates: CitiMortgage Offers Homeowner Assistance
CitiMortgage (NYSE:C) is not the country’s biggest mortgage lender but is among the top four. Mortgage rates dropped mid-summer and have remained at levels not seen in a sustained way for more than fifty years.
30 year fixed rate loans at the bank are 4.25% with .625 origination points and an APR of 4.487%. The 4.25% is competitive with other big lenders like Wells Fargo and Bank of America who are both quoting the same rate today. The APR at Citi is also compatible with the other big banks.
15 year loans at Citi are quoted at 3.375% today with .50 origination points and an APR of 3.745%. Chase Bank and Bank of America are also quoting 3.375% for the 15 year fixed contract.
Separately CitiMortgage has begun private consultations to assist homeowners who are in trouble with their mortgages. Citi will put special emphasis on areas of the country recently impacted by hurricanes traveling to cities like New York and Norfolk within the next two weeks.
The nationwide tour of mortgage specialists is scheduled to proceed through mid-November of this year. To date more than 1000 interviews with borrowers have been conducted. Homeowners are getting advice on how to avoid foreclosure, options to lower monthly payments and take advantage of programs to avoid default.
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