CitiMortgage Government Freddie Mac HARP Refinance Rates

There are many American families that have struggled with a home mortgage payment in the last several years and it should come as no surprise that some of these individuals are looking for ways to reduce that payment.  If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae you may qualify for the Federal Government Home Affordable Refinance Program (HARP) through CitiMortgage or any of the financial institutions that are taking part in this program.  A HARP refinance could help you save hundreds a month on a mortgage payment.

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Making Home Affordable HARP Program

After the subprime mortgage crisis or credit crisis many banks and financial institutions took the necessary steps to stay in business. This meant that they needed to allow borrowers an opportunity to pay their mortgage even if the payment was lower. Unfortunately, not everyone had an amazing credit score and low debt to income ratio in 2008 and 2009 due to the terrible economy. The only way that mortgage lenders were able to help these individuals refinance was with the help of the Federal Government.

Under President Obama the government stepped up and created the Making Home Affordable Plan. This plan helped homeowners go through a home loan modification in which they could lower their monthly mortgage payment even with a subpar financial history. This is something that was not possible prior to the Home Affordable Refinance Program or HARP for short. It is very important to note that there is a different in the Home Affordable Modification Program (HAMP) and the Home Affordable Refinance Program (HARP).

The Home Loan Modification process was very popular during and shortly after the credit crisis as this allowed individuals to lower current mortgage payments while increasing later payments on the back end of the mortgage loan. The thought process was that the overall economy would improve allowing homeowners a chance to build up their savings and checking account over the course of 15 to 30 years. The lower payments did not mean individuals got out of paying these obligations; they were just delayed.

The Home Affordable Refinance Program or HARP allows individuals to refinance to a lower mortgage rate. This means that they might end up paying a lot less over the course of the home loan. Note that the home loan modification process does not involve the interest rate at all. There is a huge different, especially when it comes to how much money will be paid over the course of the entire home loan. When looking to refinance it never hurts to have some assistance from the Federal Government. Some people were even searching for the Obama refinance program or Obama mortgage program back in 2008 and 2009.

CitiMortgage Government Freddie Mac HARP Refinance Rates

CitiMortgage, CitiBank and Citi are all the same company. When looking to refinance a home loan it might be a good idea to do research on this specific bank. Along with JP Morgan Chase, Wells Fargo and Bank of America, Citi is one of the big four banks in the United States. I would strongly suggest looking at multiple options and not just these four banks when it comes to the Freddie Mac HARP refinance program. Below are the questions that must be answer before applying to refinance through HARP:

1) Is your home loan owned or guaranteed by Fannie Mae or Freddie Mac?

Fannie Mae and Freddie Mac offer loan lookup tools on their websites to help you determine if

your loan is owned or guaranteed by one of the companies. The links are provided here:

2) Was your loan originated before June 1, 2009?

3) Are you current on your mortgage payments?

4) Have you made all of your mortgage payments on time in the last 6 months, and missed no

more than one payment in the last year?

5) Do you owe more than your home is worth, or is there minimal equity in your home? There are

several online tools available to help you estimate your home’s value. (Suggested search terms

include: home value calculator, calculate home value, and how much is my home worth).

If you can answer yes to all of these questions there is a good chance you will qualify to refinance your home loan to a much lower interest rate.  In March 2013 average 30 year fixed home loan interest rates are at 3.5%.  This is the lowest level we have seen since data has been collected by Freddie Mac (since 1971).

I have created multiple resources that explain interest rates on both 30 year and 15 year fixed mortgages.  Make sure to access the Citi FHA mortgage page to get up to date information on these interest rates on home loans.  Just because average mortgage rates are being advertised at a certain level it does not mean that all homeowners will be able to lock in the lowest possible rates.  Part of the government help with refinancing allows individuals to refinance but this doesn’t mean they will get those rock bottom interest rates.

Here is some information about the Government or HARP program from the CitiMortgage website:

Find out if you’re eligible to take advantage of this government sponsored program.

Are you making your mortgage payments on time but are still unable to refinance and take advantage of today’s low mortgage rates?

Freddie Mac and Fannie Mae have adopted changes to the Home Affordable Refinance Program (HARP) and you may be eligible to take advantage of these changes. The changes are designed to allow even more homeowners an opportunity to refinance to a lower rate and shorter term even if they owe more than their home is worth. This program may be an affordable refinance option for homeowners who would not otherwise qualify for a traditional refinance.

Why refinance under HARP?

Receive lower rates even if you have little equity in your home. Existing Citi mortgage clients can refinance to a lower rate with no equity.

Reduce monthly mortgage payments when you refinance to a lower rate.

Save on interest over the life of your loan when you refinance to a reduced term.

No mortgage insurance is required on your new loan if none is in place on current mortgage.

No property appraisal required in some situations.

Today’s Lowest Mortgage Interest Rates Nationwide

CitiMortgage has a presence throughout the entire United States so borrowers will likely be within driving distance of a branch location. Always use Google Maps to find a Citi location near you.  The Google Maps results will not only who the locations closest but it will allow individuals to read honest reviews of different locations.  The Google+ local reviews from users are just getting started but they will likely build over the next few years.

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I would strongly suggest reading over as many of these reviews as you can.  You do not want to get into a long term mortgage home loan with a financial institution that does not offer great customer service.  It is important to note that every situation is unique.  If someone is complaining about a bank teller in Michigan and you are in Florida you might want to think about this data.  If you are in the Michigan town in which the complaint was filed that is a different story.

As stated earlier, average 30 and 15 year fixed mortgage rates have plummeted to all time lows over the last several years.  Homeowners have seen 15 year fixed mortgage rates as low as 2.5% while 30 year fixed rates have dropped to 3.25%.  When looking at a mortgage calculator it is quite obvious that this could save money for individuals who are paying on an interest rate over 4%.  The general rule of thumb is that these homeowners should look to save at least one full percentage point if they hope to save by refinancing at the present time.

In March and April of 2013 there are plenty of mortgage lenders that can help with the HARP mortgage refinance program through the government.  Recently President Obama has stated that the program needs to be expanded and extended.  We have yet to see this go through as a bill but it would not surprise me if we do not see it soon.  Take the time to read up on these issues as it could end up helping you save your home.  There is no worse financial situation than losing your home.

CitiMortgage is headquartered in New York state but there are other options available.  This list shows the mortgage lenders that are currently participating in the Federal Government HARP refinance program.

  • Website:
  • Name of Offering: Home Affordable
  • Phone: 888-793-2167
  • Max LTV Ratio: 125%
  • Bridgeview Bank Mortgage
  • Website:
  • Phone: 630-432-6402
  • Max LTV Ratio: 125%
  • Guaranteed Rate Inc.
  • Website:
  • Phone: 773-290-0505
  • Max LTV Ratio: 105%
  • James B. Nutter & Company
  • Website:
  • Phone: 800-217-7334
  • Max LTV Ratio: No maximum
  • Land Home Financial Services
  • Website:
  • Phone: 800-388-6596
  • Max LTV Ratio: No Maximum
  • M &T Bank
  • Website:
  • Phone: 855-415-4277
  • Max LTV Ratio: 125%
  • Nationstar Mortgage, LLC
  • Website:
  • Phone: 855-781-7998
  • Max LTV Ratio: Greater than 125%
  • Quicken Loans
  • Website:
  • Phone: 888-485-7305
  • Max LTV Ratio: 125%
  • SunTrust Mortgage
  • Website:
  • Phone: 877-648-8753
  • Max LTV Ratio: 125%
  • Total Mortgage Services, LLC
  • Website:
  • Phone: 877-868-2503
  • Max LTV Ratio: 105%
  • US Bank
  • Website:
  • Phone: 888-831-7524
  • Max LTV Ratio: 105%
  • Wall Street Mortgage Bankers Ltd. Power Express
  • Website:
  • Phone: 800-810-2265
  • Max LTV Ratio: 125%
  • Wolverine Bank
  • Website:
  • Phone: 800-968-4280
  • Max LTV Ratio: 125%