When you refinance a mortgage what you’re really doing is replacing the mortgage you have now with a new mortgage loan that has new terms that better fit your financial goals. Determining whether to refinance your mortgage is an important decision, but it doesn’t need to be overwhelming.
If you have a high-interest rate mortgage, an adjustable-rate loan, or maybe your payments are becoming unmanageable, refinancing may be able to lower your monthly payments, shorten the term of your loan or move you into a more secure loan.
You have a number of options when making your decision to refinance. Different types of refinance include Traditional Refinance and Cash-Out Refinance. Fannie Mae’s various mortgage products may be able to help you finance a home renovation, allow you to pay for energy efficiency-related improvements, or offer a low-down-payment option. Read more about refinance options »
The refinance calculator is provided to help you with general information regarding the possible benefits of refinancing your first mortgage. More »