Refinance options

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.


Types of refinance

Traditional Refinance

If you simply want to make your payments more comfortable and your home value is steady or has increased, you may be able to refinance your mortgage. More »

Cash-out Refinance

Some mortgages allow a “cash-out” refinance, so you can turn some of your home equity into cash. The money you take out as cash will be added to the total balance of your mortgage loan. This can reduce the amount of equity in your home, add to the length of time it will take you to pay off your mortgage, and ultimately, require you to pay more total interest. While there are situations in which this option makes sense it’s something that you’ll want to consider carefully before moving forward. More »

Fannie Mae refinance mortgage products

RefiNow  A lower interest rate could reduce your monthly mortgage payment, and with RefiNow it may be even easier for you to take advantage of those monthly savings. More »   Find a lender »
HomeReady If you are considering refinancing your Fannie Mae loan, this affordable cash-out option designed to meet the diverse financial needs of creditworthy borrowers may be right for you. More »
HomeStyle Renovation Financing home renovations can be expensive. But combining your mortgage and renovation costs into one conventional loan may make them more affordable. More »
HomeStyle Energy Homeowners who want to make energy-saving and efficiency upgrades to improve the comfort of their home, save money on utility costs or prevent damage from natural disasters may want to consider a HomeStyle Energy refinance loan. More »

To help you figure out the financial impact of refinancing, check out Fannie Mae’s Refinance Calculator. The calculator gives you an overview of how much your refinance might cost, how much you might save, and how long it could take before you see a return on the investment.


Before looking into refinancing as an option, there are a couple of things you should consider. Your mortgage payments need to be current before applying. The application process is similar to when you applied for a mortgage to finance the purchase of your home, so start pulling your financing information together right away. Your mortgage company will work with you through every step, and help determine the best mortgage option for your specific needs.