Refinancing Your Mortgage Refinancing is a common step for many homeowners. If you are thinking about refinancing, don't just look at your loan payments - look at the life of your loan. For example, refinancing with another 30-year mortgage may lower your monthly payment but it also means another 30 years of payments.

Is Refinancing Right for You?

Depending on your situation, refinancing may lower your interest rate. You may be able to secure a lower interest rate because of changes in the market conditions or because your credit score has improved.

Refinancing Programs

For Fannie Mae and Freddie Mac Loans

Through President Obama's Making Home Affordable program, Washington families whose loans are held by Fannie Mae or Freddie Mac may be eligible to refinance into a more affordable mortgage.

• Refinancing Through Making Home Affordable
• Loan Modification Through Making Home Affordable

How Do I Find Out If Fannie Mae or Freddie Mac Owns My Loan?
Your mortgage company can tell you who owns your loan, or you can contact Fannie Mae and Freddie Mac directly.

For Non Fannie Mae and Freddie Mac Loans

If your loan is not owned or guaranteed by Fannie Mae or Freddie Mac, contact your mortgage company to find out what options are available.

If you don't have the contact information for your mortgage company, review the information on your monthly mortgage statement or find a list of mortgage companies on the Hope Now Alliance website.

Resources

• A Consumers Guide To Refinancing Mortgages
  A guide to refinancing from the Federal Reserve Board.
• Refinancing Your Home
  Information, tips, and resources from the U.S. Department of Housing and Urban Development (HUD).
• Refinancing Your Mortgage
  Information about refinancing from the American Institute of Certified Public Accountants.