Refinancing
You've probably heard it often -- another friend or neighbor has refinanced and is enjoying lower monthly mortgage payments. You may have read headlines that talk about mortgage interest rates reaching historical lows. So, you ask, is now the best time to refinance my mortgage?
Refinancing is essentially paying off your existing mortgage and taking out a new one. This section discusses the basics of refinancing, such as the reasons for refinancing and the steps involved. It also discusses your financing options. After you understand these basics, United Mortgage and Associates Ltd. can discuss the details further and help you get the refinancing process started.
Fannie Mae does not lend money directly to consumers. Instead, we work with mortgage lenders to make sure they have money to lend. Lenders who work with Fannie Mae have a broad array of mortgages to offer consumers.