Choosing a mortgage depends on your wants and needs. Regardless of your reason for refinancing -- be it to lower monthly payments or build equity faster -- you should contact several mortgage lenders. Start with your original lender and then contact several more to compare mortgage types, rates, and terms. Lenders will likely vary in their costs and fees. Our Find a Lender Search tool helps you locate a Fannie Mae-approved lender in your area, so you can learn more about the variety of Fannie Mae mortgage products that help you refinance your mortgage.

In our Is Now a Good Time to Refinance? brochure (PDF), you'll find checklists of mortgage shopping terms and lender-comparison charts. These charts can help you understand what type of questions to ask lenders and will help you to keep records of the information you gather.

Get quotes from local service providers Congratulations on your upcoming home purchase! You have enough to worry about as a new homeowner: let our Mortgage Lenders worry about getting you a loan. Just submit one request, and let several lenders compete to offer you the best loan available.

Lenders offer a wide range of interest rates and terms. You can lower your rate by paying discount points. A lender may offer, for example, a 6.75 percent mortgage with one point, or a 7 percent mortgage with no points. Typically, the lower the interest rate, the lower the monthly interest payment (depending on the mortgage term), but to keep up-front costs down, you may choose a higher rate with a no points option. In addition, many lenders may allow you to finance points and closing costs as part of the total loan amount -- called a no-cost refinance.

The type of mortgage you select primarily depends on how long you plan to live in your home, your reasons for refinancing, and the amount of monthly payment you can comfortably afford.