Is my home loan owned by Fannie Mae or Freddie Mac?
Fannie Mae and Freddie Mac are government sponsored enterprises (GSEs) that have been given a federal charter to purchase mortgages from banks and lending institutions. To find out if your loan is owned by Fannie Mae or Freddie Mac, please call or visit the links below:
- Fannie Mae
1-800-7FANNIE (8 am to 8 pm ET)
www.fanniemae.com/loanlookup - Freddie Mac
1-800-FREDDIE (8 am to 8 pm ET)
www.freddiemac.com/mymortgage
Discount points
Discount points, also called points, let you lower the interest rate on your home loan. When you buy a point, you are purchasing a lower interest rate. One discount point will cost you 1% of the loan amount.
Should you buy points?
You get a lower rate when you buy points but you also owe more at closing. So you'll want to make sure buying points makes sense for you over the long term.
Thinking about buying points? Ask yourself:
- How much will discount points add to my closing costs?
- How much lower will my monthly mortgage payment be if I purchase discount points?
- Will you be in your home long enough to break even?
See how points could lower your mortgage payment:
| 1 point purchased | No points purchased | |
|---|---|---|
| Months Required to Break Even | 34 | n/a |
| Purchase Price | $250,000 | $250,000 |
| Down Payment | $50,000 | $50,000 |
| Loan Amount | $200,000 | $200,000 |
| Interest Rate | 4.25 | 4.75 |
| Points Paid to Lower Rate | 1 | 0 |
| Closing Cost for Points | $2,000 | $0 |
| P & I Payment | $984 | $1,043.29 |
| Monthly Payment Reduction | $59.41 | $0 |
If this homeowner bought 1 point, it would take 3 years to break even. Find out how long it will take after you refinance to break even.
To find out how much discount points can reduce your rate, please call a Loan Specialist:
1-877-941-4622 see hours of operation.
About These Rates
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Continue Return to GMAC MortgageRefinance Mortgage Programs
Refinancing? Compare Mortgage Loans.
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Fixed Rate Mortgage
If you have a high interest rate or your Adjustable Rate Mortgage is too unpredictable, then it may be time to refinance to a Fixed Rate. Fixed Rate Mortgages give you the stability of the same principal and interest monthly payments for the life of the loan. It's the most stable, straightforward home loan.
- Lock in a low rate
- Keep your principal and interest payments stable for the life of the loan
- No prepayment penalties if you pay off the loan early
- Available in Conventional, FHA, VA, and Jumbo Loans
A Fixed Rate Mortgage refinance may be a good choice if you:
- Want to lower your payment or shorten the term of your loan
- Want to get cash out to make home improvements, pay for college tuition, or pay off debt
- Plan to stay in your home for over 7 years
- Prefer the consistency of a fixed rate for budget planning
If that sounds like you, then refinancing to a Fixed Rate Mortgage may be right for you.
Adjustable Rate Mortgage (ARM)
Adjustable Rate Mortgages (ARM) generally have lower initial rates than fixed rate mortgages. They offer the stability of a fixed rate for a period of 3, 5, 7 or 10 years, after which time the rate may vary and the payment may increase annually. If you are looking for a lower initial rate and are not averse to risk, then an ARM may be a great option for you.
- Lower your initial payments by refinancing to a lower rate (Your total finance charges may be higher over the life of the loan.)
- Get a fixed rate for 3, 5, 7 or 10 years, after which time the rate may vary and the payment may increase annually
- Rate caps protect you by limiting the amount your rate can increase
- No prepayment penalties if you pay off the loan early
- Also available in Jumbo Loans
An ARM refinance may be a good choice if you:
- Plan to relocate or refinance in the next 5 to 7 years
- Anticipate major lifestyle changes such as an increase in income or a growing family
- Are willing to accept the risk of future interest rate changes
If that sounds like you, then refinancing to an Adjustable Rate Mortgage may be right for you.
FHA Loan
FHA (Federal Housing Administration) loans are government backed loans that offer flexible qualifications and the security of a fixed rate. Whether you want to get cash out or lower your payment, an FHA refinance may help meet your mortgage needs.
- Lock in a low rate and lower your monthly mortgage payments
- Flexible income and credit qualifications
- Borrow up to 85% of the value of your home for cash out refinancing
- Refinance and get money to pay for home improvements, college tuition, or debt consolidation
- Upfront and monthly mortgage insurance premiums (UMIP, MIP) required
An FHA Loan refinance may be a good choice if you:
- Need to make the switch from an adjustable rate mortgage into a fixed rate
- Want to reduce the amount of principal and interest in your monthly mortgage payments?
- Want more flexible qualification guidelines like income, equity and credit
If that sounds like you, then refinancing to an FHA Loan may be right for you.
Learn more at the Federal Housing Administration website.
VA Loan
Backed by the U.S. Department of Veterans Affairs, VA Loans allow veterans to get some of the most flexible refinance qualifications with a small upfront VA funding fee. Take advantage of the benefits exclusively for the men and women of the U.S. Armed Forces and their surviving spouses.
- No Certificate of Eligibility required for refinancing an existing VA Loan
- No mortgage insurance premium (MIP) or upfront insurance (UMIP) fee
- No housing to debt ratio or proof of a certain income amount required
- No appraisal required, in some cases
- Borrow up to 90% of the value of your home for cash out refinancing — use the money for home improvements, debt consolidation, or to pay for an unexpected expense
A VA Loan refinance may be a good choice if you:
- Are a veteran, reservist, active duty service member, or a surviving spouse of such person
- Plan to stay in your home for many years
- Need to lower your rate and/or get cash out of the equity in your home
- Want the peace of mind that stable principal and interest monthly payments bring
If that sounds like you, then refinancing to a VA Loan may be right for you.
Learn more at the Department of Veterans Affairs website.
Jumbo Loan
If you need a higher loan amount, over the current conforming loan limit, you may be able to refinance to a lower rate with a Jumbo Loan. We have access to competitive rates and offer great service nationwide.
- Refinance to a fixed or adjustable rate
- Competitive rates for higher loan refinance limits
- Borrow up to 80% of the value of your home for cash out refinancing
A Jumbo Loan refinance may be a good choice if you:
- Need a loan that exceeds the conforming loan limit in your area
- Want to lower your rate
- Want to use your equity to get cash out for home improvements, debt consolidation, or pay for an unexpected expense
If that sounds like you, then refinancing to a Jumbo Mortgage may be right for you.
Home Affordable Refinance Program
Home Affordable Refinance Program (HARP) may help homeowners make payments more manageable.
- Refinance to a fixed or adjustable rate
- Lock in a lower rate and reduce the principal and interest of your monthly payments (total finance charges may be higher over the life of the loan)
- Little to no equity required
- Protect your credit and get back on track
HARP may be a good choice if you:
- Are up to date with your existing mortgage payments
- Have a mortgage that was taken out before January 1, 2009
- Have a Fannie Mae or Freddie Mac-owned mortgage loan on your primary residence, second home, or investment property. Is your home owned by Fannie Mae or Freddie Mac?
If that sounds like you, then the Home Affordable Refinance Program may be right for you.
Have you fallen behind on your payments? Are you looking to modify your loan? Visit Homeowner Assistance to learn more about your options.
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