For refinancing, it makes essentially no difference which of the two owns your loan. Fannie Mae and Freddie Mac guidelines are close to identical on the things that matter for a refinance: eligibility, loan-to-value limits, documentation, and pricing all track each other closely. You won't get a materially better or worse deal based solely on which agency holds your note. One thing that trips people up: neither Fannie nor Freddie offers a no-appraisal streamline refinance the way FHA and VA do. An FHA Streamline or VA IRRRL can often skip the appraisal entirely with reduced documentation. A conventional refinance goes through full underwriting, and that includes the agencies' lower-cost options like RefiNow and Refi Possible. Appraisal waivers do come up on conventional loans, but case by case through the automated underwriting system rather than as a standing program. Even historically, special programs treated the two alike; the Home Affordable Refinance Program ran through Fannie and Freddie on equal terms. Knowing which agency owns your loan is useful mainly for looking up your account or checking a specific eligibility tool. Focus on the rate, the costs, and whether the numbers work.