Rate term refinancing refers to the process of paying off one loan with the proceeds from a new one, using the same property as security. Funds gained by the borrower at closing must not exceed $2,000. In Texas, you are never able to receive cash at closing on a rate term refinance of your primary home.
Other states have a limited cash out of up to $2,000 on a rate term, but not Texas.
Pros
Shorten the Term of Mortgage: Refinancing an existing loan for a 10, 15, or 20-year fixed new loan.
Lower Rate of Interest: Refinancing is a great option if you can lower your existing interest rate to save interest payments over the life of the loan.
Fixed Rate of Interest: Converting an adjustable-rate mortgage to one that has a fixed-rate can eliminate the risk of future jumps in your interest rate.
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