This means allows you to pay off one loan using the proceeds from a new one, utilizing the same property as security. Money received by the borrower at the closing table cannot be over $2,000. In Texas, you can never receive cash at closing on a rate term refinance of your primary house.
States outside of Texas may have limited cash out of up to $2,000.
Benefits
Shorten Your Term: Refinance a loan you already have for another that is 10, 15, or 20-year fixed.
Lower Your Interest Rate: If you can reduce your interest rate to save on payments over the life of the loan, refinancing can be a good option.
Fixed Interest Rates: Switching an adjustable-rate mortgage (ARM) to a fixed-rate mortgage can eliminate the chance of future interest rate hikes.
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