Rate and Term Refinance
The process of paying off one loan with the proceeds from a new loan, using the same property as security. Cash received by the borrower at closing may not exceed $2,000 (not allowed in Texas). Status varies depending upon State Law. The purpose is, as the name implies, to reduce the interest rate, payment, and/or overall term of the mortgage.
- Reduction of the interest rate, payment, and/or overall term of the mortgage
- Limit of $2,000 cash (varies depending upon State Law)