Rate Term Refinance Mortgage Loans

Refinancing is the process of paying off an existing loan by taking a new loan and using the same property as security. Homeowners may refinance to reduce their mortgage payment if interest rates have dropped to switch from an adjustable to a fixed rate loan if rates are rising or use equity for extra cash.

This option allows you to refinance the remaining balance on your current loan, which means you can take advantage of lower interest rates or a shorter term. A rate-and-term refinance is ideal for anyone looking to pay off their mortgage sooner, build equity faster, or save money overall. And really, who wouldn't be interested in doing those things?

This option involves taking out a mortgage greater than the remaining balance on your current loan; this allows you to use your equity as a cash advance to put toward home renovations or other expenses. A cash-out refinance is ideal for anyone who has built some equity and is looking to make major home improvements, pay off credit card debt, or make a large purchase. The cash out limit in Texas is 80% of the loan-to-value of the property.