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. In Texas you are never allowed to receive cash at closing on a rate term refinance of your primary home.
In other states they do have a limited cash out up to $2K on a rate term but not in Texas.
Advantages
Shorten Term of Mortgage: Refinancing an existing loan for another to a 10, 15 or 20 Year Fixed.
Lower Interest Rate: Refinancing is a good idea if you can reduce your interest rate to save interest payments over the life of the loan.
Fixed Interest Rate: Converting an adjustable-rate mortgage to a fixed rate can eliminate future interest rate jumps.
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