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Rate 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. 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.


  • 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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NOT A GUARANTEE, OFFER OR AGREEMENT. EVERETT FINANCIAL, INC. D/B/A SUPREME LENDING NMLS ID #2129 (www.nmlsconsumeraccess.org) 14801 Quorum Dr., #300, Dallas, TX 75254. 877-350-5225. © 2017. Information, rates, & programs are subject to change without prior notice. Subject to credit & property approval. Not affiliated with any government agency. Intended for Texas Consumers Only. Texas- SML Mortgage Banker Registration Residential Mortgage Loan Originator.