This refers to the process of one loan with the proceeds from a new loan, using your existing property as collateral. States outside of Texas have limited cash out of up to $2,000 on a rate and term refinance.
Shorter Mortgage Term: Refinance your existing loan for another that is 10, 15, or 20-year fixed.
Lower Interest Rates: Refinancing would benefit you if you can reduce your existing interest rate to save on payments over the life of the loan.
Fixed-Rate: Eliminate the risk of your interest rate going up by converting an adjustable-rate mortgage (ARM) to one that has a fixed-rate.
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