Rate Term Refinance

The process of paying off one loan with the proceeds from a new loan, using the same property as security. The purpose is to reduce the interest rate, payment, and/or overall term of the mortgage. Cash received by the borrower at closing may not exceed $2,000 (not allowable in Texas). Requirements vary depending upon State's Law.

Reduce interest rate, payment, and/or overall term of the mortgage.

Limit of $2,000 cash (varies depending upon State's Law where loan is originated).

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