Home Refinance

Whether you’re looking to save money by taking advantage of lower market interest rates or could use cash in hand now for home improvements, it may be time to consider refinancing your mortgage.

The McDaniel Mortgage Group offers refinancing options on a variety of loan programs throughout Texas, including conventional loans, VA loans, FHA loans, and more. No matter what your refinancing goals might be, our team can help you find the right solution for your needs.


As its name suggests, rate-and-term refinancing exists to help you lower your current interest rate and/or change the term of your current mortgage. Homeowners often refinance into shorter terms to pay off a loan quicker and to save money over the long run. Rate-and-term refinances are sometimes referred to as a “no cash-out” refinance as no money is disbursed to you when you sign your new mortgage. A rate-and-term refinance does not increase the value of your loan, either. If market rates are favorable, many homeowners can benefit from this type of refinancing.

Rate-and-term refinance is often popular with those who have an adjustable-rate mortgage (ARM). ARMs can be beneficial early on with low initial rates, but over time, they can be a bit risky as rates can go up significantly. Refinancing to a fixed-rate mortgage means you know exactly what your rate will be for the life of the loan. This means more stability and savings over time.

Another group of borrowers that are ideal candidates for a rate-and-term refinance are those who previously obtained a mortgage while having less-than-perfect credit or were unable to qualify with a competitive rate for similar reasons. Improving your financial standing and credit score can help you qualify for a better interest rate when refinancing even if market rates have not changed much.


A cash-out refinance essentially replaces your existing mortgage with a higher-value mortgage. The difference between the two is given to you as cash. Your new mortgage will be the sum of your existing home loan and the value of your cash payout.

Cash-out refinance is a great way to pay off various high-interest debts, to make home improvements, and more. Some people use the cash from their refinance to go on extravagant vacations or make frivolous purchases. It is often recommended to avoid these types of purchases and to invest that money into something that will benefit you financially.

Cash-out refinance isn’t available to everyone who may be interested in the product. You must have enough home equity for lenders to consider your refinance request. Additionally, you should have a good credit score and a low debt-to-income ratio in general.


Even if you’re just curious about what your refinancing options might look like at this time, it never hurts to talk to a professional. The McDaniel Mortgage Group is happy to answer any questions you might have about refinancing your mortgage now or down the road. If you own a home, contact us and see if a Mortgage refinances in Dallas or the surrounding areas in Texas may be right for you.