In Texas, prior to this year, a cash-out refinance has to be treated as such forever. That means that if the borrower wants to do a subsequent refinance, even if the borrower is not receiving additional cash out proceeds, the loan is still considered a cash out.
That was just changed this year. Now a borrower has the option of converting a cash-out refinance into a Rate/Term refinance.
Because the new national tax law does not allow interest on a cash-out refinance to be deductable, some borrowers would benefit from converting from a cash-out to a rate/term refinance.
In order to reflect this accurately, it would be helpful if you could select which columns showed a tax benefit rather than having all of them show the same tax benefit across the board.
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