Rate and Term Refinance?

[Jose Jusino]

Hi BP! 

I was doing research on the BRRR Strategy and I got stuck on the Refinance part. I've been reading around for information on different types of loans and refinancing and I know that most types require a seasoning period of about 6 months.

I've also read that a Rate and Term refinance does not usually require a seasoning period so it seems to be a more "BRRR-Friendly" type of refinance.

My question is, what are the pros and cons of this type of refinancing? Many of the sites mentioned "Rate and Term" having pros and cons but none were actually listed.