Texas One Mortgage can help you with refinancing your existing loan or loans for your 1 to 4 unit property in Texas for your primary residence, a second home or an investment property.

• Submit your online loan application. Call us to lock in your interest rate.
  (Interest rates are subject to change until locked in.)
• Review, sign and return your loan papers and required documentation to us.
  (Papers need to be return within 72 hours)
• The closing will be at a title company near you. You will have to go to the title company to sign the closing documents.
• The title company will disburse funds after the 3-day Right of Rescission period. Second homes and investment properties normally fund the same day as closing.

Click here for more detailed information about the refinance process.

Below is a general list of the various types of refinance loans you can choose from and how each works. If you don't find the information you are looking for, please email us us your questions for further help.

You have four choices for refinancing the home you live in.

This is a loan to refinance your existing mortgage plus allowable closing costs. No cash to the borrower at closing. 2nd liens that were used to purchase the home can be included. These are the easiest, most common refinance loans since they can usually be done as a streamline refinance. Maximum LTV is 97%.

This type of loan is used when you want to refinance your current mortgage plus a home improvement loan. The interest rate on this type of loan is slightly higher. Allowable closing costs can be financed in the new loan amount. Maximum LTV is 95%.

Use this type of loan if you want to cash-out some of the equity in your home. The new loan is limited to 80% of the appraised value. The interest rate on this type of loan is generally about 0.25% higher than a rate/term loan.

This is also the type of loan you will have to use if you currently have a home equity loan on your home, even if you don't want to cash-out any more of your equity. (This is required by Texas law)

(Click here for more information about Home Equity loans)

If you are a veteran with a VA loan or a Texas Vet loan guaranteed by VA, this is the loan you want. No appraisal, No credit check, No qualifying debt ratios, No income verification. (Some restrictions)

(Click here for more information about VA loans)

This is an additional home to your primary residence that you own and live in at least two weeks of the year and that is not ever rented. It could be a home at the lake or a condo at the beach or just a home in another city that you regularly travel to and want a more permanent place to stay while you are there. In any case, it must make sense that it is a second home for your own personal use.

You are only allowed to own one primary residence and one second home at a time.

You have three choices for refinancing your existing loan on your second home.

Refinance your existing mortgage plus allowable closing costs. No cash to the borrower at closing. 2nd liens that were used to purchase the home can be included. Up to 95% LTV allowed. Loans over 80% LTV require mortgage insurance.

Refinance your current mortgage plus a home improvement loan. The interest rate on this type of loan is slightly higher. Allowable closing costs can be financed in the new loan amount. Maximum LTV 95%.

You can refinance your current mortgage and cash-out the equity in your second home up to a 90% LTV. Loans over 80% LTV require mortgage insurance.

You have three choices for refinancing a 1 to 4 unit investment property.

Refinance your existing purchase mortgage plus allowable closing costs. No cash to the borrower at closing. 2nd liens that were used to purchase the home can be included. Appraisals on investment properties are more expensive since rental comps and an operating income statement are required. Maximum LTV 90%. Loans over 80% LTV require mortgage insurance.

Interest rates are usually 0.25% to 0.50% higher than the rate you would get for a loan on your primary residence.

You can refinance your current mortgage and cash-out the equity in your property up to an 85% LTV. Loans over 80% of the value require mortgage insurance.

Extra costs for cash-out loans over 70% LTV. The rate is usually only an additional 0.125% to 0.25% higher for cash-out loans.

If you are a veteran or a surviving spouse of a veteran with a VA loan or a Texas Vet loan guaranteed by VA and you once lived in this property, but it is now a rental, you can still refinance your VA loan using the VA Streamline Refinance. No appraisal, No credit check, No qualifying debt ratios, No income verification are required. (Some restrictions)

(Click here for more information)

At this time, Non-Conforming loans are not eligible for Investment Properties...

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Please email or call our office for additional information.