Refinancing your Mortgage Loans

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.

How to Proceed with your Refinance Loan?


Click here Icon - Opens in New Window 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.

Primary Residence - Refinancing the your Home Loan

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

Rate/Term Refinance

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. Click for More Details

Limited Cash-out Refinance

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. Click for More Details

Home Equity Refinance

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)

VA Streamline Refinance (IRRRL)

If you are a veteran with a VA loan or a Texas Vet loan guaranteed by VA, this is the loan you want. An appraisal is required unless your current lender is Wells Fargo Home Mortgage. (Some restrictions)

(Click here for more information about VA loans)

VA Regular Refinance

If you are a veteran with a conventional or FHA loan you may be able to refinance it into a VA loan. (Click here for more information about VA loans)

Second Home (Vacation Home)

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.

Rate/Term Refinance

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. Click for More Details

Limited Cash-out Refinance

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. Click for More Details

Cash-out Refinance

You can refinance your current mortgage and cash-out the available equity in your second home. Click for More Details

VA Streamline Refinance (IRRRL)

If you are a veteran with a VA loan or a Texas Vet loan guaranteed by VA, this is the loan you want. Click for More Details

Investment Property - Non-Owner Occupied (Rental)

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

Rate/Term Refinance

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. Click for More Details

Cash-out Refinance

You can refinance your current mortgage and cash-out some or all of the available equity in your property. Click for More Details

VA Streamline Refinance (IRRRL)

If you are a veteran with a VA loan or a Texas Vet loan guaranteed by VA, this is the loan you want. Most loans do not require an appraisal, or credit qualifying.

(Click here for more information)

Non-Conforming Loans

Non-Conforming or jumbo refinance loans for investment properties are available, but are very limited.
Click for More Details

Note:
Investment properties and Second Homes do not require a 3-day Right of Rescission.
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Conforming Loan Limits
One Unit $417,000
Two Unit $533,850
Three Unit $645,300
Four Unit $801,950
What if I've had a bankruptcy or a foreclosure?

Conforming Loans
In most cases you must wait 2 years for Fannie Mae loans and 4 years for Freddie Mac loans and reestablished credit.

VA IRRRLs
Some lenders require a mortgage only report instead of a full credit report. In most cases, the bankruptcy should not be a problem.

NOTE: After a bankruptcy be sure to check  your credit report for errors  and correct inaccurate information. This can make a big difference in your credit scores and loan approval.

3-day Right of Recession

Texas homestead law provides for any borrower refinancing their homestead in Texas to have a grace period of 3 business days from the closing date to re-consider the terms of the refinance before the loan becomes final. Details Icon - Opens in New Window

Second Homes

A second home/vacation home is considered a primary residence, but not your homestead.

To qualify as a second home you must use it at least two weeks of the year and it cannot be rented. The location is also  considered. It can't be 3 blocks from your current home. It could be 5 miles away at the lake or beach.