Thinking About Refinancing? Let's Find Your Best Option.
Whether you want a lower rate, a shorter term, or cash from your home's equity, I'll help you understand your options and whether refinancing makes sense for your situation right now.
Why Homeowners Refinance
Refinancing replaces your current mortgage with a new one, usually to get better terms. There's no one-size-fits-all reason to do it, but here's where most homeowners start:
- Lower your interest rate or monthly payment
- Shorten your loan term to pay off faster
- Remove private mortgage insurance (PMI)
- Add or remove a borrower from the loan
- Access cash from your home's equity
Rate-and-Term Refinance
The most common type of refinance — you replace your existing loan with a new one for roughly the same balance, usually to get a better rate, a different term, or to drop mortgage insurance.
How Often Can You Refinance?
Texas has no legal limit on rate-and-term refinances, but most lenders enforce their own seasoning period, typically around 6 months since your last refinance. Government-backed loans (FHA/VA) generally require about 210 days and a minimum number of on-time payments first.
Does It Actually Save You Money?
Closing costs typically run 2–6% of your loan amount, so a new lower rate isn't automatically a win. I'll walk through a break-even analysis with you so you know exactly how long it takes for the savings to outweigh the cost.
Already Have an FHA, VA, or USDA Loan?
A Streamline Refinance (VA calls theirs an IRRRL) is a faster, lighter-documentation version of a rate-and-term refinance built just for existing government-loan holders — the appraisal is often waived and paperwork is reduced.
Cash-Out Refinance
A cash-out refinance replaces your mortgage with a larger loan and pays you the difference in cash — often used for home improvements, debt consolidation, or freeing up funds for other goals. Texas has some of the strictest cash-out refinance rules in the country, so it helps to know them going in.
Reasons Homeowners Consider It
Home improvements and renovations, consolidating higher-interest debt into one lower payment, or freeing up funds to invest — a cash-out refinance turns home equity into usable cash without a second loan.
Texas Cash-Out Refinance Rules (Texas Constitution, Article XVI §50(a)(6))
- Maximum 80% loan-to-value — you must retain at least 20% equity
- 12-day mandatory cooling-off period before closing
- Primary residence only — investment properties and second homes don't qualify
- Limited to once every 12 months on the same property; 6 months of ownership required before your first cash-out refi
- Must close in person at a title company, attorney's office, or lender's office
- Only conventional loans qualify — FHA and VA loans are not eligible for cash-out refinancing in Texas
Lender fees, origination, discount points, underwriting, and processing, are capped at 2% of your loan amount by Texas law. You'll still have separate closing costs — appraisal, survey, and title company charges including title insurance and recording fees. Chet can walk you through a detailed estimate for your specific situation.
Need Equity Access in Retirement?
A reverse mortgage works differently than a standard refinance and is worth exploring separately if you're 62 or older.
Explore Reverse Mortgage Options →Already Have a Refinance Quote?
It never hurts to compare. Bring Chet your best offer and see how it stacks up.
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Get a current, no-impact-to-credit look at what refinancing could mean for you.
See Today's Rates →Frequently Asked Questions
Have a question that isn't answered here? Chet's full Mortgage FAQs page answers dozens more, covering credit, closing costs, appraisals, and what to expect at every step.
Let's See if Refinancing Makes Sense for You
I'm here to answer your questions, run the numbers, and help you decide with confidence — no pressure either way.
