Your mortgage payment is likely your largest expense. As personal circumstances or markets shift — as they often do — it’s a great idea to look at that asset and see if your money can work smarter for you. Do you want to:
- Be mortgage-free faster with a shorter-term refinance?
- Leverage equity to make home improvements?
- Lock in a lower, fixed-rate on investment properties?
Refinancing is not a one-size-fits-all scenario — but have no fear. Our Home Loan Heroes have various loan options to fit your precise needs and financial goals.
The Benefits of a Refinance with Texell:
- Work with a local Home Loan Hero to help you every step of the way.
- Refinance your current mortgage with cash out up to 80% of accumulated equity.
- Low, fixed rates with terms up to 30 years.
- Choose between a Rapid Refi, Home Equity, or Investment Loan — Texell delivers the best fit.
Which is Right for You?
1 This loan is perfect if you want to refinance your primary residence for a shorter term or lower your current home mortgage rate.
1 No closing costs for existing members and a $300 processing fee for new members.
Turn your home’s equity into cash. And if you owe less on your mortgage than 80% of the equity you have in your home, you could completely refinance your mortgage with a Home Equity Loan.
Great for refinancing a home that is not considered your primary residence. Investment Refinance Loans have terms from 10- to 30-years and offer a cash-out option.
Frequently Asked Questions:
Are appraisals required for Refinance Loans?
Appraisals are required for Home Equity and Investment Refinance loans, but an appraisal is not needed for Rapid Refinance.
How do I calculate the amount my home will qualify for with a home equity refinance?
In Texas, you can refinance your home for up to 80% of your home’s value. Home values typically increase over time, and as you pay your mortgage, the amount you owe reduces. For example, if you owe $150,000 on your mortgage, and your home appraises at $250,000, you could refinance up to $200,000 and receive $50,000 cash out.
What is the difference between the interest rate and the annual percentage rate?
The interest rate is the amount you will pay every year on your mortgage loan expressed at a percentage rate. The Annual Percentage Rate (APR) includes the interest plus any other charges related to your mortgage loan. The APR includes the interest rate plus any fees or points associated with your loan. The interest rate does not include any additional fees associated with your loan. For this reason, the APR is usually higher than the interest rate.
Will my mortgage loan be sold?
It depends on your mortgage loan. Texell has options for loans that will not be sold to another lender. Ask your mortgage loan officer for the loan that best meets your needs.
How to Refinance Your Home
There are several reasons to refinance your home, and most involve saving money. If you’re considering a refinance, here are five steps for a smooth process.
Why and When to Refinance Your Home
When mortgage rates are low, refinancing may save you thousands in interest. There are good reasons to refinance, but also situations when you should not.
What is a Home Equity Loan
Equity grows as you pay down your mortgage and as your home increases in value. You can borrow against the equity of your home with a home equity loan.