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Cash-Out Refinance

Your equity's been sitting around. Let's give it a job.

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The quick version

How it works

A cash-out refinance replaces your current mortgage with a new, larger one, and you take the difference in cash. Homeowners use it for remodels, paying off high-interest debt, college costs, investing, or building a cushion. In Texas, cash-out loans on your primary home follow special home equity rules written into the state constitution: your total loans against the home generally can't exceed 80% of its value, there's a waiting period after you receive a required notice, and you can do one only once every 12 months. Those rules protect homeowners. They also mean planning ahead matters. If your current rate is lower than today's rates, we'll also price a home equity loan or HELOC so you can keep your first mortgage.

Highlights

One loan, one payment

Your new mortgage replaces the old one.

Use the cash for anything

Remodels, debt payoff, tuition, investments.

Texas protections built in

Clear limits and waiting periods protect your home.

Compared against a HELOC

We'll show you both before you choose.

FAQ

Questions people actually ask

Tap a question to see the answer.

1How much cash can I take out in Texas?+
On your primary home, total loans against the property generally can't exceed 80% of its appraised value. Your available cash is roughly 80% of the value minus what you currently owe, less closing costs.
2What are the Texas cash-out rules?+
Texas treats a cash-out refinance on your homestead as a home equity loan under Section 50(a)(6) of the state constitution. That includes the 80% limit, a required notice with a waiting period before closing, and other consumer protections.
3How often can I do a cash-out refinance in Texas?+
On your primary home, generally no more than once every 12 months.
4Should I do a cash-out refinance or a HELOC?+
If your current mortgage rate is lower than today's rates, a HELOC or home equity loan lets you keep it. If your rate is higher, or you want one simple payment, a cash-out refinance may win. We'll run both.
5Does it make sense if rates are higher than my current rate?+
Sometimes. What matters is the blended cost: the new rate on the whole balance versus keeping your low first mortgage and adding a second loan. We'll do that math for you.
6Can I do a cash-out refinance on a rental property?+
Yes. Investment properties follow different rules than your primary home, with their own loan-to-value limits and pricing. DSCR loans can also be used for cash-out on rentals.
7How long does a cash-out refinance take?+
Plan for a timeline similar to a purchase. In Texas, the required waiting period on homestead cash-out loans is built into the schedule, so starting early helps.
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This information is general and educational. It is not a commitment to lend. Program guidelines vary by lender, change over time, and are subject to credit approval and underwriting.

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Plano Mortgage Broker

Mohave Mortgage

5830 Granite Pkwy # 100-213

Plano Texas, 75024

Office: (469) 414-5554

Branch NMLS # 2690682

Mohave Mortgage

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