Texas Cash-Out Refinance Rules

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Texas Cash-Out Refinance Rules

Texas cash-out refinance rules are different from the cash-out mortgage rules used in most other states.

When a borrower takes equity from a Texas homestead, the loan is generally governed by Article XVI, Section 50(a)(6) of the Texas Constitution.

These mortgages are commonly called:

Texas cash-out refinances
Texas home-equity loans
Section 50(a)(6) loans
A6 loans
Texas equity loans

The terminology may differ, but the central issue is the same:

The borrower is placing a new lien against the equity in a Texas homestead.

That triggers special requirements involving:

Maximum loan-to-value
Existing liens
Required disclosures
Waiting periods
Property appraisal
Owner and spouse consent
Closing location
Right of rescission
Fees
Loan documentation
Prior home-equity loans
Distribution of proceeds

A Texas cash-out refinance can be an effective financial tool, but the transaction must be structured correctly from the beginning.

What Is a Texas Cash-Out Refinance?

A Texas cash-out refinance replaces an existing mortgage with a new loan that allows the homeowner to access equity.

The proceeds may be used to:

Consolidate debt
Pay off credit cards
Finance home improvements
Create liquidity
Pay education expenses
Fund an investment
Pay medical expenses
Buy out another owner
Pay off a second lien
Restructure existing debt
Accomplish another permitted financial objective

A loan can be classified as Texas cash-out even when the borrower receives relatively little money directly.

The classification may apply when refinance proceeds are used to pay off certain debts that were not originally used to purchase the home.

For example, paying off a non-purchase-money HELOC through the new first mortgage may cause the transaction to be treated as cash-out.

What Is a Texas Section 50(a)(6) Loan?

Section 50(a)(6) of the Texas Constitution permits a qualifying home-equity loan to be secured by a Texas homestead.

The provision establishes protections and restrictions intended to prevent homeowners from losing all of their equity or unknowingly placing an invalid lien against the family home.

The governing constitutional language appears in Article XVI, Section 50 of the Texas Constitution.

The rules apply to the homestead—not every Texas property.

A cash-out refinance on a Texas investment property or second home may follow ordinary investor and lender requirements rather than the constitutional Section 50(a)(6) framework.

Occupancy must therefore be established before the loan is structured.

The Property Must Be a Texas Homestead

Texas cash-out refinance rules generally apply when the collateral is the owner’s Texas homestead.

The lender and title company may review:

Actual occupancy
Driver’s-license address
Property-tax exemption
Voter registration
Homeowners insurance
Utility bills
Mailing address
Other properties owned
Marital status
Borrower intent

A borrower cannot avoid Texas home-equity requirements simply by removing the tax exemption while continuing to occupy the property as a homestead.

Similarly, filing a homestead tax exemption is not the only way constitutional homestead status can arise.

The broader distinction is explained in Texas Homestead Laws and Mortgage Financing.

The Texas 80% Loan-to-Value Rule

One of the most important Texas cash-out refinance rules is the 80% combined loan-to-value limit.

The total principal balances of all loans secured by the homestead generally cannot exceed 80% of the property’s fair market value when the new equity loan is made.

The calculation is:

Maximum total liens = Property value × 80%

For example:

Appraised value: $600,000
Maximum total liens: $480,000
Existing first mortgage payoff: $350,000
Existing second lien: $20,000
Maximum theoretical remaining equity: $110,000

The homeowner would not necessarily receive the full $110,000.

The final cash available may be reduced by:

Closing costs
Prepaid interest
Escrow funding
Payoff differences
Title charges
Existing liens
Lender-required reserves
Program-specific loan-to-value limits

The Texas constitutional limit is a ceiling.

A lender or investor may impose a lower maximum based on the borrower’s credit, loan amount, property type, underwriting, or other risk factors.

Combined Loan-to-Value Matters

The 80% limit applies to the combined balances of liens secured by the homestead.

This means the lender must consider:

Existing first mortgage
Home-equity loan
HELOC
Tax lien
Improvement lien
Other subordinate financing
Any lien that will remain after closing

A homeowner cannot obtain an 80% first mortgage and then leave an additional home-equity lien outstanding above that limit.

If a subordinate lien remains open, its effect on combined loan-to-value must be evaluated.

Fannie Mae Also Caps Texas A6 Loans at 80%

Fannie Mae’s Texas Section 50(a)(6) guidelines confirm that the maximum LTV and CLTV for an eligible Texas A6 loan is 80%, regardless of a conflicting automated-underwriting recommendation.

Fannie Mae also states that HELOC subordinate financing is not permitted in connection with a Texas Section 50(a)(6) loan delivered under its requirements. Fannie Mae’s Texas A6 underwriting and collateral guidelines provide the current agency requirements.

A Desktop Underwriter approval does not override Texas constitutional restrictions.

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A New Appraisal Is Generally Required

Texas cash-out refinance rules require the property’s fair market value to be established and acknowledged.

For an eligible Fannie Mae Texas Section 50(a)(6) loan, a new appraisal is required even if automated underwriting offers:

Value acceptance
An appraisal waiver
Value acceptance plus property data

The appraisal supports:

The loan-to-value calculation
Maximum loan amount
Fair-market-value acknowledgment
Collateral eligibility
Title coverage

The appraiser must value the homestead property that will secure the mortgage.

Property outside the homestead should not be included merely to increase the available equity.

If the value comes in lower than expected, the loan amount or cash proceeds may need to be reduced.

The appraisal process is covered in Mortgage Appraisal Process Explained.

What If the Appraisal Is Too Low?

A low appraisal can reduce available cash significantly.

Suppose the borrower expected a $700,000 value:

Expected maximum at 80%: $560,000

But the appraisal is $650,000:

Actual maximum at 80%: $520,000

The $50,000 value difference reduces the constitutional maximum loan amount by $40,000.

Possible responses include:

Reducing the cash-out amount
Paying off fewer debts
Bringing funds to closing
Requesting a reconsideration of value
Waiting and refinancing later
Choosing a smaller second-lien solution when available
Abandoning the transaction

A value dispute should follow the process explained in Reconsideration of Value: Challenging a Low Appraisal.

The 12-Day Waiting Period

A Texas Section 50(a)(6) loan generally cannot close until at least 12 days after the later of:

The date the homeowner submits the loan application, or
The date the homeowner receives the required Texas home-equity notice

The waiting period cannot be waived simply because:

The borrower needs the money urgently
The rate lock is expiring
Underwriting finished early
The appraisal is complete
A creditor has established a payoff deadline
The borrower signs an acknowledgment

The loan officer should ensure the application and required notice are completed early enough to support the intended closing date.

Restarting the application or materially restructuring the transaction may require the lender to determine whether additional timing requirements apply.

Final Disclosure Timing

Texas cash-out refinances also include timing requirements involving the final itemized disclosure of:

Fees
Points
Interest
Costs
Charges

The loan generally cannot close before the borrower receives the required final information unless the applicable constitutional requirements and borrower consent provisions are satisfied.

Federal Closing Disclosure waiting periods may also apply.

The Texas and federal timing rules operate together. Satisfying one does not automatically satisfy the other.

One-Year Rule for Another Texas Equity Loan

If the homestead secured another Section 50(a)(6) loan within the previous year, a new equity loan generally cannot close until at least one year after the prior loan’s closing date.

A narrow exception may apply when the borrower submits a sworn request for an earlier closing because of a declared state of emergency.

Wanting:

A lower interest rate
More cash
A different loan term
Debt consolidation
A faster closing

does not ordinarily satisfy that emergency exception.

The previous closing date should be verified from the original settlement and loan documents.

Is the One-Year Rule the Only Seasoning Requirement?

No.

Texas constitutional timing is only one part of the analysis.

The selected mortgage investor may also impose requirements involving:

How long the borrower has owned the property
How old the existing first mortgage is
Recent property listings
Prior cash purchases
Delayed financing
Mortgage payment history

For example, Fannie Mae’s standard cash-out guidelines generally require:

At least one borrower to have been on title for six months, subject to specified exceptions
An existing first mortgage being paid off to be at least 12 months old, subject to specified exceptions

A borrower can satisfy the Texas one-year rule and still encounter another investor seasoning requirement.

Every Owner Must Consent

A Texas home-equity loan must be voluntarily created with the consent of each owner and each owner’s spouse.

The lender and title company must identify:

Every titled owner
Each owner’s marital status
Any non-titled spouse with homestead rights
Former spouses with possible claims
Trust ownership
Deceased owners
Heirs
Other parties appearing in title

Required parties may need to sign:

Texas home-equity security instrument
Home-equity affidavit and agreement
Fair-market-value acknowledgment
Homestead affidavits
Rescission documents
Closing disclosures
Title-company documents

A borrower cannot cash out the entire property while ignoring another owner’s interest.

Related ownership problems are discussed in Mortgage Approval When Someone Else Is Still on Title.

The Non-Borrowing Spouse May Still Need to Sign

A spouse does not have to be a credit-qualifying borrower in every transaction.

However, the spouse may still need to consent to the Texas home-equity lien.

A non-borrowing spouse may sign the deed of trust and other constitutional documents without signing the promissory note.

That means:

The spouse may not be personally obligated to repay the loan
The spouse agrees that the homestead secures the debt
The spouse’s homestead interest is subject to foreclosure if the loan defaults

If the loan program requires the spouse’s debts to be reviewed, that is a separate underwriting question addressed in Texas Community Property and Mortgage Qualification.

Where Can a Texas Cash-Out Refinance Close?

A Texas Section 50(a)(6) loan must close at an authorized location.

Permitted locations generally include:

The lender’s office
A title company
An attorney’s office

The lender and title company must confirm that the actual signing process satisfies current Texas requirements.

This can create complications when:

A borrower lives outside Texas
A spouse is deployed
An owner is hospitalized
A borrower is traveling
Several owners live in different states
A power of attorney is proposed

Do not assume an ordinary mobile-notary or mail-away closing will be acceptable.

The closing logistics should be confirmed early.

Three-Day Right of Rescission

After signing a Texas home-equity loan, the owners generally have three days to rescind the transaction without penalty.

The lender does not disburse proceeds immediately at the signing table.

The timeline generally includes:

Closing and document signing
Rescission period
Expiration of the cancellation right
Funding and disbursement

Weekends and federal holidays can affect the funding date under applicable rescission rules.

Borrowers should not promise equity proceeds to another party immediately after signing.

Cash-Out Proceeds Are Not Available at Signing

Because of the rescission period, the borrower should plan carefully when proceeds will be used for:

Debt payoff
Contractor deposits
Tuition
Medical bills
Investment purchases
Divorce settlements
Down payment on another property
Tax deadlines

The anticipated funding date should be confirmed with the lender and title company.

A closing date is not the same as a disbursement date.

Texas Cash-Out Refinance Fees

The Texas Constitution generally limits certain fees and charges associated with a Section 50(a)(6) loan to 2% of the loan’s principal amount.

Certain third-party charges are excluded from that limit, including qualifying charges for:

Appraisal
Survey
State base premium for the lender’s title policy and endorsements
Title examination report

Not every third-party fee is automatically excluded.

The lender and title company must classify fees correctly and ensure the applicable constitutional limit is satisfied.

This fee limit does not mean the borrower’s total closing costs can never exceed 2% of the loan amount.

Excluded charges, prepaid interest, escrow funding, payoff amounts, and other items can cause the total cash impact to be higher.

No Prepayment Penalty

A Texas Section 50(a)(6) loan may generally be prepaid without a prepayment penalty or charge.

That does not necessarily mean refinancing quickly is financially wise.

The borrower should still consider:

Closing costs
Interest already paid
Loan-term reset
Future refinancing plans
Break-even timeline
One-year restrictions
Whether another cash-out transaction may be needed

The financial analysis should follow the principles in When Does Refinancing Make Sense?

Only One A6 Loan at a Time

Only one Section 50(a)(6) home-equity loan may generally be secured by the homestead at one time.

A homeowner cannot ordinarily maintain two separate A6 loans against the same homestead.

If a new A6 loan is being made, an existing A6 loan generally must be:

Paid off
Closed
Released
Properly replaced through the new transaction

This restriction must be distinguished from the general possibility of having multiple permitted liens on a homestead.

The classification and purpose of each lien matter.

Existing HELOCs Must Be Reviewed

A HELOC may remain relevant even when its balance is zero.

The lender needs to know:

Is the HELOC still open?
What is the full credit limit?
Is the lien still recorded?
Was the HELOC used to purchase the property?
Is it a Texas home-equity HELOC?
Will it be paid off and closed?
Can it legally and programmatically remain?
Does the balance affect the 80% CLTV limit?

A borrower should obtain:

Current statement
Payoff statement
Closure instructions
Original loan documents when classification is unclear
Evidence of lien release after payoff

Paying the balance to zero does not automatically close the account or release the lien.

Texas Cash-Out Refinance Versus HELOC

A homeowner may compare a new first-lien cash-out refinance with a home-equity line of credit.

Cash-Out Refinance

A cash-out refinance:

Replaces the existing first mortgage
Provides a new interest rate
Creates a new loan term
May offer a fixed payment
Can consolidate existing liens
May increase the rate on the entire mortgage balance

HELOC

A HELOC:

Usually leaves the existing first mortgage in place
Creates a separate lien
Provides revolving access
Often has a variable rate
May include an interest-only draw period
Preserves the existing first-mortgage rate
Remains subject to Texas home-equity restrictions

The better option depends on:

Existing first-mortgage rate
Amount of cash needed
Expected repayment timeline
Fixed versus variable-rate preference
Closing costs
Combined loan-to-value
Income and credit
Future sale or refinance plans

A homeowner with a very low first-mortgage rate may prefer not to refinance the entire balance merely to access a relatively small amount of equity.

Texas Cash-Out Refinance Versus Home-Equity Loan

A closed-end home-equity loan may also preserve the existing first mortgage.

It generally provides:

A lump-sum advance
A fixed repayment schedule
A separate second-lien payment
Potentially fixed-rate financing
No revolving access after the funds are disbursed

The borrower must qualify while carrying:

Existing first mortgage
New second-lien payment
Property taxes
Homeowners insurance
HOA dues
Other monthly debts

The full household payment should be compared with a first-lien cash-out refinance.

Refinancing a Prior Texas A6 Loan

A prior Texas cash-out loan does not automatically mean every future refinance must remain classified as an A6 loan.

Section 50(f)(2) can permit certain refinances of a prior home-equity loan into a non-home-equity mortgage when specific requirements are met.

The new loan generally must satisfy conditions involving:

At least one year since the prior home-equity loan closed
No advance of additional funds other than permitted refinance costs
Maximum 80% loan-to-value
Required owner disclosures
Compliance with the constitutional refinance provisions

The original A6 loan must be identified before the new loan is disclosed.

If the borrower wants additional cash, the transaction may need to remain a Section 50(a)(6) loan.

“Once Cash-Out, Always Cash-Out” Is Not Universally Correct

For years, Texas mortgage professionals commonly said:

“Once a cash-out, always a cash-out.”

That phrase reflected older limitations.

Under current Texas law, an eligible prior A6 loan may be refinanced under Section 50(f)(2) into a non-A6 loan when all requirements are satisfied.

However, this does not happen automatically.

The lender must correctly document:

Prior lien type
Prior closing date
Current loan purpose
Requested cash back
New loan-to-value
Required disclosures
Title and homestead status

If the transaction does not meet every requirement, the new loan may still require A6 treatment.

Can a Texas A6 Loan Be Refinanced Through FHA or VA?

Potentially, but the loan structure must satisfy both:

The selected FHA or VA refinance requirements
Texas constitutional requirements

A federal mortgage program does not override Texas homestead law.

The lender must determine:

Whether the program permits the transaction
Whether the loan is still classified as Texas home equity
Maximum loan-to-value
Required documentation
Existing lien seasoning
Benefit or recoupment requirements
Borrower qualification
Texas closing requirements

Not every lender offers every combination.

Properties With Multiple Parcels

Texas A6 loans require special attention when the homestead includes multiple parcels or adjoining land.

The lender, appraiser, surveyor, and title company may need to determine:

Which land constitutes the homestead
Whether adjacent land is separate
Whether every parcel will secure the mortgage
Whether including a parcel creates prohibited additional collateral
Whether the homestead can be separately platted
Whether access and utilities remain adequate
Whether agricultural land is involved

Fannie Mae requires the appraisal and fair-market-value acknowledgment for an A6 loan to include only the homestead. Its guidelines also impose survey and collateral requirements when the borrower owns adjacent parcels.

This should be reviewed under Buying a Property With Multiple Parcels and Buying a Home With Acreage in Texas.

Investment Properties and Second Homes

Texas Section 50(a)(6) restrictions generally apply to the borrower’s homestead.

A true investment property or second home may be eligible for cash-out financing under ordinary program guidelines.

The lender must verify that the property is not actually the owner’s homestead.

Evidence may include:

Current lease
Borrower’s primary residence
Tax records
Insurance
Utility information
Driver’s-license address
Occupancy history
Homestead affidavits

Misclassifying a homestead as an investment property to avoid Texas A6 rules can create serious legal, title, and mortgage-fraud concerns.

Recently Listed Properties

A homeowner may decide to refinance after unsuccessfully listing the property for sale.

The lender must review:

Whether the listing is withdrawn
Whether a sales contract remains active
Whether the borrower genuinely intends to retain the home
Current occupancy
Appraisal and listing history
Investor waiting periods or overlays

A recently listed property may still qualify, but the listing and refinance must be properly documented.

The complete analysis appears in Refinancing a Home Recently Listed for Sale.

Using Cash-Out Proceeds for Another Home Purchase

A borrower may want to extract equity to fund the down payment on another property.

That can be possible, but the lender must consider:

Current mortgage payment
New mortgage payment
Available reserves
Intended occupancy of both homes
Timing of the refinance
Source-of-funds documentation
Whether the departing residence will be sold or rented
Whether rental income can be used
The Texas A6 funding timeline

The cash-out refinance should generally fund before the proceeds are used for the purchase.

The money must remain documented through the new home’s closing under Source of Funds Requirements for a Mortgage.

Using Cash-Out Proceeds to Pay Debt

Debt consolidation can reduce required monthly payments, but it does not automatically improve the borrower’s overall financial position.

The analysis should consider:

Mortgage interest rate
Length of the new loan
Total interest over time
Whether unsecured debt is being converted into debt secured by the home
Whether credit cards will be reused
Closing costs
Tax considerations
Emergency reserves

Turning credit-card debt into a mortgage may reduce the monthly payment while extending repayment over many years.

The borrower’s home becomes the collateral for that debt.

Divorcing Homeowners and Equity Buyouts

A refinance used to pay a former spouse may be structured differently from an ordinary cash-out refinance when the transaction involves a properly established owelty lien.

The lender and title company should review:

Final divorce decree
Owelty language
Ownership history
Deed transfer
Equity amount
Distribution of proceeds
Existing mortgage
Appraised value

An informal agreement to pay a former spouse does not necessarily create valid owelty treatment.

Improper structuring can cause a transaction that might have qualified as an owelty refinance to be treated as Texas cash-out instead.

Documents Commonly Required

A Texas cash-out refinance may require:

Mortgage application
Texas home-equity disclosure
Current mortgage statement
Statements for all subordinate liens
Payoff statements
Homeowners insurance
New appraisal
Survey
Title commitment
Prior closing disclosure or settlement statement
Existing note and deed of trust
Prior Texas A6 documents
Marital-status affidavit
Homestead affidavit
Fair-market-value acknowledgment
Texas Home Equity Affidavit and Agreement
Income documentation
Asset statements
Credit report
Identification for owners and spouses

The title company may request additional documents based on the ownership and lien history.

Questions Worth Asking Before Applying

Before beginning a Texas cash-out refinance, ask:

Is the property currently the borrower’s homestead?
What is the estimated property value?
What is the payoff on every existing lien?
Is there an open HELOC?
Was cash received in a previous refinance?
Is the existing loan a Texas A6 loan?
When did the previous home-equity loan close?
How much cash is actually needed?
Will any debt be paid through closing?
Does the borrower want to preserve the existing first-mortgage rate?
Is a HELOC or home-equity loan more appropriate?
Who owns the property?
Is every owner married?
Will every required owner and spouse cooperate?
Is the property composed of multiple parcels?
Has the home been listed for sale?
When must the proceeds be available?
Does the proposed loan remain at or below 80% CLTV?

These questions should be answered before ordering the appraisal.

Common Misconceptions

“Texas Allows Cash-Out Up to 90%”

A Texas Section 50(a)(6) loan generally cannot exceed 80% combined loan-to-value, even if an ordinary loan program permits a higher percentage elsewhere.

“The 80% Limit Applies Only to the New First Mortgage”

The combined balances of applicable liens secured by the homestead must be considered.

“A Zero-Balance HELOC Does Not Count”

An open HELOC may still have a recorded lien and available credit.

The account must be reviewed and may need to be closed and released.

“The Loan Funds at the Closing Table”

Texas home-equity loans generally fund only after the rescission period expires.

“The 12-Day Waiting Period Can Be Waived”

The constitutional waiting period generally cannot be waived for ordinary convenience.

“My Spouse Is Not on the Loan, So They Do Not Need to Sign”

Each owner and each owner’s spouse may need to consent to the home-equity lien.

“An Appraisal Waiver Can Be Used”

Fannie Mae requires a new appraisal for an eligible Texas Section 50(a)(6) loan even when automated underwriting offers value acceptance.

“Once Cash-Out, Always Cash-Out”

Certain prior A6 loans may qualify for refinance under Section 50(f)(2) without remaining A6 when all conditions are met.

“A Cash-Out Refinance Is Always Better Than a HELOC”

The best option depends on the existing mortgage rate, amount needed, repayment timeline, closing costs, and tolerance for variable interest.

Real Scenarios We Encounter

The Borrower Wants $100,000 but the 80% Limit Allows $65,000

The borrower has sufficient income and credit, but the appraised value and existing mortgage balance create a lower constitutional maximum.

The loan amount must be reduced regardless of automated underwriting approval.

The Borrower Has a Paid-Off HELOC

The HELOC balance is zero, but the line remains open and the lien is still recorded.

The lender requires the account to be closed and the lien addressed before the A6 refinance can close.

The Borrower Completed Cash-Out 10 Months Ago

The homeowner wants another A6 refinance because rates improved and additional equity is available.

The new equity loan generally cannot close until the applicable one-year requirement is satisfied.

The Prior Mortgage Is Already an A6 Loan

The borrower wants only a better rate and no additional proceeds.

Instead of automatically structuring another cash-out loan, the lender evaluates whether Section 50(f)(2) treatment is available.

The Appraisal Includes an Extra Parcel

The borrower owns the homestead parcel and adjoining land.

The appraisal initially includes both parcels, but the Texas A6 transaction can recognize only the homestead securing the loan under the applicable requirements.

The appraisal, survey, title, and legal descriptions must be corrected or clarified.

One Spouse Refuses to Attend Closing

Only one spouse qualifies for the loan, but both spouses possess relevant homestead rights.

The transaction cannot proceed until every required owner and spouse provides valid consent through an approved signing process.

Real Lender Perspective

The most important part of a Texas cash-out refinance is not determining whether the borrower has equity.

It is determining how much equity is legally and financially accessible.

A homeowner may have $300,000 of total equity but be able to access only a portion because of:

The 80% CLTV limit
Existing liens
Closing costs
Investor limits
Appraised value
Ownership structure
Prior A6 timing
Property characteristics

We also see transactions unnecessarily structured as A6 loans because the lender did not review whether Section 50(f)(2), an owelty, a rate-and-term refinance, or a separate home-equity product was more appropriate.

The strongest strategy starts by reviewing:

Original loan purpose
Existing note and deed of trust
All current liens
Prior cash-out history
Property value
Ownership and marital status
Amount and purpose of requested proceeds

That review determines the correct loan before disclosures, appraisal, and closing deadlines are established.

Who This Guide Is For

This guide may be especially helpful for:

Texas homeowners considering cash-out refinancing
Borrowers consolidating debt
Homeowners financing improvements
Borrowers with an existing Texas A6 loan
Homeowners comparing cash-out with a HELOC
Borrowers with multiple liens
Divorcing homeowners
Owners of homes on acreage
Borrowers with multiple parcels
Married borrowers applying individually
Real estate and financial professionals advising Texas homeowners

Final Thoughts

Texas cash-out refinance rules create a clear but highly structured process for accessing homestead equity.

The central requirements include:

Maximum 80% combined loan-to-value
New appraisal and fair-market-value acknowledgment
Consent from every owner and applicable spouse
Required home-equity disclosures
At least a 12-day application and disclosure period
A one-year limitation between applicable home-equity loans
Authorized closing location
Three-day right of rescission
Special loan and title documents
Proper treatment of existing HELOCs and liens

A borrower should also determine whether a first-lien cash-out refinance is truly the best option.

A HELOC, closed-end home-equity loan, rate-and-term refinance, Section 50(f)(2) refinance, or properly structured owelty may produce a better outcome depending on the circumstances.

The strongest Texas cash-out refinance begins with the title and lien history—not just a property-value estimate.