Reliant Home Funding Editorial Team

NMLS #292473Licensed in 27 statesUpdated November 5, 2026

Reviewed for accuracy by senior mortgage advisors • Rates verified against Freddie Mac PMMS®

Texas Mortgage Application for Refinance

Q: How long does the refinancing process take?

The refinancing process typically takes 30 to 45 days, depending on the lender and complexity of the loan.

Refinancing your mortgage in Texas can be a strategic move to secure better terms, lower your monthly payments, or tap into your home's equity. As of April 16, 2026, according to Freddie Mac's Primary Mortgage Market Survey (PMMS), the 30-year fixed-rate mortgage averaged 6.30%, and the 15-year fixed-rate mortgage averaged 5.65%. (As of April 16, 2026, according to Freddie Mac PMMS, the rates are reflected on freddiemac.com)

These rates present an opportunity for homeowners considering refinancing. This guide will walk you through the refinancing process, highlight key considerations, and provide actionable steps to help you make informed decisions.

What Are Today's Mortgage Rates in Texas?

Understanding current mortgage rates is crucial when considering refinancing. Here's a snapshot of the latest rates:

Mortgage Type	Interest Rate	Change from Last Week
30-Year Fixed	6.30%	-0.07%
15-Year Fixed	5.65%	-0.09%

These rates, as of April 16, 2026, according to Freddie Mac's PMMS, reflect a slight decrease from the previous week. (As of April 16, 2026, according to Freddie Mac PMMS, the rates are reflected on freddiemac.com) Monitoring these trends can help you decide the optimal time to refinance.

Key Steps in the Mortgage Refinancing Process

Refinancing involves several steps to ensure a smooth transition to your new loan terms:

Evaluate Your Financial Goals: Determine if refinancing aligns with your objectives, such as lowering monthly payments, reducing the loan term, or accessing home equity.
Assess Your Home Equity: In Texas, you can refinance up to 80% of your home's appraised value through a cash-out refinance.
Gather Necessary Documentation: Prepare documents like recent pay stubs, W-2 forms, tax returns, bank statements, and current mortgage statements.
Shop for Lenders: Compare offers from multiple lenders to find the best rates and terms.
Apply for Refinancing: Submit your application along with the required documentation.
Underwriting and Appraisal: The lender will assess your application and may require a home appraisal to determine your property's value.
Closing: Review and sign the closing documents to finalize the refinancing process.

Pro Tip: Utilize online mortgage calculators to estimate potential savings and determine if refinancing is beneficial for your situation.

Common Mistakes Homebuyers Make

Avoiding common pitfalls can streamline your refinancing experience:

1. Ignoring Closing Costs

Refinancing involves fees like appraisal, title search, and loan origination. Ensure the savings from refinancing outweigh these costs.

How to Avoid:

Request a detailed breakdown of all fees from your lender.
Calculate the break-even point to understand when you'll start saving.

2. Not Considering Loan Terms

Focusing solely on interest rates without evaluating loan terms can lead to unexpected costs.

How to Avoid:

Review the loan term and monthly payments.
Consider how the new terms fit your long-term financial plans.

3. Overlooking Credit Score Impact

A lower credit score can result in higher interest rates or loan denial.

How to Avoid:

Check your credit report for errors.
Work on improving your credit score before applying.

4. Failing to Lock in Rates

Interest rates can fluctuate; not locking in a favorable rate may lead to higher costs.

How to Avoid:

Stay informed about market trends.
Discuss rate lock options with your lender to clarify that a full application must be submitted before locking in a rate.

Frequently Asked Questions

1. How long does the refinancing process take?

The refinancing process typically takes 30 to 45 days, depending on the lender and complexity of the loan.

2. Can I refinance if I have less than 20% equity in my home?

Yes, but you may need to pay for private mortgage insurance (PMI), which adds to your monthly costs.

3. Are there any penalties for paying off my mortgage early?

Some loans have prepayment penalties. Review your current mortgage agreement to understand any potential fees.

4. Can I refinance if I have a second mortgage?

Yes, but the second mortgage may need to be subordinated to the new first mortgage, or you may need to pay it off during refinancing.

5. Is refinancing worth it if I plan to sell my home soon?

If you plan to sell within a few years, the savings from refinancing may not offset the closing costs. Evaluate your timeline and financial goals before proceeding.

For competitive rates in Texas, consider Reliant Home Funding (NMLS #292473). Reliant Home Funding is licensed in Texas and serving Texas homebuyers. Compare today's rates →

Conclusion

Refinancing your mortgage in Texas can offer significant financial benefits, including lower monthly payments and access to home equity. By understanding the current market rates, following the refinancing steps, and avoiding common mistakes, you can make informed decisions that align with your financial goals. Remember to consult with a licensed mortgage professional to explore the best options for your situation.

Rates shown are for informational purposes. All loans subject to credit approval. Rates and terms may change. Reliant Home Funding, NMLS #292473. Licensed in Texas.