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Refinancing and Homestead Exemption

January 15th, 2021



Despite the pandemic, 2020 did bring some good things.  The unbelievable low interest rates it brought on sent many homeowners running towards savings by refinancing.  So the question is, if you refinanced your mortgage on your primary residence, do you then need to refile your homestead exemption application?

The short answer is NO, but varies state to state so be sure to double check.  In Texas, you would not have to refile the homestead exemption application if there was no change in the ownership per deed.  If your refinancing only changes your payment schedule, interest rate or both then you would not need to refile.  But if your refinance involves any change in ownership/title, most states will require you to refile for a new homestead exemption based on new ownership's eligibility.  If you marry, re marry or lose a spouse (whether it is because of death, divorce, or legal separation) you will probably need to refile for your homestead exemption on that property.  If you turn your home over to a trust, you will probably need to refile.

If you are unsure whether your will need to refile for homestead exemption after a refinance of your home loan, contact your county's Appraisal District.


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Disclaimer : The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the Houston Association of REALTORS®

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