No, that is not true. You can refinance with any lender but there are some guidelines that you must meet. First, you can only refinance to 80% of the appraised value. So, if you currently owe $100,000, your home must appraise for a minimum of $125,000. Next, once you have a equity loan in Texas, anytime you refinance it is considered another equity loan whether you pull more cashout or not. This shouldn’t be a factor for you since the current loan is a equity loan. I work exclusively in Texas, so feel free to call me.