There is not a "one size fits all" answer to your question. The fastest solution with the lowest closing cost is probably a HELOC, although in TX any cash out stuff can be difficult. And also the rate will probably be higher if you want a fixed rate product.
The lowest long term cost (interest rate) would be either a cash out mortgage on your existing home or a mortgage on the proposed investment property. There's going to be a rate adjustment on either a cash out refinance OR an investment property purchase. So the rates on those as well as the costs are probably about the same. And it will probably take 30 days or so to close.
If I were you I would probably lean towards just getting a mortgage on the new home. That will help keep everything straight from an accounting/tax perspective come time to file your tax returns.
I'm a TX-licensed loan officer, so if you would like to discuss your individual circumstances and options then feel free to shoot me a message!
I would be happy to help you in your search. I can set up a search for you through the MLS. This is really the only way to receive the most up to date and accurate information.
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Rule of purchasing real estate....always have someone that represents you. Builders are out to make money and if you go in alone, they will take advantage of your desire to have a new home. I closed in December with First Texas, the sales agent was amazed because I had the lowest priced home on the street and moved in with $50K equity plus was paid a commission. Upgrades were not paid upfront.
So go in with an agent.
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