Florida refinances at a glance
- Rate-and-term: replace your current loan to lower the rate, shorten the term, or drop mortgage insurance; closing costs can often be rolled into the new loan.
- Cash-out: borrow against equity for renovations, debt consolidation, tuition or investment; conventional cash-out generally caps around 80% of value on a primary residence (lower on second homes and rentals).
- Jumbo refinance: loan amounts above $832,750 (2026 conforming limit in most Florida counties); lender pricing varies widely, so comparison matters more here than anywhere.
- Investor (DSCR) refinance: qualifies on the property's rent, not your tax returns; can close in an LLC.
- FHA and VA streamlines: reduced documentation and often no appraisal when you already have an FHA or VA loan.
- Florida-specific costs: documentary stamp tax ($0.35 per $100 of the note) and intangible tax ($2 per $1,000 of the mortgage) apply to most new mortgages.
- Timeline: often 2–3 weeks, subject to the lender, appraisal and title.
Program availability, limits and terms vary by lender and are subject to underwriting; figures are typical ranges, not offers.
How I evaluate a refinance
A refinance is a math problem first and a rate conversation second. Before anything else I look at three numbers: what the new loan actually costs to close (including Florida's state taxes), how much it changes your monthly payment or total interest, and how long you realistically expect to keep the property. If the break-even is 18 months and you plan to stay ten years, the decision is easy. If the break-even is five years and you might move in three, I will tell you to wait — even though that means I don't close a loan.
The second thing I look at is whether a refinance is the right tool at all. Many Florida homeowners locked rates in 2020–2021 that are far below today's market. For them, a second-lien HELOC or fixed home-equity loan often makes more sense than touching the first mortgage. The right answer depends on your current rate, how much equity you need, and whether you want a fixed payment.
Rate-and-term refinance
The classic refinance: a new loan replaces the old one at a lower rate, a different term, or without mortgage insurance. Typical reasons are a meaningful rate drop since you bought, removing FHA mortgage insurance by moving to a conventional loan once you have 20% equity, shortening a 30-year loan to a 15- or 20-year term, or converting an adjustable-rate loan to a fixed rate.
Cash-out refinance
A cash-out refinance replaces your mortgage with a larger loan and gives you the difference in cash. Lenders limit how much of the home's value you can borrow — commonly around 80% on a primary residence under conventional guidelines and less on second homes and investment properties — and pricing is typically a bit higher than a rate-and-term loan. It works best when the funds have a clear purpose with a return, such as renovations that add value, paying off high-interest debt, or acquiring another property.
Investment-property refinance (DSCR)
Investors in Palm Beach County and across Florida can refinance rentals on a DSCR basis: the lender qualifies the loan on the property's rent relative to the new payment, with no personal income documentation. Cash-out DSCR loans are available on many programs, usually at somewhat lower leverage than purchases, and the loan can close in your LLC. Prepayment penalties are common on investor loans and are often negotiable — I always put them on the table before you lock. More on DSCR loans →
Jumbo refinance
Above the conforming limit, every lender sets its own pricing, reserve requirements and documentation rules. Two lenders can be a quarter point apart on the same file, which is why I shop jumbo refinances across many lenders — including bank-statement and asset-based jumbo programs for business owners. More on jumbo loans →
FHA and VA streamline refinances
If you already have an FHA or VA loan, the FHA Streamline and the VA Interest Rate Reduction Refinance Loan (IRRRL) can lower your rate with reduced documentation and, in many cases, no appraisal. They cannot be used to take cash out, and the new loan generally has to produce a tangible benefit such as a lower payment.
What to have ready
Your current mortgage statement, homeowners insurance declarations page, most recent property-tax bill, and — for a full-documentation loan — recent pay stubs, two years of W-2s or tax returns, and two months of bank statements. For a DSCR refinance, the lease and a rent schedule. Please do not email documents; once we decide to move forward you will upload them through Loan Factory's secure application.