Mortgage Refinancing

Lower your rate, change your term, remove mortgage insurance or take cash out of your equity. Share a few details about your current loan and our team will show you whether a refinance makes sense and what it would cost.

Refinance Your Florida Mortgage With Confidence

A refinance replaces your current mortgage with a new loan. Done at the right time, it can lower your monthly payment, save interest over the life of the loan or turn home equity into cash. Done at the wrong time, closing costs can wipe out the savings. We help Florida homeowners compare both sides before they commit.

Types of refinance

  • Rate and term refinance. Replace your loan to get a lower rate, switch from an adjustable to a fixed rate, or shorten your term, for example from 30 to 15 years.
  • Cash-out refinance. Borrow more than you owe and receive the difference in cash for renovations, debt consolidation or other goals. Learn more on our home equity page.
  • FHA Streamline and VA IRRRL. Simplified refinances for existing FHA and VA loans that can reduce paperwork and may not require a new appraisal.
  • Removing mortgage insurance. Homeowners with an FHA loan and enough equity may be able to refinance into a conventional loan without monthly mortgage insurance.

Does refinancing make sense for you?

Start with your break-even point: divide your total closing costs by your monthly savings. For example, if a refinance costs $6,000 and lowers your payment by $200 a month, you break even after 30 months. If you plan to stay in the home well beyond that, the refinance is likely worth a closer look. Our refinance calculator runs this math for you.

Costs to expect

Refinance costs usually include lender fees, an appraisal, title insurance and settlement fees, recording fees and, in Florida, documentary stamp and intangible taxes that may apply to the new loan. You will see every cost itemized on your Loan Estimate, which lenders must provide within three business days of your application. You can pay these costs upfront, roll them into the loan or accept a slightly higher rate in exchange for lender credits.

How the refinance process works

  1. Share your goals and current loan details. We review your balance, rate, home value and credit.
  2. Compare options. We show you the payment, total cost and break-even point for each option.
  3. Apply and lock. Submit your documents and lock your rate.
  4. Appraisal and underwriting. Some streamline programs skip the appraisal.
  5. Close. For most refinances of a primary residence, federal law gives you a three-business-day right to cancel after signing before the loan funds.

Refinance Questions

There is no single rule. What matters is how long it takes your monthly savings to cover your closing costs and how long you expect to keep the loan. A smaller rate drop can still make sense on a large balance or when you plan to stay in the home for many years.

Often, yes. Rate and term refinances are available at higher loan-to-value ratios, and FHA Streamline and VA IRRRL programs have their own rules. Conventional loans above 80% of the home value will usually include private mortgage insurance.

It can. A new 30-year loan restarts the clock, which lowers the payment but can increase total interest. Choosing a shorter term, or keeping your old payment amount and paying extra toward principal, keeps you on track to pay the home off sooner.

Many refinances close in roughly 30 to 45 days. Streamline refinances and quick document turnaround can shorten that timeline.

Loan programs, rates and terms are subject to credit approval, property eligibility and change without notice. This page is general information, not a commitment to lend. Lending Warehouses of America, NMLS ID 332663.