Refinance Mortgage in Florida Today and Save Big on Payments

Florida homeowners are saving thousands in 2025 by refinancing—don’t miss your chance to do the same.

Refinancing your home can feel overwhelming, but Florida homeowners have unique opportunities in 2025. Whether you want lower monthly payments, to drop mortgage insurance, or to pull cash out of your equity, the right refinance can put more money back in your pocket. This guide will walk you through everything you need to know to refinance a mortgage in Florida—from closing costs and homestead exemption rules to the best loan programs available today.

Why Refinance a Mortgage in Florida in 2025?

Florida homeowners are in a strong position to refinance in 2025. Interest rates are averaging around 6.25%, and home values in cities like Miami, Tampa, Orlando, and Jacksonville rose by nearly 11% in 2024. That means borrowers have more equity to use when they refinance.

When you refinance a mortgage in Florida, you can:

• Cut down your monthly payments by getting a better interest rate.
• Drop FHA or private mortgage insurance (PMI)
• Pay off your home faster with a shorter loan term
• Access your equity with a cash-out refinance
• Switch from an adjustable-rate mortgage (ARM) to a stable fixed-rate loan

At Gustan Cho Associates, we help Florida homeowners refinance easily—even if another lender turned them down. We have no lender overlays, which means we follow only the minimum guidelines.

What Does It Mean to Refinance a Mortgage in Florida?

Refinancing is just swapping out your current mortgage for a new one with better terms. The new loan takes care of the old balance, and then you start paying for the new one.

When you refinance a mortgage in Florida, you might lower your monthly payment, remove costly insurance, or even take equity out for other financial goals. Borrowers in Florida often refinance to:

• Reduce their interest rate
• Eliminate PMI by moving from FHA to conventional
• Shorten the term of their mortgage to build equity faster
• Access home equity to pay off credit cards, student loans, or complete home improvements

Because Florida has unique costs—like documentary stamp taxes and intangible taxes—it’s important to understand the whole picture before starting the process.

Florida Refinance Closing Costs

When you refinance a mortgage in Florida, you’ll need to pay certain fees and taxes. Here’s what you can expect:

• Documentary Stamp Tax: $0.35 per $100 of debt refinanced (specific to Florida).
• Intangible Tax: $0.002 per $1 of new mortgage debt.
• Title and Recording Fees: Typically $500–$1,200 depending on your county.
• Appraisal Fee: Around $500, unless waived for FHA Streamline or VA IRRRL.
• Lender Fees: Vary by lender, but Gustan Cho Associates keeps them competitive.

Many Florida homeowners roll these costs into their loan balance so they can refinance without paying large amounts upfront.

Florida Homestead Exemption and Refinancing

Florida’s homestead exemption helps lower property taxes for your primary home. The cool part? If you decide to refinance, you won’t lose that homestead exemption. The exemption stays with you as long as you keep living there as your primary residence.

This is an important detail for anyone planning to refinance a mortgage in Florida because it ensures that lowering their monthly mortgage payment won’t unexpectedly raise their property taxes.

Loan Options to Refinance Mortgage in Florida

When you choose to refinance your mortgage in Florida, there are many loan programs available. The best option depends on your financial situation, equity, and credit score.

1. Rate-and-Term Refinance

Rate-and-term refinancing is a way to either score a lower interest rate on your mortgage or switch up the length of your loan—like going from a 30-year mortgage to a 15-year one. For example, if you refinance a $300,000 mortgage from a 7.25% interest rate down to 6.25%, you could save a bunch of money each month.

2. Cash-Out Refinance

A cash-out refinance lets homeowners access the money they’ve built up in their home to get extra cash. This can be great for covering debts, funding home upgrades, or handling other big expenses. For example, if your home is worth $350,000 and you still owe $250,000 on your mortgage, you could refinance for $300,000. That would give you $50,000 in cash to use however you need.

3. FHA Streamline Refinance

The FHA Streamline Refinance is an appealing option for borrowers with FHA loans. It offers a streamlined process that eliminates the need for an appraisal and income verification. With minimal paperwork, this refinance option is among the quickest available in Florida, making it a convenient choice for those looking to simplify their refinancing journey.

4. VA IRRRL (Interest Rate Reduction Refinance Loan)

The VA Interest Rate Reduction Refinance Loan (IRRRL) is designed for Florida veterans with existing VA loans. This type of refinancing offers several advantages, including no need for an appraisal, minimal paperwork, and a fast closing process, making it an appealing option for eligible veterans looking to reduce their interest rates.

5. Conventional Refinance

A conventional refinance is an excellent option for homeowners with strong credit and at least 20% equity in their property. This refinancing not only eliminates private mortgage insurance (PMI) but also helps to reduce long-term borrowing costs, making it a financially beneficial choice for eligible individuals.

6. Non-QM and Bank Statement Loans

Non-QM and bank statement loans are specifically for self-employed borrowers in Florida or those with non-traditional sources of income. These loans offer a unique qualification process that allows individuals to use 12 to 24 months of bank statements instead of traditional tax returns, making it easier to secure financing.

No matter which option you choose, Gustan Cho Associates will help compare programs to ensure your refinance mortgage in Florida fits your financial goals.

When Should You Refinance a Mortgage in Florida?

There’s no single answer for everyone, but here are common signs it’s time:

• Your current rate is at least 1% higher than today’s average
• You’ve built up equity and want to cash out
• You’re paying for FHA or private mortgage insurance
• You want to consolidate high-interest debt
• You’re changing from an adjustable-rate mortgage to a fixed-rate one.

In markets like Tampa, Orlando, Miami, and Jacksonville, where home prices are rising quickly, many borrowers use their equity to refinance their mortgages in Florida before rates climb again.

How to Qualify to Refinance Mortgage in Florida

Requirements vary depending on loan type, but here are the basics:

• Credit Score: 580+ for FHA, 620+ for conventional, VA flexible
• Home Equity: 20% avoids PMI, but FHA and VA allow less
• Debt-to-Income Ratio (DTI): Aim for under 50%
• Payment History: 12 months of on-time payments preferred
• Income Verification: Not required for FHA Streamline or VA IRRRL

If another lender told you “no,” we may still help you refinance your mortgage in Florida. At Gustan Cho Associates, we follow only the minimum FHA, VA, USDA, and conventional guidelines without extra overlays.

Florida Market Trends in 2025

Borrowers considering whether to refinance a mortgage in Florida should pay attention to these current market conditions:

• Rates: Conventional loans are averaging around 6.25%
• Home Values: Rose 11% statewide in 2024, giving more homeowners cash-out options
• Self-Employed Borrowers: More flexible Non-QM and bank statement refinance programs are available
• Debt Consolidation: Rising credit card balances make cash-out refinances attractive

These trends show why many Florida homeowners are refinancing now instead of waiting for rates to increase further.

Step-by-Step: How to Refinance a Mortgage in Florida

1. Get a Free Quote – Review your loan, credit, and financial goals.
2. Apply for Pre-Approval – Submit basic documents like income, bank statements, and mortgage details.
3. Lock Your Rate – Protect yourself if rates move higher.
4. Appraisal (if required) – Some programs skip this step.
5. Underwriting & Approval – Our team reviews your file and clears any conditions.
6. Closing – Sign your new loan documents and start saving.

With Gustan Cho Associates, most refinances close in 30 days or less, making it easy to refinance a mortgage in Florida.

Why Choose Gustan Cho Associates to Refinance a Mortgage in Florida?

Borrowers across Florida trust us because:

• No lender overlays – We approve loans that banks often deny
• Licensed in 50 states, including Florida
• Fast closings – Many refinances close in 30 days or less
• Flexible programs – FHA, VA, USDA, Conventional, Non-QM, DSCR, and bank statement loans
• Expert guidance – We’ll help you out every step of the way.

You don’t need perfect credit or 20% equity to refinance a mortgage in Florida. We’ll help find a program that fits your situation.

Ready to Refinance a Mortgage in Florida?

Borrowers who need a five-star national mortgage company licensed in 50 states with no overlays and who are experts on refinance mortgages in Florida, please contact us at 800-900-8569, text us for a faster response, or email us at alex@gustancho.com. The team at Gustan Cho Associates is available 7 days a week, on evenings, weekends, and holidays. Lower your monthly payment, drop PMI, or pull out cash today.

Related> Conventional Loan Refinance

FAQs: Refinance a Mortgage in Florida

Q: What are the Typical Refinance Closing Costs in Florida?

A: Between 2% and 5% of the loan amount, plus Florida’s doc stamp and intangible tax.

Q: Does Refinancing Affect My Florida Homestead Exemption?

A: No. As long as the home remains your primary residence, your exemption continues.

Q: What Credit Score do I Need to Refinance a Mortgage in Florida?

A: FHA allows 580+, conventional requires 620+, and VA loans have flexible guidelines.

Q: Can I Refinance if I’m Self-Employed?

A: Yes. Non-QM and bank statement programs are available to help self-employed Florida borrowers refinance.

Q: How Long Does Refinancing Take in Florida?

A: About 30 days on average. FHA Streamline and VA IRRRL loans can close faster.

Q: Do I Need 20% Equity to Refinance a Mortgage in Florida?

A: Not always. FHA and VA allow refinancing with less equity. 20% is required to drop PMI on conventional loans.

Q: Can I Take Cash Out When Refinancing in Florida?

A: Cash-out refinances let you take out more than what you owe on your mortgage, and you get the extra cash as a payout.

Q: What Makes Gustan Cho Associates Different for Florida Refinances?

A: We don’t add overlays like banks do, we close loans others can’t, and we offer every major loan program in the market.
This article about “Refinance a Mortgage in Florida Today, Save Big on Payments” was updated on September 3rd, 2025.