Loan Programs · Refinancing

Put your home equity to work, carefully

Many South Florida homeowners have built real equity. A cash-out refinance lets you borrow against it by replacing your mortgage with a larger one. We help you decide whether that, a HELOC or leaving your current loan alone is the smarter move.

Cash-Out Refinance explained

A cash-out refinance pays off your current mortgage with a new, larger loan, and you receive the difference in cash at closing. People use it to pay off higher-cost debt, fund renovations, cover tuition, or buy another property. Conventional, FHA and VA programs each limit how much of your home's value you can borrow, and investment properties have tighter limits than primary homes. Because the new loan replaces your existing one, your entire balance moves to the new terms. All cash-out refinances are subject to credit approval and program guidelines.

Who it fits

  • Owners with significant equity and a clear plan for the funds
  • Owners consolidating higher-cost debt into one payment
  • Owners funding a renovation, hurricane hardening or a new roof
  • Investors pulling equity from a rental to buy the next property
  • Owners whose current mortgage terms are similar to or less favorable than today's options

Florida specifics

  • Florida doc stamp and intangible taxes are charged on the full new loan amount, so cash-out closing costs are higher than in many states.
  • Some owners use cash-out funds for impact windows, roof replacement or other wind mitigation upgrades, which may also lower insurance premiums.
  • Homestead property in Florida can be refinanced, but lenders follow specific requirements for signatures from both spouses.
  • Condo owners should expect lenders to review the association's reserves and any pending special assessments.

How it works with Justin

  1. We look at your current loan, your home's estimated value and what you want the money for.
  2. We compare a cash-out refinance with a HELOC or home equity loan side by side.
  3. If cash-out wins, we order the appraisal and underwrite the loan.
  4. You close, and after the three-day rescission period on a primary residence, the funds are disbursed.

Documents to gather

  • Current mortgage statement
  • Income documentation (pay stubs, W-2s or tax returns)
  • Homeowners insurance declarations page
  • Statements for any debts being paid off
  • Two months of bank statements

Things to consider

  • Your whole mortgage balance moves to the new terms. If your current terms are better than what is available now, a HELOC may cost less overall.
  • Borrowing against your home puts it at risk if you cannot make payments.
  • Consolidating debt over a 30-year term can increase the total you pay.
  • Cash-out loans often carry stricter credit and equity requirements than rate-and-term refinances.

Share a few details and Justin will tell you whether Cash-Out Refi fits, with real numbers for your loan.

Cash-Out Refinance: common questions

How much cash can I take out of my home?

It depends on the program, your home's value and your credit. Conventional, FHA and VA each set a maximum loan-to-value for cash-out, and investment properties have lower limits. We can estimate your available equity after reviewing your home and loan.

Is a cash-out refinance or a HELOC better?

A cash-out refinance can make sense if you would also benefit from new terms on your whole mortgage. If your current first mortgage terms are favorable, a HELOC lets you borrow without touching it. We compare both for your situation.

Can I do a cash-out refinance on a rental property in Florida?

Yes. Conventional programs allow cash-out on investment properties with lower loan-to-value limits, and DSCR programs may qualify you based on the property's rent. Guidelines vary by program.

How long after buying can I do a cash-out refinance?

Most programs have a seasoning requirement, meaning you need to have owned the home for a certain period before taking cash out. The required time differs between conventional, FHA, VA and non-QM programs, and we check the one that applies to you.

Are there taxes on a cash-out refinance in Florida?

The cash you receive is loan proceeds, not income. Florida does charge documentary stamp tax and intangible tax on the new mortgage at closing. For questions about deducting interest, talk with your tax advisor.

Related loan programs

  • HELOC (Home Equity Line of Credit) — Home equity lines of credit for South Florida homeowners: borrow against equity while keeping your first mortgage. Draw and repayment periods explained.
  • Mortgage Refinance — Refinance your Florida mortgage to change your term, drop mortgage insurance or move off an adjustable rate. Honest break-even math, no pressure.
  • Renovation Loans — Buy or refinance a South Florida home and finance the repairs in one loan: FHA 203(k), Fannie Mae HomeStyle and Freddie Mac CHOICERenovation.
  • DSCR Loans — DSCR loans for Florida real estate investors: qualify on rental cash flow instead of tax returns. How the ratio works, LLC closings and South Florida tips.

South Florida areas where it fits

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