Loan Programs · Refinancing

Refinance when the numbers make sense

A refinance replaces your current mortgage with a new one. It can make sense when it lowers your long-term cost, shortens your term, removes mortgage insurance or moves you to a fixed payment. We run the break-even math with you and tell you plainly when waiting is the better choice.

Mortgage Refinance explained

A rate-and-term refinance pays off your existing mortgage with a new loan without taking significant cash out. Common goals are moving from an adjustable to a fixed rate, shortening the term, removing FHA mortgage insurance by moving to conventional, or removing a co-borrower. VA borrowers may be able to use the VA Interest Rate Reduction Refinance Loan (IRRRL), and FHA borrowers may have a streamline option. Every refinance has closing costs, so the savings need to outweigh them over the time you plan to keep the loan. All refinances are subject to credit approval and program guidelines.

Who it fits

  • Owners whose current terms no longer fit their plans
  • FHA borrowers with enough equity to move to conventional and drop mortgage insurance
  • Owners with an adjustable rate who want a predictable payment
  • VA borrowers considering an IRRRL
  • Owners who want to remove an ex-spouse or co-borrower from the loan

Florida specifics

  • Florida charges documentary stamp tax and intangible tax on new mortgages, which adds to refinance closing costs. We include them in your break-even estimate.
  • Refinancing does not affect your homestead exemption, as long as the home remains your permanent residence.
  • Insurance renewals have pushed many Florida escrow payments higher. A refinance does not lower insurance, so we separate the two when comparing payments.
  • Condo owners may need updated association documents, since lenders review the project again on a refinance.

How it works with Justin

  1. We review your current loan, your goals and how long you plan to stay.
  2. We compare your current loan with refinance options and show the break-even point.
  3. If it makes sense, you apply and we order an appraisal unless the program allows a waiver.
  4. Underwriting approves the loan, and you sign. On a primary residence, federal law gives you three business days to cancel before funds disburse.

Documents to gather

  • Current mortgage statement
  • Pay stubs, W-2s or tax returns
  • Homeowners insurance declarations page
  • Two months of bank statements
  • HOA contact details for condos and HOA communities

Things to consider

  • Closing costs can take years to recover. Refinancing too often can cost more than it saves.
  • Extending your term may lower the payment but increase the total interest paid.
  • Florida doc stamp and intangible taxes apply to the new loan amount.
  • An appraisal that comes in low can change the options available.

Share a few details and Justin will tell you whether Refinance fits, with real numbers for your loan.

Mortgage Refinance: common questions

When does refinancing make sense?

It usually makes sense when the long-term savings or benefits outweigh the closing costs within the time you plan to keep the loan. Common reasons are a shorter term, removing mortgage insurance or moving to a fixed rate. We run the break-even math before you decide.

How much does it cost to refinance in Florida?

Costs include lender and title fees, an appraisal if required, and Florida's documentary stamp and intangible taxes on the new mortgage. The total depends on your loan amount and the program. We give you a Loan Estimate so you can see every line before committing.

Can I refinance from FHA to conventional to drop mortgage insurance?

Often, yes, if you have enough equity and meet conventional credit guidelines. Rising home values in South Florida have helped many FHA borrowers reach that point. An appraisal confirms your current value.

What is a VA IRRRL?

The Interest Rate Reduction Refinance Loan lets VA borrowers refinance an existing VA loan into a new VA loan, often with less paperwork. The VA funding fee for an IRRRL is 0.5 percent unless you are exempt. The new loan must provide a net tangible benefit.

Will refinancing affect my homestead exemption?

No. Your homestead exemption is tied to ownership and residence, not to your mortgage. As long as the home stays your permanent residence, the exemption continues.

Related loan programs

  • Cash-Out Refinance — Turn South Florida home equity into cash with a cash-out refinance. Compare it with a HELOC, see Florida closing costs and plan for the long term.
  • 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.
  • VA Loans — VA home loans for Florida veterans and service members: no down payment for eligible buyers, funding fee basics, condos and South Florida tips.
  • Conventional Loans — Conventional home loans for South Florida buyers and owners: 2026 conforming limits for Palm Beach, Broward and Miami-Dade, down payment and PMI basics.

South Florida areas where it fits

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