Replace your current mortgage with a new one at a lower rate or different term. No cash out — pure rate and payment improvement.
Lower rate
Goal
No
Cash Out
Usually
Appraisal
Written by Renzo Johnson, Licensed MLO · NMLS #PENDING · Last updated: February 2026
Key Features
- Lower your interest rate
- Change from 30-year to 15-year (or vice versa)
- Switch from ARM to fixed rate
- Appraisal required for most programs
- No cash out (or limited cash-back at closing)
- Must demonstrate net tangible benefit
Who Is This For?
- Homeowners whose current rate is 1%+ above market
- ARM borrowers converting to fixed before adjustment
- Homeowners shortening to 15-year to build equity faster
Florida-Specific Considerations
- Florida doc stamp tax on new mortgage amount
- Intangible tax exempt on existing loan balance (pay only on increase)
- Homestead exemption unaffected by refinance
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