Lower your rate, reduce your term, access cash, or eliminate PMI. Complete guide to every refinance option for Florida homeowners.
Rate/Cash
Types
Varies
Appraisal
Key metric
Break-Even
Written by Renzo Johnson, Licensed MLO · NMLS #PENDING · Last updated: February 2026
Key Features
- Rate-and-Term Refinance — lower your rate or change your term
- Cash-Out Refinance — access home equity
- FHA Streamline — no appraisal for existing FHA loans
- VA IRRRL — no appraisal for existing VA loans
- PMI removal refinance — eliminate private mortgage insurance
- Calculate your break-even point before refinancing
Who Is This For?
- Homeowners with rates 1%+ above current market
- FHA borrowers wanting to remove permanent MIP (refi to conventional)
- Homeowners needing cash for improvements or debt consolidation
- ARM borrowers wanting to lock in a fixed rate
Florida-Specific Considerations
- Florida doc stamp tax applies to new mortgage amount on refi
- Florida intangible tax: $0.20 per $100 on NEW money only (refinance exempt on existing balance)
- Flood insurance must be maintained (no gap in coverage)
- Homestead exemption transfers automatically on refinance
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