This guide walks you through how to refinance a home in Florida, from setting a goal to closing, with the math to confirm the refinance actually pays off. Before you start, gather your current mortgage statement, two years of income documents, recent bank statements, and your homeowners and flood insurance details. Duane Buziak is a Florida-licensed mortgage broker serving clients statewide, and the steps below reflect how he approaches each file.
By Duane Buziak, NMLS #1110647
Step 1: Define Your Refinance Goal and Pick the Right Program
The goal determines the product, so settle it before you collect a single quote. The main paths:
- Rate-and-term refinance: replaces your loan to lower the rate, change the term, or both. No cash comes out.
- Cash-out refinance: a new, larger loan that pays off the old one and hands you the difference. Duane Buziak arranges cash-out refinances up to 90% of value on eligible files.
- VA IRRRL or VA cash-out: for military homeowners, including the many in Jacksonville. The IRRRL (Interest Rate Reduction Refinance Loan) is the streamlined option for lowering the rate on an existing VA loan.
- DSCR refinance: for investment properties. DSCR (debt service coverage ratio) loans qualify the property on its rental income rather than your personal paycheck.
Pick one outcome: a lower rate on the same term, a shorter term, or cash for renovations, debt payoff, or a down payment on your next property. Trying to get all three usually means a worse deal on each.
The most common mistake is resetting to a new 30-year term to get a lower payment. If you are seven years into a 30-year loan and refinance into another 30, you may pay more total interest even at a lower rate. Compare total cost over the time you will hold the loan, not just the monthly payment.
Rates move weekly, so treat any figure as a snapshot. As of October 2026, check the Freddie Mac Primary Mortgage Market Survey for the current national average and note which week it covers. Your actual rate depends on credit, loan-to-value, occupancy, and program, and no one can promise a specific rate before reviewing your file.
Step 2: Check Your Credit Without a Hard Inquiry
Start with a soft credit pull mortgage review. Duane Buziak uses the NoTouch Credit Pull, which lets you see where you stand before any formal application and avoids a hard inquiry at the exploration stage.
The difference is simple. A soft inquiry is a look at your credit that does not affect your scores and is not seen by other creditors as a new application. A hard inquiry is recorded when you formally apply for credit and can lower scores slightly for a limited time. A no hard inquiry mortgage pre approval stage means you can learn your options first and commit later.
The review may use VantageScore 4.0. Be aware that acceptance of scoring models varies by program and by the investor buying the loan, so the score used in a preview may differ from the one used at underwriting. Treat the preview as a strong directional read, not a final number.
Minimum credit scores differ by program, and they change. Conventional, cash-out, DSCR, and VA each have their own thresholds, and individual wholesale options layer on their own rules. Confirm current minimums for your program rather than relying on a number you saw in an old article. For VA borrowers, check current program details on VA.gov’s IRRRL page.
One misconception to drop: that all rate shopping damages your credit. The Consumer Financial Protection Bureau explains that multiple mortgage inquiries made within a short window are generally treated as a single inquiry for scoring purposes. See the CFPB’s page on credit inquiries for the details, and ask your broker how the window applies to your situation.
Step 3: Calculate Your Equity and Break-Even Point
Two calculations decide whether a refinance makes sense.
Equity and loan-to-value
Equity is estimated value minus total mortgage balance. Loan-to-value (LTV) is balance divided by value. A home worth $500,000 with a $350,000 balance has $150,000 in equity and a 70% LTV. Maximum LTV varies by purpose: rate-and-term refinances generally allow higher LTVs than cash-out, and investment property refinances, including DSCR, are typically capped lower than primary residences. Confirm the limits for your program.
Break-even
Break-even months = total closing costs divided by monthly savings. Compare the result to how long you expect to keep the home. If you will sell in two years and break-even is 40 months, the refinance loses money.
A worked illustration
Suppose you owe $350,000 on a 30-year loan at 7.00%. Principal and interest is about $2,328 per month. Imagine a new $350,000 loan at 6.00% on a fresh 30-year term, about $2,098 per month. These rates are illustrative only, not quotes.
- Monthly savings: $2,328 minus $2,098 = $230.
- Assume illustrative closing costs of $7,000.
- Break-even: $7,000 divided by $230 = about 30 months.
If you plan to stay five years, you come out ahead. If you stay two, you do not. Closing costs are real on any refinance. Where the file allows, they can be structured with lender credits or rolled into the loan so you have little to nothing out of pocket at closing, but that trades cash today for a higher rate or balance, which changes the math above.
Step 4: Gather Documents and Review Florida-Specific Costs
Documents depend on how you earn income:
- W-2 borrowers: recent pay stubs, two years of W-2s, and tax returns.
- Self-employed borrowers: bank statement or tax return documentation, depending on the program.
- Investors: current leases, rent payment history, and property insurance. DSCR files qualify on the property’s cash flow, so investors do not need to prove personal income the way a traditional loan requires.
Everyone should also have two months of bank statements, a current mortgage statement, and ID.
Florida adds its own cost checks. Pull your homeowners declaration page and confirm the premium and windstorm coverage. Where flood insurance is required, get that quote too. Premium increases raise your escrow payment and your debt-to-income ratio, so surfacing them early prevents a surprise late in underwriting. If the home is in an HOA or condo, request the association documents promptly, since management companies can be slow.
Florida also taxes the paperwork. Documentary stamp tax applies to new promissory notes, and a non-recurring intangible tax applies to mortgages recorded in the state, both of which can affect a refinance. Rates and exemptions change, so verify current treatment on the Florida Department of Revenue documentary stamp tax page and ask for these lines on your Loan Estimate.
One mistake to avoid: letting your insurance policy lapse, or switching or renewing it mid-process without telling your broker. A changed premium or carrier forces a re-review of the file and can delay closing.
Step 5: Compare Offers Across Many Wholesale Options
A single-shelf bank or retail lender can only offer its own products. A broker shops many wholesale options at once. Duane Buziak, a Florida-licensed mortgage broker serving clients statewide, compares hundreds of lenders in a single pass, which matters most for DSCR, Non-QM, and VA files, where program guidelines and pricing differ widely between sources.
| Feature | Broker (Duane Buziak) | Florida retail bank or single-shelf lender |
|---|---|---|
| Program breadth | 500+ wholesale options across conventional, VA, DSCR, and Non-QM | Limited to the institution’s own products |
| Rate shopping | Many sources compared on one file | One set of pricing |
| DSCR and Non-QM | Full lineup available | Often limited or not offered |
| VA options | IRRRL and cash-out available | Varies by institution |
| Soft-pull pre-approval | NoTouch Credit Pull at exploration | Often a hard inquiry at application |
| Speed to close | Can route to faster-closing options | Depends on one internal pipeline |
| Cash-out range | Up to 90% on eligible files | Often lower; varies |
Some retail institutions do offer strong programs, so verify each claim against the offer in front of you. Larger online names such as Rocket, Movement.com, Lower, Mortgagefirm, and Veteransunited are also worth a neutral look if you want a benchmark, though each operates on its own model.
When offers arrive, compare the Loan Estimate, not the advertised rate. Read these lines:
- Interest rate and APR: APR folds in certain fees, so it shows the cost better than the rate alone.
- Points: upfront money paid to buy the rate down.
- Lender credits: money that offsets costs in exchange for a higher rate.
- Section A, origination charges: the fees for processing and underwriting the loan.
The CFPB’s Loan Estimate explainer walks through each section. The lowest rate is not automatically the best deal: a rate that needs three points may lose to a slightly higher one with credits once you run the break-even from Step 3.
Step 6: Lock Your Rate and Submit the Application
A rate lock holds your rate and points for a set period, commonly 30, 45, or 60 days, with longer locks often priced higher. A float-down lets you capture a lower rate if the market drops before closing, but it usually costs extra and has conditions. If closing slips past your lock, you may need an extension, which can carry a fee. Terms vary by lender and market conditions as of October 2026, so get the lock terms in writing.
Submit the full application only after you have chosen an offer. That way the formal credit pull happens once, and everything before it, from your credit review to the comparisons, works as a no credit hit mortgage application stage. You learn your options without paying for the exploration in score points.
After you apply, speed matters. Underwriters issue conditions, and each one has a clock behind it. Typical requests include:
- A letter of explanation for a large deposit or a credit item.
- Updated bank or pay statements if documents go stale.
- An insurance binder showing current coverage and the correct mortgagee clause.
Answer within a day when you can. Delays are the most common reason a lock runs short.
Avoid new debt between lock and close. Opening a credit card, financing a car, or putting furniture on a store account changes your debt-to-income ratio and triggers a fresh credit check before closing. A refinance that was approved can fall apart on a $900 sofa payment plan.
Step 7: Complete the Appraisal, Review Closing Disclosure, and Close
The appraiser verifies the home’s value and condition. Prepare by cleaning, clearing access to the attic, garage, and utility areas, repairing visible defects, and handing over a list of upgrades with dates and costs. Some programs waive the appraisal. A VA IRRRL, for instance, may not require one, but confirm current rules on VA.gov before assuming.
If value comes in low, you have three options: dispute it with recent comparable sales the appraiser missed, switch to a product with a lower LTV requirement (or a smaller cash-out), or wait and reapply when value or your balance changes.
Federal rules require the Closing Disclosure to reach you at least three business days before closing. Compare it line by line to your Loan Estimate: rate, loan amount, points, credits, and every fee. Ask about any difference. The CFPB explains the form on its Closing Disclosure page.
On a primary-residence refinance with a new lender, you typically get a three-day right of rescission after signing, and funds do not disburse until it ends. It does not apply to investment properties. The CFPB covers this in its right of rescission guidance.
For signing, remote or mobile notary options are often available. Bring a government photo ID and your certified funds if any are due. Your first new payment usually falls about one to two months after closing, and your old servicer will refund your prior escrow balance, typically within a few weeks.
Compare the Numbers, Then Start With a Credit-Safe Review
Once you have a closing date, confirm that your new payment and break-even point match the Step 3 numbers. If the final figures drifted, rerun the math before you sign.
Your dream home in Florida is closer than you think. Let’s turn your homeownership goals into reality with a personalized mortgage solution designed for your unique journey. Get your credit-safe consultation today with Duane Buziak at Florida Mortgage Rates by Duane Buziak, and discover the loan options that fit your life, backed by trusted guidance every step of the way. For more Florida resources, see FloridaMortgageBroker.io and FloridaMortgageMaestro.com.
Refinancing a Home in Florida: Eight Common Questions
How much does it cost to refinance a home in Florida?
Costs vary by loan size, program, and property, and typically include origination, appraisal, title, and Florida documentary stamp and intangible taxes. Your Loan Estimate shows the exact figures. Some files can be structured so you have little to nothing out of pocket at closing.
How long does a refinance take?
Timelines vary with the appraisal, the file’s complexity, and how fast you return documents. Duane Buziak can route files toward faster-closing options, but no one can guarantee a date.
What credit score do I need?
It depends on the program. Conventional, cash-out, DSCR, and VA each set their own minimums, and those change. Ask for a current read on your program.
How much cash can I take out?
Duane Buziak arranges cash-out refinances up to 90% of value on eligible files. Limits are lower for many investment properties and some programs.
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