Refinance Loans
Refinance loans allow homeowners to replace their existing mortgage with a new one, typically to secure a lower interest rate, reduce monthly payments, shorten the loan term, or tap into home equity. Options include rate-and-term refinance and cash-out refinance.
How to Refinance a Mortgage in Florida — 2026 Guide
Refinancing your mortgage in Florida can lower your monthly payment, shorten your loan term, or let you tap into your home equity. With Florida property values up significantly over the past 5 years, many homeowners are sitting on equity they can leverage.
Requirements at a Glance
Key Benefits
- ✓Lower your interest rate — even 0.5% saves thousands over loan life
- ✓Reduce monthly payment by extending term or lowering rate
- ✓Shorten loan term (30-year to 15-year) to build equity faster
- ✓Cash-out refinance to consolidate debt, renovate, or invest
- ✓Remove PMI once you reach 20% equity
- ✓Switch from adjustable-rate to fixed-rate for stability
How to Apply — Step by Step
Check Your Equity
Estimate your home value vs remaining balance. Florida homes have appreciated 30-50% since 2020 in most markets.
Compare Your Rate
If current rates are 0.5%+ below your existing rate, refinancing likely makes sense. Call for today's rates.
Apply Online
Submit income docs, recent mortgage statement, and home insurance info.
Appraisal (if required)
Appraiser confirms your home value. Streamline refis may skip this step.
Close & Start Saving
Sign docs, new loan pays off the old one. First new payment typically due in 30-45 days.
Who Qualifies?
You can refinance in Florida if you have at least 5% equity in your home, a credit score of 620 or higher for conventional (580+ for FHA streamline), and can document stable income. Self-employed borrowers need 2 years of tax returns. There is no limit on how many times you can refinance, but most lenders require 6-12 months of seasoning between refinances.
Pro tip: Don't just look at the rate — calculate the total cost. A "no-closing-cost" refi typically adds 0.25-0.5% to your rate, costing more over time. At Beacon Mortgage, we show you the break-even analysis upfront so you know exactly when the refi pays for itself. Most of our Central Florida clients break even in 14-18 months.
See How Much You Could Save by Refinancing
Pre-qualify in minutes. No credit check to start. No obligation.
Florida Market Insight
With Florida property values appreciating steadily, many homeowners have significant equity they can leverage through refinancing. Whether you want to lower your rate, consolidate debt, or fund home improvements, refinancing can be a powerful financial tool.
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Refinance Loans by Location
Refinance Loans Payment Calculator
Estimated Monthly Payment
$1,816.07
Loan amount: $280,000 · 30-year term at 6.75%
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Frequently Asked Questions
- What is a Refinance loan?
- Refinance loans allow homeowners to replace their existing mortgage with a new one, typically to secure a lower interest rate, reduce monthly payments, shorten the loan term, or tap into home equity. Options include rate-and-term refinance and cash-out refinance.
- How do I qualify for a Refinance loan in Florida?
- Qualification depends on credit score, income, debt-to-income ratio, and the specific Refinance program requirements. Contact Beacon Mortgage for a free pre-qualification with no impact to your credit score.
- What is the Florida market like for Refinance Loans?
- With Florida property values appreciating steadily, many homeowners have significant equity they can leverage through refinancing. Whether you want to lower your rate, consolidate debt, or fund home improvements, refinancing can be a powerful financial tool.
- Where does Beacon Mortgage offer Refinance Loans?
- Beacon Mortgage offers Refinance Loans in Orlando, Miami, Tampa, Jacksonville, Fort Lauderdale, Winter Garden, and 25+ additional Florida cities. Click any city below to see local market data.