Refinancing in Boca Raton, FL: Costs, Homestead, Insurance and Condos

Short answer

On top of lender and title fees, every Boca Raton refinance with a new note pays two Florida taxes: $0.35 per $100 in documentary stamp tax and 2 mills in intangible tax, or $3,850 on a $700,000 loan. A refinance does not reset your homestead or Save Our Homes cap, but your condo building and your insurance have to pass the new lender's review (as of October 2026).

Palm Beach County closing taxes on a refinance

The general refinance playbook (the six refinance types, the break-even test, timelines and documents) is in our Florida refinance guide. This page shows what those rules cost on Boca-sized loans.

Florida charges two state taxes when a new mortgage is recorded, collected at closing in Palm Beach County like everywhere else in the state:

• Documentary stamp tax on the note: $0.35 per $100 of the loan, per the Florida Department of Revenue.
• Nonrecurring intangible tax: 2 mills, or $2 per $1,000 of the loan, under section 199.133.

What that means at Boca loan sizes, as of October 2026:

• $450,000 condo refinance: $1,575 + $900 = $2,475.
• $700,000 refinance: $2,450 + $1,400 = $3,850.
• $1,100,000 jumbo refinance: $3,850 + $2,200 = $6,050.

Florida law has a narrow exception: under section 201.09, a renewal note signed only by the original borrower that only extends the unpaid balance is not taxed, and an increase is taxed only on the increase. A typical refinance with a new lender is a new note, so plan on paying the full amount; if your current lender offers a modification instead, ask how the taxes apply.

Add the lender's fees, the new lender's title policy, recording and any appraisal. Then run the refinance break-even: on a jumbo, the Florida taxes alone can take months of savings to recover.

Homestead, Save Our Homes and portability

Boca owners who bought years ago often pay taxes on an assessed value far below market, thanks to the Save Our Homes cap. Under section 193.155 a homestead's assessed value can rise each year by no more than 3% or the change in CPI, whichever is lower, and it resets to market value only after a change of ownership: a sale, foreclosure or transfer of title.

• A refinance is not on that list. Replacing your mortgage, even with cash out, does not by itself reset the cap or remove your homestead exemption.
• Title changes can. If a lender or a planner suggests adding a child or other person to the deed, check first: transfers between spouses are excepted, but adding someone who then applies for homestead can count as a change of ownership.
• Portability if you are moving. If you refinance now because you plan to sell later and buy again in Florida, the Palm Beach County Property Appraiser says you can transfer up to $500,000 of your Save Our Homes benefit to the new homestead, if you establish it on or before January 1 of the third year after leaving the old one. File with your new homestead application, or form DR-501T, by March 1.

With Boca house values up 24.8% in a year (Q3 2026 median $1,410,000 inside city limits, per Florida Realtors data published by MIAMI REALTORS), the gap between market and assessed value, and the portability benefit, can be large. That is worth weighing when you decide between a cash-out refinance on your current home and a sale.

Insurance and flood: what the new lender re-checks

A refinance is a new loan, so the new lender reviews your insurance from scratch. In Boca that review can raise your escrow even when the rate drops.

• Flood maps changed. FEMA adopted new flood maps for Boca Raton on December 20, 2024, and the city says a large portion of Boca lies in the special flood hazard area. If your home was mapped into a zone since your last loan, the new lender can require flood insurance you do not carry today. Check your address on the FEMA map before you apply.
• City flood discount. Boca says its improved Community Rating System class gives residents a 25% discount on NFIP flood premiums; confirm it is on your policy. New NFIP policies typically take 30 days to start, so do not wait until the week of closing.
• Hazard and wind coverage. The lender will check that your policy is current and the coverage is enough. If your carrier dropped you or you moved to a new carrier, bring the new declarations page early. An updated wind mitigation inspection and, on an older home, a 4-point inspection can help with pricing and eligibility.

Your payment comparison should include the new escrow for taxes and insurance, not just principal and interest. We show both side by side.

Refinancing a Boca Raton condo

Boca has a large stock of condo towers and 55+ complexes from the 1970s and 1980s, and a refinance puts the building through underwriting again, under today's rules rather than the ones in place when you bought.

• Conventional: Fannie Mae's project standards, updated August 5, 2026 (SEL-2026-07), make a project ineligible if it needs critical repairs affecting safety, soundness, structural integrity or habitability, including any unfunded repairs costing more than $10,000 per unit that should be done within 12 months. A special assessment tied to an unremediated critical repair also makes the project ineligible. The project becomes eligible again once repairs are completed and documented, typically with an engineer's report.
• Inspections the lender will ask about: a structural inspection completed within the last three years must be reviewed. In Florida, buildings three or more habitable stories tall must have a milestone inspection by December 31 of the year they turn 30, and every 10 years after.
• FHA streamline: if you already have an FHA loan, the streamline uses the prior property value and needs no appraisal, so a building issue is less likely to stop it. Lenders can add their own condo rules, so we confirm before you apply.

If your building is in the middle of repairs, a non-warrantable condo loan may refinance it now, usually with more equity required, or it may make sense to wait until the work is documented. Ask your association for the condo questionnaire and its latest inspection and SIRS before you pay for an appraisal.

Which refinance fits: conventional, FHA streamline or VA IRRRL

As of October 2026, the main options for a Boca homeowner:

• Conventional: Fannie Mae's eligibility matrix allows up to 97% loan-to-value on a limited cash-out refinance of a one-unit principal residence when Fannie Mae owns the current loan, and up to 80% on a cash-out refinance. This is also how many owners drop PMI or FHA mortgage insurance once they have equity. Loans above $832,750 are jumbo; see jumbo loans in Boca Raton.
• FHA streamline: for current FHA borrowers. You need at least six payments made, six months since the first payment due date and 210 days since closing; the new loan must lower your rate or improve your term, and no cash out is allowed.
• VA IRRRL: for current VA borrowers who live or used to live in the home. Federal law requires six consecutive payments and 210 days from the first payment due date, and the fees must be recouped within 36 months. The VA funding fee on an IRRRL is 0.5%, unless you are exempt under VA rules, for example if you receive VA disability compensation.

Rates vary daily; call for today's pricing. QMS Lending is an independent mortgage broker in Miami, FL, working with 100+ lenders, so we price the same refinance across many lenders and show the break-even next to each one. Call 305-425-1990, in English or Spanish. Michael Fernandez, NMLS #1491775; company NMLS #1781090; 4.9 stars across 200+ Google reviews. Subject to credit approval. Equal Housing Opportunity.