Refinancing in Florida: Which Type Fits, What It Costs, How Long It Takes

Short answer

A Florida refinance makes sense when your monthly savings repay the closing costs before you sell or refinance again, and Florida adds two state taxes to every new mortgage: $0.35 per $100 in documentary stamp tax on the note and 2 mills ($2 per $1,000) in intangible tax. On a $400,000 refinance that is $1,400 plus $800, before title and lender fees. The right loan type depends on your goal: lower payment, cash out, shorter term or dropping mortgage insurance.

The six ways to refinance (and one alternative)

Every refinance pays off your current mortgage with a new one. What changes is the goal and the rules. Figures below are as of October 2026.

• Rate-and-term: same balance, new rate or new term (30 to 15 years, ARM to fixed). Fannie Mae calls it a limited cash-out refinance.
• Cash-out: a bigger loan, and you take the difference in cash. Fannie Mae caps a 1-unit primary home at 80% loan-to-value, requires at least one borrower on title for 6 months, and requires the first mortgage being paid off to be at least 12 months old. FHA cash-out is also capped at 80% of value.
• FHA streamline: FHA to FHA with no appraisal and no cash out. You need at least 6 payments made, 210 days since closing, no more than one 30-day late in the last 6 months, and a net tangible benefit (a rate or term reduction).
• VA IRRRL: VA to VA to lower the rate. Federal law requires 6 consecutive payments and 210 days after the first payment due date, and the fees must be recouped from the lower payment within 36 months. The VA funding fee is 0.5%, waived for veterans receiving service-connected disability compensation.
• Removing PMI or MIP: refinancing a FHA loan into conventional once you have equity can end mortgage insurance that would otherwise last for the life of the loan.
• Cash-in refinance: you pay the balance down at closing to reach a better loan-to-value bracket or to get under a loan limit.
• Alternative, a mortgage recast: if you only want a lower payment after a lump-sum payoff and you like your rate, a recast re-amortizes the same loan. No new loan, no Florida taxes, no appraisal. Not every servicer or loan type allows it.

When it makes sense: the break-even test

Divide total closing costs by the monthly savings. That is your break-even in months. If a refinance costs $6,000 and saves $200 a month, break-even is 30 months. If you expect to keep the loan longer than that, it can make sense. If you may sell in two years, it does not.

• Compare principal and interest plus mortgage insurance, not only the rate.
• Restarting a 30-year term lowers the payment but can raise total interest. Ask for the same payoff date as an option.
• On a cash-out, compare the new full mortgage against keeping your loan and adding a HELOC or a fixed second mortgage. If your current rate is low, a second lien often costs less overall.

Our break-even guide walks through the math step by step. Rates vary daily; call 305-425-1990 for today's pricing.

Florida refinance costs: taxes and title

Florida charges taxes on the new loan, not on the home value:

• Documentary stamp tax on the note: $0.35 per $100 of the new loan. A $400,000 loan pays $1,400.
• Intangible tax: 2 mills, or $0.002 per dollar. A $400,000 loan pays $800.
• Renewal exception: Florida Statutes 201.09 exempts a true renewal note signed only by the original borrower that renews only the unpaid balance, and taxes only the increase if the balance goes up. Most refinances are new loans to a new lender and pay full tax. The title company decides what applies to your file.
• Title insurance reissue rate: Florida sets title premiums by rule. A lender's policy on a refinance of a home insured by an owner's policy can use the reissue rate: $3.30 per $1,000 up to $100,000 and $3.00 per $1,000 from $100,000 to $1 million, versus $5.75 and $5.00 at the original rate. On $400,000 that is about $1,230 instead of $2,075. Coverage above the prior policy amount is charged at the original rate. Keep your owner's policy; the title agent needs a copy.

Add lender fees, appraisal (unless waived), recording, survey if required, and prepaid interest and escrow. Your Loan Estimate lists all of it within three business days of application.

Timeline and documents

Most refinances take a few weeks from application to funding, depending on the appraisal, title and how fast documents come in. Streamlines are usually faster because there is no appraisal.

• First days: application, credit, Loan Estimate within three business days.
• Next: appraisal (if required), title search, underwriting conditions.
• At least 3 business days before closing: you receive the Closing Disclosure.
• After signing: on most refinances of your home you have a three-business-day right to cancel (rescission), with Saturdays counted and Sundays and federal holidays not. Cash-out funds and payoffs go out after that window.

Documents to have ready:

• Recent pay stubs and W-2s, or personal and business tax returns if self-employed (bank statement options exist).
• Recent bank and retirement account statements.
• Current mortgage statement and any HELOC or second mortgage statement.
• Homeowners insurance declarations page, flood policy if you have one, and HOA contact for condos.
• Your owner's title policy, for the reissue rate.
• Photo ID for everyone on the loan and on title.

Florida re-checks: homestead, insurance, condo

• Homestead exemption: a refinance that does not transfer title is not a change of ownership under Florida Statutes 193.155, so your Save Our Homes cap stays. Adding or removing someone from the deed can be a change of ownership, with exceptions such as transfers between spouses. Ask before you change the deed at closing.
• Insurance: the new lender needs a current homeowners policy with enough dwelling coverage and, if the home is in a FEMA high-risk flood zone, flood insurance. Renewals with higher premiums can change your escrow and your debt-to-income ratio, so send the latest declarations page early.
• Condos: a new loan means a new condo project review. Florida's milestone inspection law applies to condo buildings three habitable stories or more, starting by December 31 of the year the building turns 30 (25 if the local agency requires it) and every 10 years after. Unfinished repairs or special assessments can block a conventional or FHA refinance; non-warrantable condo options may help.

Dropping mortgage insurance, and how we compare

Conventional PMI: you can ask your servicer to cancel it in writing when the balance reaches 80% of the original value, and it generally ends automatically at 78% if you are current. After a refinance, "original value" is the appraised value at the refinance.

FHA MIP: if your loan started at a loan-to-value of 90% or less, annual MIP ends after 11 years; above 90%, it lasts for the life of the loan. Refinancing to conventional is the usual exit once you have about 20% equity.

QMS Lending (NMLS #1781090), an independent mortgage broker in Miami, FL, compares refinance options across 100+ lenders: streamline vs full refinance, cash-out vs second mortgage, and recast vs refinance. In English or Spanish. Subject to credit approval.