Refinancing in Florida
Florida homeowners can choose from several types of refinances; one option for borrowers is a Streamline Refinance.
To qualify for a Streamline Refinance:
- The refinance must lower the principal and monthly payments
- The loan must not be in deliquent status
- The borrower cannot receive cash back
- The borrower must have had the mortgage for at least six months
The refinance may be available without an appraisal and can potentially include the closing costs in the new loan. A no-cost Streamline Refinance allows the borrower to have no up-front expenses, but the borrower will incur a higher interest rate than they would if they had paid the closing costs up front. Other benefits of refinancing in Florida include: no credit underwriting and no income verification. Another option is the Cash-Out Refinance. This is an excellent choice for a borrower whose property has increased in market value. In a Cash-Out Refinance, a second mortgage is taken out for a greater value than the first. This pays off the first mortgage and allows the borrower to access their home's equity. Learn more about refinancing in Florida