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Florida Cash-Out Refinance, Explained for 2026
Florida homeowners who bought before 2022 are sitting on some of the strongest equity gains in the country — but tapping it takes real math because Florida stacks documentary stamp tax on the new note and intangible tax on the mortgage on top of federal closing costs. This 2026 guide from Simply Approved Mortgages (NMLS# 2620881) walks you through Florida cash-out refinance LTV caps, seasoning rules, hurricane-insurance underwriting, and when a HELOC or fixed second mortgage is cheaper. Educational only — not a rate quote, lock, offer, or commitment to lend.
- ✓Florida cash-out refinance: standard federal 30–45 day timeline plus Florida-specific closing-cost stack.
- ✓Cash-out LTV caps: 80% Conventional, 80% FHA, up to 90% VA (VA Circular 26-19-05). USDA does not offer cash-out.
- ✓Owner-occupied Florida cash-out gets a 3-business-day right of rescission (TILA § 1635) before funds disburse.
- ✓Florida documentary stamp ($0.35/$100) and intangible tax (2 mills) add ~0.55% of the new loan amount to closing costs — factor into net-cash math.
- ✓Seasoning: 6 months conventional (12 months for delayed-financing exception); 12 months FHA; 210 days + 6 payments VA.
Written by
Simply Approved Mortgages Team
Licensed Loan Officers · NMLS# 2620881
Start your Florida cash-out refinance approval
A Simply Approved Mortgages Loan Officer will run your real Florida numbers — LTV, DTI, net cash, and break-even — under current federal rules. Educational only until you receive a Loan Estimate.
Not a loan application, rate lock, or commitment to lend. Binding figures appear on your Loan Estimate.
The Florida cash-out refinance process in 2026
A cash-out refinance replaces your existing first mortgage with a larger new loan and hands you the difference at closing. The federal timeline is the same in every state — application, Loan Estimate within 3 business days (Regulation Z, 12 CFR § 1026.19), appraisal, underwriting, Closing Disclosure at least 3 business days before signing, 3-business-day right of rescission on owner-occupied primary residences (TILA § 1635), then funding. What changes in Florida is the tax stack on the new note, insurance realities, and program overlays.
Why this matters in Florida: Per CFPB HMDA 2024 data (released 2025), Florida is one of the top three states nationally for refinance loan count, with cash-out volume outpacing rate-and-term as homeowners tap 2020–2024 equity gains for renovations and debt consolidation.
Florida equity + cash-out market realities
- Florida homeowners saw significant equity build from 2020–2025 per FHFA House Price Index — cash-out refinance activity has been driven primarily by renovations, debt consolidation, and investment-property acquisition rather than "cash for the sake of cash."
- Because many Florida homeowners locked first mortgages at 3–4% during 2020–2021, a HELOC or fixed-rate second mortgage that leaves the first alone is usually cheaper than a full cash-out refinance for those specific files.
- Florida is a judicial-foreclosure / lien-theory state; cash-out refi closings are handled by title agents or real-estate attorneys, and lender's title insurance is mandatory.
- Median home price in Florida is roughly $410,000 statewide per Florida REALTORS® 2025 data — meaning most Florida cash-out refis fit conforming loan limits in most counties, avoiding jumbo pricing add-ons.
Cash-out refinance LTV limits — what applies in Florida
Every program caps how much of your Florida home's appraised value you can borrow against on a cash-out:
- Conventional (Fannie Mae / Freddie Mac) — 80% LTV on a one-unit primary residence; 75% on a 2–4 unit primary or second home; 75% on 1-unit investment, 70% on 2–4 unit investment. Source: Fannie Mae Selling Guide B2-1.3-03; Freddie Mac Seller/Servicer Guide 4301.5.
- FHA — 80% LTV. Requires 12 months of on-time payments and 12 months of continuous occupancy on the subject property.
- VA — up to 90% LTV on the base loan per VA Circular 26-19-05, with the VA funding fee financeable above that. Net Tangible Benefit test applies.
- USDA — no cash-out program exists; USDA only offers rate-and-term refinances.
- Jumbo / Non-QM — investor-driven; 65%–75% LTV is common. Above the FHFA county conforming limit, expect 700+ FICO and 6–12 months of reserves.
Why the caps matter in Florida: the closer you push toward the LTV ceiling, the higher the LLPA (conventional) or MIP (FHA) pricing. A cash-out at 79.9% often prices dramatically better than exactly 80.0%.
Florida cash-out closing costs, taxes & recording fees
Beyond standard federal fees (appraisal, title, credit, escrow, lender), Florida adds these state-specific line items to your cash-out Loan Estimate:
- Documentary stamp tax on the new promissory note: $0.35 per $100 of the new (larger) loan amount (Florida DOR § 201.08). A $400,000 cash-out note = $1,400 in doc stamps.
- Intangible tax on the mortgage: 2 mills, or $2 per $1,000 of the new loan (Florida DOR § 199.133). A $400,000 cash-out mortgage = $800 in intangible tax.
- These two Florida-only taxes typically add roughly 0.55% of the new (larger) loan amount to your closing costs — factor them into net-cash and break-even math before signing an intent to proceed.
- Owner's title insurance is optional on a refinance but lender's title is required; Florida title premiums are promulgated by statute (Florida OIR).
- Recording fees vary by county but typically run $10 first page plus $8.50 each additional page, plus $1 per name.
Why this matters for your Florida cash-out refinance: closing costs come out of your net cash. Every dollar of Florida-specific cost is a dollar less to your bank account or a dollar rolled into the new principal (raising your monthly payment and lifetime interest).
Want these numbers built around your file?
A short request is all it takes to get a written scenario summary back from a Simply Approved Mortgages Loan Officer. Binding figures appear on your Loan Estimate.
Florida-specific cash-out rules & underwriting quirks
- A Florida homestead exemption follows the property, not the loan — a cash-out refinance does not disturb homestead status or the Save Our Homes (§ 193.155) assessment cap on primary residences.
- Hurricane-driven homeowners insurance has risen sharply since 2022 per Florida OIR data — the escrow line on your Loan Estimate will show higher insurance than 3 years ago, which can push DTI above program limits even if your income has grown.
- Wind mitigation inspection often reduces premium 10–40%; get one before pulling the escrow estimate on a cash-out refi Loan Estimate.
- Condo cash-out refis in coastal counties require a certified condo questionnaire (Form 1076 or Limited Review) and, on 3-story-plus buildings, Surfside milestone-inspection compliance — non-warrantable condos usually route to Non-QM cash-out.
- Investment-property cash-out in Florida is common (Miami, Tampa, Orlando short-term-rental markets) but conventional caps 1-unit investment cash-out at 75% LTV / 70% on 2–4 unit under standard conventional guidelines, with meaningful pricing add-ons.
How much cash can you pull out in Florida? A worked example
Assume a Florida home appraises at $500,000 with an existing $250,000 first mortgage.
- Conventional 80% LTV: max new loan $400,000. Pay off $250,000 → gross cash $150,000, before Florida doc-stamp + intangible + title + lender costs.
- FHA 80% LTV: same $400,000 loan math, minus up-front MIP (1.75% of loan) and Florida-specific taxes if applicable.
- VA 90% LTV: max base loan $450,000. Pay off $250,000 → gross cash $200,000 before the VA funding fee and Florida taxes.
Closing costs on a Florida cash-out typically run 2.5–4% of the new loan amount. Use the break-even calculator below with your real numbers.
Which Florida metros generate the most cash-out volume?
Simply Approved Mortgages sees the highest Florida cash-out refinance volume in these Florida markets. Each has a dedicated cash-out guide with local pricing, insurance realities, and worked math:
- Miami cash-out refinance — 2020–2024 equity build supports 80% LTV cash-out for well-qualified files.
- Tampa cash-out refinance — 2020–2024 equity build supports 80% LTV cash-out for well-qualified files.
- Orlando cash-out refinance — 2020–2024 equity build supports 80% LTV cash-out for well-qualified files.
- Jacksonville cash-out refinance — 2020–2024 equity build supports 80% LTV cash-out for well-qualified files.
- Fort Lauderdale cash-out refinance — 2020–2024 equity build supports 80% LTV cash-out for well-qualified files.
- St. Petersburg cash-out refinance — 2020–2024 equity build supports 80% LTV cash-out for well-qualified files.
Cash-out vs HELOC vs second mortgage in Florida
Three ways to convert Florida equity to cash — pick based on your existing first-mortgage rate:
- Cash-out refinance — replaces the first mortgage; best when today's rate is at or below your current rate, or when you want to consolidate first + second into one payment.
- HELOC — variable-rate revolving line behind your first; best when your current first-mortgage rate is meaningfully below today's market. Draw when you need it, repay flexibly.
- Fixed second mortgage — fixed-rate closed-end loan behind your first; best when you want fixed payments and can't stomach HELOC variability.
Guidelines subject to change; lender overlays may apply. Not a rate quote, lock, offer, or commitment to lend.
Cash-Out Refinance by Florida city
Local Florida city guides for cash-out refinance — LTV caps, seasoning, program overlays, and worked net-cash math applied to each market.
Qualifications & requirements
Florida cash-out refinance — program guidelines (educational) qualifications: what you actually need to qualify
| Requirement | Typical standard |
|---|---|
| Conventional Cash-Out LTV | 80% on 1-unit primary; 75% on 2–4 unit / second home; 75% on 1-unit investment; 70% on 2–4 unit investment (Fannie B2-1.3-03) |
| FHA Cash-Out LTV | 80% with 12 months on-time payments + 12 months occupancy |
| VA Cash-Out LTV | Up to 90% base loan (VA Circular 26-19-05); funding fee financeable above; Net Tangible Benefit test applies |
| Minimum FICO | 620 conventional / 580 FHA / no VA-imposed minimum (lender overlays common at 580–620) |
| DTI | 45% standard conventional (up to 50% with AUS); 43% standard FHA (up to ~56.99% with AUS + factors); residual-income test on VA |
| Seasoning | 6 months conventional (12 for delayed-financing exception); 12 months FHA; 210 days + 6 payments VA |
| Reserves | 2 months PITI primary; 6–12 months 2nd home / investment |
| Rescission (owner-occupied) | 3 business days after signing (TILA § 1635 / 12 CFR § 1026.23) |
| Florida-specific | Doc stamp $0.35/$100 + intangible tax 2 mills on the new note; coastal wind/flood underwriting |
Sources: Fannie Mae Selling Guide B2-1.3-03, Freddie Mac 4301.5, HUD Mortgagee Letter 2019-11, VA Circular 26-19-05, CFPB General QM Rule, Florida DOR. Guidelines subject to change; lender overlays may apply. Not a quote, lock, offer, or commitment to lend.
When a Florida cash-out refinance makes sense
Consolidate 20%+ APR credit-card debt into mortgage-rate Florida debt
Fund substantial home improvements on your Florida home (may be tax-deductible per IRS Pub 936)
Hurricane hardening — roof, impact windows, shutters
Pay off a HELOC + first mortgage into a single fixed Florida payment
Down payment on a second Florida property or short-term rental
Divorce buyout or removing a co-borrower from title
Business capital or 6–12 month emergency reserves
Florida cash-out refinance — pros & cons
Pros — Florida cash-out refinance
- +Florida doc-stamp math is transparent and calculable before your Loan Estimate — no surprises
- +Florida equity gains 2020–2025 often support 80% LTV cash-out for well-qualified files
- +Owner-occupied Florida cash-out has a 3-day right of rescission — no pressure at signing
- +One fixed Florida payment can replace multiple variable-rate balances
- +Loan Estimate + Closing Disclosure let you shop apples-to-apples across lenders
Cons / watch-outs — Florida cash-out refinance
- −Florida doc-stamp + intangible tax add ~0.55% of loan amount to your Florida cash-out closing costs
- −Cash-out pricing typically runs 0.25–0.75% higher than rate-and-term on the same file
- −A fresh 30-year amortization can raise total lifetime interest even at a lower rate
- −Tighter LTV caps than rate-and-term (80% Conv/FHA vs 97%; 90% VA vs 100% IRRRL)
- −Hurricane / wind insurance underwriting can delay close in coastal Florida
- −Full URAR appraisal required — value-acceptance waivers are rare on cash-out
See what your file actually qualifies for
Share a few details and a Simply Approved Mortgages Loan Officer reviews credit, income, and equity, then follows up with the structures that fit. Educational only until you receive a Loan Estimate.
Not a loan application, rate lock, or commitment to lend. Binding figures appear on your Loan Estimate.
Compare loan officer compensation on your mortgage quote
Loan officer compensation is part of the cost of a mortgage. On eligible residential loans, Simply Approved Mortgages generally uses 1.5% lender-paid compensation. Enter the compensation shown on another lender's Loan Estimate to see the difference in dollars.
Compensation difference on this illustration: $3,750.
How lower compensation can help you
When less compensation is built into pricing, there can be room for a lower interest rate, which may lower your monthly payment.
Depending on the rate you choose, pricing can sometimes include a lender credit toward third-party closing costs, so you may bring less cash to closing.
A lower rate means a lower monthly payment, which can lower your debt-to-income ratio and may help you qualify for more home on the same income.
As a mortgage broker we compare pricing from wholesale lenders instead of offering a single bank’s retail pricing.
Tip: On page 2 of your Loan Estimate, look at Section A, "Origination Charges." If the lender pays the loan officer, that compensation usually does not appear there as its own line; it is built into the interest rate. That is why comparing the rate and any lender credits side by side matters.
Already have a Loan Estimate from another bank or broker? Share it with a Simply Approved Mortgages Loan Officer, who will compare the rate, fees and credits side by side with options we can arrange. No cost to request a review.
Illustration only — not a quote, lock, offer, or commitment to lend; binding figures appear on your Loan Estimate. Lender-paid compensation is paid by the lender, not directly by you, and is part of the loan's pricing, so the loan is not free of costs. A lower compensation figure does not by itself guarantee a lower rate or lower closing costs; individual results vary by credit, loan type, property and market conditions. Residential lending in FL and CO only. Simply Approved Mortgages LLC · NMLS #2620881 · Equal Housing Opportunity.
Refinance loan options
Which refinance loan option fits in Florida?
Six refinance paths — each with different LTV caps, appraisal rules, and pricing. Pick the one whose "why" matches your goal. Educational only — not a quote, lock, offer, or commitment to lend.
Rate-and-Term Refinance — the classic "lower my rate" refi
Choose this when your goal is a lower interest rate, a shorter term (30 → 20 → 15), or switching program types (ARM → fixed, FHA → conventional to shed MIP). No cash is disbursed to you at closing — the new loan just replaces the old one. Rate-and-term pricing is typically the lowest of any refi option because LTV caps are higher and risk to the investor is lower.
Best for
- ✓Rates have dropped since you closed your existing loan
- ✓You want to switch from an ARM to a fixed rate
- ✓You want out of FHA mortgage insurance and have ≥20% equity
- ✓You want to shorten your term and pay less interest over the life of the loan
Requirements & caps
- •LTV up to 97% conventional (Fannie HomeReady / Freddie Home Possible), 97.75% FHA, 100% VA IRRRL
- •Minimum FICO ~620 conventional / 580 FHA / no VA-imposed minimum (lender overlays apply)
- •DTI generally 45% standard conventional (up to 50% with AUS + factors), 43% standard FHA (up to ~56.99% with AUS + compensating factors)
- •Full appraisal typically required (Fannie Value Acceptance / Freddie ACE may waive on eligible files)
Source: Fannie Mae Selling Guide B2-1.3-03; Freddie Mac Guide 4301.4; HUD 4000.1 II.A.8.d. Guidelines subject to change; lender overlays may apply. Individual results vary.
Start My Approval →Refinance Calculator
Refinance break-even & lifetime savings
Enter your current loan and a proposed rate to see monthly savings, the month you break even on closing costs, and whether the refinance actually reduces total interest paid. Educational only — not a quote, lock, offer, or commitment to lend.
Your current loan
Proposed refinance
Your results
Break-even = closing costs ÷ monthly payment savings. Lifetime interest assumes both loans are held to term; a refinance that lowers the payment but resets your amortization can add total interest.
Next steps
Emailing your Refinance break-even calculator scenario opens our secure request form so a Simply Approved Mortgages Loan Officer can review those numbers. Estimates are illustrative and are not a quote, lock, offer, or commitment to lend.
Talk through your scenario today
A Simply Approved Mortgages Loan Officer can confirm which of these paths actually fits your credit, income, and property. Educational only, no obligation.
Today's rates
Live ratesLive pricing. Rates are retrieved from our pricing provider when you run a scenario.Real rates — your scenario, not a guess
Today's rate options below refresh twice each business day from our wholesale pricing engine; run your own scenario in the pricing tool. National survey averages below give you market context — they're not Simply Approved's pricing.
Our live pricing engine
See your real rate — for your scenario, in our pricing tool
Pull live, scenario-specific pricing from our wholesale pricing engine. Your binding rate and APR are confirmed on your Loan Estimate after a quick file review.
See My Live Rate →Pricing snapshot
Live ratesLive pricing. Rates are retrieved from our pricing provider when you run a scenario.Today's Mortgage Rate Options at a Glance
Four real options from today's wholesale pricing for one documented sample scenario per program — no form needed. Updated twice each business day, about 10 AM and 2 PM Eastern. Your own rate depends on your credit, down payment, property, state and lock date.
National market context
Freddie Mac PMMS — weekly U.S. averages
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PMMS figures shown above are Freddie Mac's national survey averages, published weekly by Freddie Mac (PMMS_history.csv) — they are not Simply Approved Mortgages' rates, not a quote, not a lock, and not an offer or commitment to lend. Your actual rate, APR, and payment depend on credit profile, loan program, occupancy, LTV, DTI, property type, lock period, and current market pricing at the time of lock. Your binding figures appear on your Loan Estimate. Simply Approved Mortgages LLC · NMLS# 2620881 · Equal Housing Opportunity.
Purchase market update
What buyers should know this month
30-Yr Fixed · national avg
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15-Yr Fixed · national avg
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2026 buying power
Conforming baseline: $832,750
FHA floor / ceiling: $541,287 – $1,249,125
Conv & FHA cap: 80% LTV
Conventional cash-out (Fannie B2-1.3-03) and FHA cash-out both cap at 80% LTV on 1-unit primary in Florida.
VA cap: 90% LTV
VA cash-out (Circular 26-19-05) allows up to 90% LTV on the base loan for eligible Florida veterans; funding fee financeable above.
3-day rescission
Owner-occupied Florida cash-out has 3 business days to cancel after signing (TILA § 1635).
Florida timing
Most Florida cash-out refis close in 30–45 days; investor and Non-QM cash-out run 45–60.
Document Checklist for Florida Cash-Out Refinance
Gathering these documents up front helps your Simply Approved Mortgages Loan Officer issue a stronger pre-approval and move Florida Cash-Out Refinance to Clear-to-Close faster. Actual items required vary by scenario — your loan officer will confirm the final list.
Only the income documents that apply to you are shown. Switch tabs if you have multiple income sources — your loan officer will confirm which apply.
W-2 / Employed Income
- ✓Most recent 30 days of paystubs (all borrowers, all jobs)
- ✓W-2s for the last 2 years (all employers)
- ✓Two-year employment history with employer names, addresses, and dates
- ✓Verification of Employment — written (WVOE) or electronic (EVOE through a third-party payroll service); your loan officer orders it with your signed authorization
- ✓Employment reverification within 10 days before closing — verbal or electronic, required on every file
- ✓Bonus / commission / overtime: 2-year history if used to qualify
- ✓Recent job change: offer letter and first paystub after start date
- ✓Retirees / fixed income: Social Security award letter, pension statements, 1099-R
Assets & Reserves
- ✓Most recent 2 months of bank statements (all pages)
- ✓Most recent quarterly statement for retirement / brokerage / 401(k)
- ✓Gift funds: signed gift letter + donor bank statement + transfer proof
- ✓Large deposit letters of explanation with source documentation
Identity & Residency
- ✓Government-issued photo ID (driver's license or passport)
- ✓Social Security card or ITIN letter
- ✓Two years of residency history with addresses
Credit & Liabilities
- ✓Written credit report authorization
- ✓Letter of explanation for any late payments, collections, or inquiries
- ✓Bankruptcy discharge papers or foreclosure documentation (if applicable)
- ✓Child support / alimony order (if paying or receiving)
- ✓Divorce decree / separation agreement (only if applicable)
Property & Existing Loan
- ✓Most recent mortgage statement (all liens on the property)
- ✓Current homeowners insurance declarations page
- ✓Recent property tax bill
- ✓HOA statement and payoff (if applicable)
- ✓Existing survey or title policy (helpful, not required)
Educational checklist only. Not a commitment to lend and not a complete list of conditions. Documentation requirements are governed by agency guidelines (Fannie Mae Selling Guide, FHA Handbook 4000.1 incl. Update 18 (August 12, 2026), VA Lender's Handbook, USDA HB-1-3555) and individual investor overlays. Your Simply Approved Mortgages Loan Officer will provide your specific document list based on your scenario.
Credit Reports and Credit Monitoring for Florida Cash-Out Refinance
Credit is one of the four underwriting buckets every lender reviews — and one of the few you can actively improve before you apply. Monitoring your credit throughout the process helps you catch errors, fraud, and score changes early, which protects your approval timeline and your rate.
Ordering Credit for Your Pre-Approval File
Once you sign your loan application (Form 1003) and disclosures, your Simply Approved Mortgages Loan Officer orders a tri-merge residential mortgage credit report (RMCR) from Equifax, Experian, and TransUnion. This is a hard inquiry, but FICO's model treats mortgage inquiries within a 45-day window as a single event, so shopping lenders during that window will not stack on your score.
- What we need from you: signed borrower authorization, government-issued photo ID, Social Security number (or ITIN), and current address.
- What the report shows underwriters: middle FICO score, open tradelines, minimum payments, late history, collections, public records, and recent inquiries.
- How long it's valid: 120 days for conventional loans and for FHA/VA/USDA (HUD guidelines, VA Lender's Handbook Ch. 4). Older reports must be re-pulled before closing.
- Rapid rescore: if a legitimate error is on your report, we can request a rapid rescore in 3–7 business days after you supply documentation from the creditor.
This link redirects to our third-party credit vendor's payment portal. You pay the report fee directly so we can pull your tri-merge credit report for your pre-approval file. A credit pull is required for underwriting; this is not a commitment to lend.
Review and Monitor Your Credit at MyITINCredit.com
Before we pull your file, review and monitor your credit at MyITINCredit.com. Their $1 promotional trial gives you tri-bureau visibility plus ongoing credit monitoring so you can catch changes, disputes, or new accounts as they appear — not after they've already delayed your loan.
- Verify accuracy: confirm names, addresses, SSN/ITIN, and every open account belong to you.
- Dispute errors: the Fair Credit Reporting Act gives you the right to dispute inaccurate items directly with the bureau — no charge.
- Address collections and charge-offs: a settled or paid collection can be documented in advance so it does not stall underwriting.
- Pay down utilization: credit-card balances reported below 30% of the limit typically produce the strongest scores.
- Avoid new credit: do not open new cards, finance a car, or co-sign for anyone from now through closing.
- Monitor continuously: credit monitoring alerts you to new inquiries, balance changes, and potential identity theft while your loan is in process.
MyITINCredit.com is a service operated by Simply Approved Corporation (a DBA of that entity), which is the parent company of Simply Approved Mortgages LLC. Simply Approved Mortgages may receive subscription revenue if you choose to enroll. Credit monitoring through MyITINCredit.com is optional and is not required to apply for or obtain a mortgage with us. Promotional pricing, trial terms, and monitoring features are set by MyITINCredit.com and subject to change.
Why credit monitoring matters during a mortgage — A single new collection, missed payment, or unauthorized inquiry can change your qualifying score or trigger additional underwriting conditions. Typical minimum scores* — Conventional 620, FHA 580 (3.5% down) or 500 (10% down), VA no HUD minimum (most lenders 580–620), USDA typically 640, Jumbo 680–740, Doctor Mortgage 680–700+, Non-QM/DSCR varies by program, ITIN 620–680 alternative credit. Investor and lender overlays apply; individual results vary. Not a commitment to lend.
Florida taxes and expenses
What owning in Florida actually costs beyond the loan
Underwriting qualifies you on the full housing payment, not just principal and interest. These are the Florida lines that change that number — each one a published statewide average, not a quote.
Property tax
About 0.79% of value per year statewide (effective rate, Tax Foundation / Census ACS). Escrowed monthly, so it moves your qualifying payment.
Source: U.S. Census Bureau — American Community Survey, owner-cost tables
Homeowners insurance
Average annual premium near $3,600 (NAIC). Wind/hurricane deductible and, in coastal zones, flood insurance are separate from the base policy.
Source: National Association of Insurance Commissioners — Homeowners Insurance Report
Transfer and recording
Florida imposes documentary stamp taxes on both the deed and the mortgage: $0.70 per $100 of the sales price (0.70%) on the deed statewide, plus $0.35 per $100 of the loan amount (0.35%) on the mortgage, plus a 0.002 intangible tax on the note. Fla. Stat. § 201.02 & § 199.133. Miami-Dade uses a slightly different single-family/other schedule. Documentary stamps on the deed and on the note, plus intangible tax on the mortgage.
Source: National Association of Realtors — Real Estate Transfer Tax
Who closes the file
Florida closings are handled by title companies or attorneys; both are common statewide. Total closing costs in Florida average about 1.82% of the sales price.
Source: CFPB / HUD — Your Home Loan Toolkit (settlement cost ranges)
Assistance programs in Florida are administered by Florida Housing Finance Corporation, which sets its own eligibility, income and price limits.
Local cost tools
Run the numbers for Florida
These estimators start from Florida's own published averages — an effective property tax rate near 0.79% of value, homeowners insurance around $3,600 a year, and local transfer and recording practice: Documentary stamps on the deed and on the note, plus intangible tax on the mortgage. Wind/hurricane deductible and, in coastal zones, flood insurance are separate from the base policy. Change any input. Every figure is an illustrative estimate — not a quote, lock, offer, approval, or commitment to lend.
Your inputs
Estimated result
- Down payment
- $20,000
- Loan amount
- $380,000
- Principal & interest
- $2,402
- Property tax (Florida)
- $263/mo
- Homeowners insurance
- $300/mo
- Estimated total monthly
- $2,965/mo
Sources for the Florida seed figures: Tax Foundation — property taxes paid as a percentage of owner-occupied housing value, NAIC — Homeowners Insurance Report, CFPB — Understanding your Loan Estimate.
Assumptions, methodology, and limitations
Principal and interest use the standard amortization formula on the loan amount you enter. Taxes are seeded from the Florida effective property tax rate and insurance from the statewide average annual premium; both are editable. Closing costs apply Florida's transfer / documentary-stamp practice (0.70% of price used as the buyer-side seed) plus typical title, recording, appraisal, credit and prepaid escrow lines. They are compared to the Florida statewide average of 1.82% of sales price. Refinance break-even divides your entered costs by the monthly payment difference. Early payoff runs a month-by-month amortization with your extra principal.
These tools do not include mortgage insurance, funding or guarantee fees, HOA special assessments, flood or windstorm premiums, seller credits, lender credits, discount points, or county and municipal charges specific to your parcel. Statewide averages will not match any individual property. Figures are estimates only.
Illustrative only. Binding figures appear on your Loan Estimate, and terms vary by borrower, property, lender, program, and state.
Turn these estimates into real numbers
Send your scenario to a Simply Approved Mortgages Loan Officer and get a written summary back, or compare where rates sit today. Educational only — not a quote, lock, offer, approval, or commitment to lend.
Local market updates
Florida housing market news — latest published data
Published housing and labour statistics for Florida, drawn from federal and industry data feeds and shown with each publisher's own observation date. The dated figures below load from the source series when this page opens. These are published market statistics for context only — not a quote, lock, offer, or commitment to lend.
Data is republished as issued by the source and may be revised by the publisher. Averages and index values describe a market, not an individual file; your own terms depend on documented income, credit, assets, the property and lender underwriting. Simply Approved Mortgages LLC (NMLS #2620881) arranges residential mortgage loans in Florida and Colorado. Equal Housing Opportunity.
Using your equity
Cash-out, HELOC, or second mortgage — how to choose
There are three common ways to convert equity into usable funds, and the right one usually comes down to one question: is the rate on your existing first mortgage worth protecting? Everything below is structural education — not a quote, lock, offer, or commitment to lend.
Cash-out refinance
Replaces your existing first mortgage with a larger one and returns the difference, less costs, as cash at closing.
Often fits: Borrowers whose current first-mortgage rate is not meaningfully better than what is available today, who want one payment, and who need a larger lump sum.
Watch for: You are re-setting the whole balance at the new rate and usually a new 30-year clock. Closing costs apply to the entire loan amount, and owner-occupied cash-out has its own loan-to-value ceilings by program.
HELOC (home equity line of credit)
A revolving second lien you draw from as needed during a draw period, then repay. The first mortgage stays exactly as it is.
Often fits: Borrowers holding a low first-mortgage rate, staged expenses such as a renovation, or anyone who wants access to funds without drawing all of it.
Watch for: Most HELOCs carry a variable rate, so the payment can move; some have an interest-only draw period followed by a materially higher fully-amortizing payment, plus annual or early-closure fees.
Fixed second mortgage / home equity loan
A one-time lump sum as a fixed-rate second lien behind your existing first mortgage.
Often fits: A known, one-time amount when you want payment certainty and do not want to touch a favorable first mortgage.
Watch for: Second-lien pricing is generally higher than first-lien pricing, and you now carry two mortgage payments with two separate payoff dates.
Example: consolidating higher-cost debt
A homeowner carrying revolving balances and an auto loan may be able to pay those off with a cash-out refinance or a second lien so there is one secured payment instead of several unsecured ones. The monthly outflow can fall because a mortgage is amortized over a much longer term than a card or an auto note. That longer term is also the catch: spreading the same balance over 30 years can increase the total interest paid over the life of the debt even when the monthly figure improves.
The bigger tradeoff is legal, not arithmetic. Credit card and medical balances are unsecured; a mortgage is secured by your home. Consolidating converts unsecured debt into debt your home stands behind. This is not debt settlement, debt relief, or credit repair, and we make no representation about what it will do to your credit scores.
Example: using equity to buy an investment property
Equity pulled from a primary residence is a common source of down payment and reserves on a rental purchase, because it avoids liquidating investments. Underwriting then looks at both properties: the new payment on your primary counts in your debt-to-income ratio, and rental income is generally only credited with documentation the program accepts, often at less than the full rent.
Vacancy, maintenance, insurance on a non-owner-occupied property, and the risk that the rental underperforms all sit on the primary home once its equity is encumbered. Investment property financing also prices and qualifies differently than owner-occupied financing, and business-purpose products are governed by separate rules and availability.
Tapping home equity — the honest tradeoffs
Pros — Tapping home equity
- +Consolidates several payments into one secured payment with a single due date.
- +Mortgage amortization is far longer than card or auto terms, which can lower total monthly outflow.
- +A HELOC or fixed second leaves a favorable existing first-mortgage rate untouched.
- +Funds can be used for renovation, reserves, education, or a down payment on another property.
- +Mortgage interest may be deductible in some circumstances — confirm with your tax advisor, not with us.
Cons / watch-outs — Tapping home equity
- −Your home secures the balance, so unsecured debt becomes debt the property stands behind.
- −Re-amortizing over a longer term can increase total interest paid even when the payment falls.
- −Cash-out refinancing resets the entire first mortgage, including any rate you currently hold.
- −HELOC rates are usually variable and the payment can rise after the draw period ends.
- −Closing costs, appraisal requirements, and loan-to-value ceilings apply, and paid-off revolving accounts can be used again.
Florida cash-out refinance — Frequently Asked Questions (2026)
Answers to the most common Florida cash-out refinance — (2026) questions, written by licensed loan officers.
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SAM is the Simply Approved Mortgages AI assistant. It answers general questions using the reviewed guides published on this site and links you to the primary government source. It is educational only — it does not quote a rate, payment, APR, approval or commitment to lend. A Simply Approved Mortgages Loan Officer reviews every scenario before any terms are confirmed.
Hi, I'm SAM — an AI assistant for Simply Approved Mortgages. I can explain loan programs, closing costs, DTI, down payments and which calculator or guide to use. I'm not a licensed loan officer, and nothing here is a quote, approval or commitment to lend.
Ask Sam AI provides general educational information only. It is an automated assistant, may be incomplete or out of date, and does not provide legal, tax or financial advice. Nothing it produces is a rate quote, APR, pre-approval, offer or commitment to lend. Never share a Social Security number, ITIN, date of birth, account number or password in chat. Simply Approved Mortgages LLC (NMLS #2620881) arranges residential mortgage loans in Florida and Colorado. Eligibility, terms, conditions and availability vary by borrower, property, lender, loan program and state, and all loans are subject to lender underwriting and approval. Equal Housing Opportunity.
Trusted government resources
These independent government resources can help you research mortgage programs, rates, and your rights before you apply.
Florida DOR
Florida DOR — Documentary Stamp Tax on Mortgages
FL OIR
Florida OIR — Homeowners Insurance
HUD
HUD — Florida Homeownership
CFPB
CFPB — What is a cash-out refinance?
IRS
IRS — Publication 936 (Home Mortgage Interest Deduction)
Federal Reserve
Federal Reserve — Regulation Z (Right of Rescission)
Simply Approved Mortgages is not affiliated with HUD, the CFPB, the FTC, the VA, or any other government agency. Links are provided for your independent verification.
How this page connects
Where this fits in the refinancing and equity library
This is the Florida page for cash out refinance.
What most readers open next
- HELOC versus cash-out comparisonBecause the two equity paths behave very differently.
- The break-even calculatorBecause to see how long it takes to recover closing costs.
- A current value estimateBecause available equity starts with the property value.
Explore the full guide
Keep reading — the rest of the buying playbook
Each of these is a deep-dive on one piece of the purchase mortgage process. Bookmark whichever you need next.
Guide
Cash-out refinance — national guide
LTV caps, seasoning, and break-even math for cash-out nationwide.
Read the guide →Guide
Full refinance process
Federal timeline, LE/CD, break-even.
Read the guide →Guide
Florida refinance — statewide guide
Florida-specific refi rules, taxes, and program overlays.
Read the guide →Guide
HELOC — Home Equity Line of Credit
Variable-rate revolving line behind your first mortgage.
Read the guide →Guide
Fixed-rate second mortgage
Fixed-rate closed-end alternative to cash-out.
Read the guide →Guide
Refinance break-even calculator
Full break-even + lifetime interest tool.
Read the guide →Guide
Closing costs by state
LodeStar 2025 state-by-state closing cost data.
Read the guide →Guide
Florida mortgage pre-approval
Florida pre-approval in ~24 hours of a complete file.
Read the guide →Internal library
Related mortgage guides across our library
Follow the next relevant guide for your scenario.
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Simplify Your Mortgage Journey with These Resources
Talk To A Loan Officer
A Simply Approved Mortgages Loan Officer will personally connect with you to walk through your options.
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Plain-language articles to help you understand the home loan process, save on closing costs, and make confident decisions.
7 things every first-time homebuyer should know before applying
From credit prep to down payment assistance, here’s how to walk into your first mortgage application with confidence.
Using your VA loan benefit: a step-by-step guide
Eligibility, the Certificate of Eligibility, funding fees, and how to maximize zero-down purchasing power.
Where your closing costs actually go (and where you can save)
A line-by-line breakdown of the Loan Estimate and the fees that are negotiable versus fixed.
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