Should I refinance my FHA loan?

If you have 20% or more equity, refinancing out of an FHA loan into a conventional loan eliminates FHA mortgage insurance premium (MIP), which does not automatically cancel on most FHA loans regardless of equity. On a $350,000 loan, FHA MIP typically costs $200–$300/month — up to $3,600 per year that conventional borrowers don't pay. If you want to keep the FHA program and simply lower your rate, the FHA Streamline refinance typically requires no appraisal and reduced documentation.

What refinance options are available for veterans in Florida?

Florida veterans can access the VA IRRRL (Interest Rate Reduction Refinance Loan), the VA's streamline refinance with minimal documentation, no appraisal required in most cases, and consistently competitive rates. VA cash-out refinances allow up to 90%+ LTV — higher than conventional programs. Only approximately 15% of veterans use their VA home loan benefit. Jhenesis Mortgage is UWM VA-Certified and specializes in VA loan programs for Florida veterans.

MORTGAGE REFINANCE

Mortgage Refinance in Florida | Lower Your Rate or Cash Out | Jhenesis Mortgage

Is Now the Right Time to Refinance? Let’s run the numbers together — no cost, no pressure.

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Florida Refinance Specialist

Your Mortgage Isn’t Fixed.
Your Rate Can Be.

Q: When does refinancing actually make sense in Florida?

Refinancing makes sense when your new rate is meaningfully lower (generally 0.5%–1%+ below your current rate), you plan to stay in the home long enough to recoup your closing costs (typically 2–5% of the loan amount), and the savings are real after accounting for Florida-specific costs like doc stamps and homeowner's insurance. The clearest case is for borrowers who locked in rates above 7% during a high-rate environment — those borrowers can often drop $200–$400/month by refinancing to a lower rate. If you already have a rate below 5%, a rate-and-term refi likely doesn't make sense, but a HELOC or DSCR cash-out might still be the right move.

Q: What is a good refinance rate in Florida right now?

Mortgage refinance rates change daily and vary based on your credit score, equity, loan type, loan amount, and property type. A borrower with a 760+ FICO score and strong equity will qualify for meaningfully better rates than someone at 660 with 15% equity. VA IRRRL (streamline) rates are typically among the most competitive available for qualified veterans. The only way to know your actual rate is to get real quotes — schedule a free strategy call with Jhenesis Mortgage to find out what you'd qualify for with no credit pull required.

Q: How long does it take to refinance a mortgage in Florida?

Most Florida mortgage refinances take 30–45 days from application to closing. FHA Streamline and VA IRRRL programs can often close faster because they frequently waive the appraisal and reduce documentation requirements. Delays typically come from appraisal scheduling and document turnaround.

Q: What are the closing costs to refinance in Florida?

Florida refinance closing costs typically run 2%–5% of the loan amount. Florida has a state-specific cost — documentary stamp taxes (doc stamps) — calculated on the new money borrowed. On a rate-and-term refinance, doc stamps typically apply to the difference between old and new loan balances. On a cash-out refinance, they apply to the full new loan amount. No-closing-cost refinance options are available, where costs are rolled into the rate.

Q: Can I refinance if I'm self-employed or don't have traditional W-2 income?

Yes. Bank statement loan programs qualify self-employed borrowers on 12–24 months of bank deposits instead of tax returns. P&L-based loans use a CPA-prepared profit and loss statement. Asset-depletion programs use investment accounts. These non-QM programs typically carry slightly higher rates than conventional loans but provide refinance access for borrowers whose tax returns understate actual income.

Q: Will refinancing hurt my credit score?

A mortgage refinance application typically causes a 5–10 point temporary dip in your credit score, which usually recovers within a few months. Multiple mortgage inquiries within a 14–45 day window are treated as a single inquiry by major credit scoring models, so rate shopping multiple lenders during that period does not multiply the impact on your score.

Whether you bought at peak rates, built equity, or want to stop leaving money on the table — refinancing done right can change your financial picture. I help Florida homeowners and investors find the path forward, not just the lowest rate on a banner ad.

Schedule a Free Strategy Call Run My Numbers First

✓ No credit pull to start

✓ NMLS Licensed Broker

✓ Non-QM & Investor Options

Stacy Ann Stephens — Florida Mortgage Broker, Jhenesis Mortgage NMLS #2532705

30-Yr Fixed Rate changes daily

DSCR / Non-QM Investor programs

VA Streamline Veteran benefit

Rates vary by credit score, loan type, and equity. Schedule a free call to get your actual rate ↓

Who This Is For

Five Types of Florida Borrowers Who Should Be Looking at Refinancing Right Now

There’s no one-size answer. The right time to refinance depends entirely on your situation — your rate, your equity, your goals. Here’s who the strongest cases tend to be for.

📈

You Locked In a Rate Above 7%

If you bought when rates were near their recent peak — above 7% — you may now be able to drop significantly into the low-to-mid 6s. On a $400K loan, that’s potentially $300+/month back in your pocket.

Rate & Term Refi

💰

You’ve Built Significant Equity

Florida home values have risen substantially over recent years. If you’ve been in your home for 3+ years, there may be real cash in that equity — available now without selling. Fund renovations, investments, or debt payoff.

Cash-Out Refi

🏘️

You’re an Investor With Rentals

Own a rental property that’s cash-flowing? A DSCR cash-out refinance qualifies on the property’s income — not your W-2s or tax return. No income docs required. Pull equity and fund your next deal.

DSCR / Non-QM

🔄

You’re Paying FHA Mortgage Insurance

If you have 20%+ equity and you’re still paying FHA MIP — that’s money you don’t have to spend. Refinancing into a conventional loan removes it completely. No waiting for “automatic” removal that may never come.

FHA to Conventional

📋

You’re Self-Employed or Harder to Document

Traditional refi options aren’t your only path. Bank statement programs and P&L loans let you qualify on what you actually earn — not just what your tax return shows after deductions.

Non-QM / Bank Statement

“The wrong move is waiting for rates to hit 5% again. The right move is knowing your break-even — and acting when it makes sense for you.”

Calculate My Break-Even Point

Refinance Options

Not All Refinances Work the Same Way

The type of refinance you need depends on your goals — and your situation may qualify for more than one path. Here’s how each one works in plain language.

Rate & Term Refinance

The most straightforward refinance: you replace your existing mortgage with a new one at a lower rate, a different term (like 30→15 years), or both. No cash is taken out. The goal is reducing your monthly payment, total interest paid, or both.

Who it’s best for: Borrowers who locked in rates above 7% during a peak rate environment. Even dropping to the mid-6s can save hundreds per month.

Typical LTV Up to 97% (conventional)

Min. Credit Score 620+ (best rates at 740+)

Closing Costs 2–5% of loan amount

Income Verification W-2s or tax returns required

Florida Doc Stamps ✓ May be exempt on refi

Real-World Example

Bought at peak rates with a $420,000 loan at 7.75% — monthly P&I: $3,006

Refinance into a lower rate at 6.50% — new monthly P&I: $2,655

Monthly savings: $351 · Annual savings: $4,212

Closing costs (~$12,000) ÷ $351 = break-even in 34 months — well worth it if staying put.

Cash-Out Refinance

You refinance for more than you currently owe — and receive the difference in cash. Your home’s built equity becomes liquid capital you can use for home improvements, investing, consolidating high-interest debt, or anything else.

Important note: If you already have a low rate — below 5% — a cash-out refi may not be the best play. A HELOC or home equity loan might preserve that rate while still giving you access to equity. Let’s model both.

Max LTV (conventional) 80% for primary residence

Min. Credit Score 640+ (700+ preferred)

Seasoning Required 12 months ownership

Florida Doc Stamps ⚠ Apply on new loan amount

Closing Costs 2–5% of loan amount

Cash-Out Scenario

Home appraised at $520,000 — current mortgage balance: $330,000

80% LTV on $520K = $416,000 max new loan amount

Cash received at closing: $416K − $330K = $86,000

Use to fund a second property down payment — your equity working for you.

DSCR Cash-Out Refinance for Investors

This is the investor’s refinance. DSCR (Debt Service Coverage Ratio) loans qualify based on what the property earns — not what you earn personally. No W-2s. No tax returns. No DTI calculation from your personal income.

The formula: Gross Monthly Rent ÷ Monthly PITIA. A ratio at or above 1.00 means the property pays for itself. That’s your qualification threshold.

Max Cash-Out LTV 70–75% (DSCR ≥ 1.25)

Min. Credit Score 660+ (700+ for expanded options)

Ownership Seasoning 6 months minimum

Portfolio Cap ✓ None — unlimited properties

Loan Structure Options 30yr, 40yr, Interest-Only

DSCR Qualification Example

Orlando rental home — market rent confirmed at $2,800/mo

Monthly PITIA (P+I+Tax+Insurance+HOA): $2,200

DSCR = $2,800 ÷ $2,200 = 1.27 ✓ Approved

No W-2. No tax return. No personal DTI review. Cash out proceeds fund next acquisition.

FHA Streamline & VA IRRRL

Two of the most underused — and most powerful — refinance tools available. If your current loan is FHA or VA, these programs offer a dramatically faster, cheaper path to a lower rate.

FHA Streamline: No appraisal required (in most cases). Reduced documentation. Lower closing costs. Must result in a “net tangible benefit” — typically a lower monthly payment.

VA IRRRL (Interest Rate Reduction Refinance Loan): The VA’s streamline option for veterans. Minimal paperwork, no out-of-pocket costs in most cases, and you can skip the new appraisal and income verification.

Appraisal Required ✓ Usually waived

Income Verification ✓ Often waived

Current VA Streamline Rate Competitive — call for today’s rate

VA Certification UWM VA-Certified Broker

Who Qualifies

✓

Current FHA or VA loan in good standing (no late payments in 12 months)

✓

New rate must be lower than existing rate (for IRRRL) or provide tangible benefit (FHA)

✓

Must be primary residence for FHA. VA IRRRL can apply to a former primary home.

✓

Only ~15% of veterans use their VA benefit. If you served — you’ve earned this. Let’s use it.

Non-QM Refinance for Self-Employed & Complex Borrowers

If your income doesn’t fit neatly into a W-2 box — you’re self-employed, a gig worker, a business owner, or you’ve written off significant income on your taxes — non-QM programs are built for you.

Bank statement loans, P&L-based qualification, and asset-depletion programs all offer refinance paths that traditional lenders turn away. Your tax return may say one thing. Your actual cash flow says another. Non-QM listens to the cash flow.

Income Docs 12–24 months bank statements

Min. Credit Score 620+ (program-dependent)

Max LTV (cash-out) Up to 80%

Loan Types Bank Stmt, P&L, Asset Depletion

Property Types Primary, 2nd home, investment

The Smart Tax Paradox

Business owner earns $180,000/year gross revenue

After deductions: tax return shows $48,000 — conventional lenders say no

Bank statements confirm $12,500/mo avg deposits — that’s your qualifying income

Non-QM bank statement refi approved — at competitive rates, with cash-out available.

Find My Best Refinance Option

✦ Free Tool — No Email Required

The Refinance Intelligence Calculator

Most refinance calculators just tell you a new payment. This one tells you whether it’s actually worth it — your real monthly savings, break-even timeline, 5-year total savings, and for investors, your DSCR score. Switch between modes below.

Current Loan Balance $380,000

$100K$1.5M

Current Interest Rate 7.50%

3.0%10.0%

New Rate You’d Qualify For 6.50%

3.0%9.5%

Remaining Loan Term 27 years

5 yrs30 yrs

Estimated Closing Costs $12,000

$2K$30K

New Loan Term

Current Payment

—

New Payment

—

Monthly Savings
—
Calculated from your inputs above

5-Year Total Savings

—

After recouping closing costs

Break-Even Point

—

0 months60 months

Enter your numbers to see if refinancing makes sense right now.

Get My Actual Rate — Schedule a Call

Calculator is for educational purposes only. Results are estimates and do not constitute a loan offer or rate lock. Actual rates, terms, and eligibility determined at application. Jhenesis Mortgage NMLS #2532705 | Stacy Ann Stephens NMLS #1933745.

The Process

From “Should I?” to Closed — Here’s How It Works

Free Strategy Call

We look at your current loan, your goals, and run actual scenarios — not guesses. 15–20 minutes that could save you tens of thousands.

Application & Pre-Approval

Simple online application. I shop your file across multiple lenders to find the best combination of rate, fees, and closing timeline for your situation.

Appraisal & Processing

Most Florida refinances take 30–45 days. Streamline programs can move faster. I track every step and keep you informed — no black holes.

Clear to Close

Review your final Closing Disclosure (you’ll have 3 business days). Sign, fund, and you’re done — with a loan that actually works for you.

Start With a Free Call

Your Mortgage Broker

I’ve Seen What Happens When Borrowers Don’t Have the Right Advisor.

I’m Stacy Ann Stephens — a licensed Florida Mortgage Broker, former IRS Enrolled Agent, and someone who’s watched the consequences of bad lending advice play out firsthand. I immigrated from Jamaica, built my financial foundation in America, and I’ve spent 24+ years making sure my clients make informed decisions — not just fast ones.

I don’t work for a bank. I work for you. As a mortgage broker, I shop your file across lenders — including non-QM programs that banks won’t touch — to find what actually fits your situation.

NMLS #1933745

Jhenesis Mortgage NMLS #2532705

MBA Project Management

Former IRS Enrolled Agent

UWM VA-Certified

Let’s Talk About Your Refinance

Common Questions

Refinance Questions, Answered Plainly

No mortgage jargon without explanation. No vague answers. Here’s what my clients actually ask — and what they deserve to know upfront.

When does refinancing actually make sense in Florida?

It makes sense when three things align: your new rate is meaningfully lower (generally 0.5%–1%+ below your current rate), you plan to stay in the home long enough to recoup your closing costs (typically 2–5% of the loan amount), and the savings are real after accounting for Florida-specific costs like doc stamps and homeowner’s insurance. The clearest case is for borrowers who locked in rates above 7% during a high-rate environment — those borrowers can often drop $200–$400/month in payments by refinancing to a lower rate. If you already have a rate below 5%, a rate-and-term refi likely doesn’t make sense — but a HELOC or DSCR cash-out might still be the right move.

What is a good refinance rate in Florida right now?

Rates change daily, so the only way to know your real rate is to get actual quotes — which is exactly what I do when we talk. What counts as a “good rate” is also personal: it depends on your credit score, equity, loan type, loan amount, and the specific program. A borrower with a 760+ FICO and 30% equity will qualify for meaningfully better pricing than someone at 660 with 15% equity. VA streamline rates tend to be among the lowest available for qualified veterans. The best move is a free 15-minute call — I’ll tell you exactly what you’d qualify for, with no credit pull required to start.

How long does it take to refinance a mortgage in Florida?

Most Florida refinances take 30–45 days from application to closing. FHA Streamline and VA IRRRL programs can sometimes move faster since they often waive the appraisal and reduce documentation requirements. Delays typically come from appraisal scheduling, document turnaround, or title issues — all of which I proactively manage. I’ll give you a realistic timeline from day one, not an optimistic promise that disappears after you sign.

What are the closing costs to refinance in Florida?

Florida refinance closing costs typically run 2%–5% of your loan amount. On a $400,000 loan, that’s $8,000–$20,000. Florida has a specific cost most other states don’t: documentary stamp taxes (doc stamps). On a refinance, doc stamps are calculated on the new money borrowed — typically 0.35 per $100 on the new balance minus old balance (for rate-and-term) or on the full new loan amount for cash-out. A no-closing-cost refinance option is available, where costs are rolled into the rate — that may make sense in some scenarios and not others. We’ll model both in your strategy call.

Can I refinance if I’m self-employed or don’t have traditional W-2 income?

Yes — and this is exactly where working with a mortgage broker (rather than a single bank) matters most. Bank statement loan programs qualify you on 12–24 months of business or personal bank deposits instead of tax returns. P&L-based loans use a CPA-prepared profit & loss statement. If your tax returns show lower income because of legitimate deductions, these programs look at your actual cash flow instead. The tradeoff is typically a slightly higher rate than conventional loans — but many self-employed borrowers find that’s still far better than not qualifying at all.

What is a DSCR refinance and how does it work for rental properties?

A DSCR (Debt Service Coverage Ratio) refinance qualifies based on the rental property’s income — not yours. The formula: Gross Monthly Rent ÷ Monthly PITIA (Principal + Interest + Taxes + Insurance + HOA). A ratio of 1.00 means the rent covers the debt. A ratio of 1.25+ typically unlocks better LTV and rate options. You’ll need a minimum 660 FICO, 6 months of property ownership, and a property that rents at market rate. DSCR cash-out refinances allow up to 70–75% LTV in most programs, with no income documentation, no portfolio cap on number of properties, and no personal DTI calculation. It’s designed for investors — and it changes what’s possible.

I have an FHA loan. Should I refinance out of it?

Possibly yes — especially if you’ve built 20% equity. FHA loans require mortgage insurance premium (MIP) for the life of the loan (for most borrowers). Unlike conventional PMI, FHA MIP doesn’t automatically cancel when you hit 80% LTV. The solution: refinance into a conventional loan and eliminate MIP entirely. On a $350,000 loan, FHA MIP can run $200–$300/month. That’s $2,400–$3,600/year you don’t have to pay. Even if your new rate is similar, eliminating MIP often makes refinancing worth it. If you want to keep the FHA structure and just get a lower rate, the FHA Streamline is your fastest path — no appraisal required in most cases.

I’m a veteran. What are my refinance options in Florida?

Veterans have access to some of the best refinance tools available. The VA IRRRL (Interest Rate Reduction Refinance Loan) is the VA’s streamline refinance — minimal documentation, no out-of-pocket costs in most cases, no appraisal required, and consistently competitive rates. You can also do a VA cash-out refinance, which allows you to pull up to 90%+ LTV — significantly higher than conventional programs. Here’s something worth knowing: only about 15% of veterans actually use their VA home loan benefit. If you served, this is one of the most powerful financial tools you have access to. Don’t leave it unused.

Will refinancing hurt my credit score?

A hard credit pull for a mortgage application typically causes a 5–10 point temporary dip in your score — usually recovered within a few months. If you’re rate shopping with multiple lenders, credit bureaus treat multiple mortgage inquiries within a short window (typically 14–45 days, depending on the scoring model) as a single inquiry. So shopping around doesn’t hurt you the way multiple credit card applications would. I start with a soft pull conversation before we ever do a formal application — so you know where you stand before anything hits your credit.

Have a Question I Didn’t Cover? Let’s Talk.

Your Mortgage Is a Tool.
Let’s Make Sure It’s Working For You.

A 15-minute call is all it takes to know whether refinancing makes sense — and if it does, exactly what your path looks like. No pressure. No fees. No obligation.

📅 Schedule My Free Strategy Call Call Directly: (407) 603-1664

✓ No credit pull to start

✓ No cost, no obligation

✓ Florida-licensed mortgage broker

✓ NMLS #1933745 · Jhenesis Mortgage #2532705

Rate-and-Term Refinance: Lower Your Mortgage Payments and Save Big

Discover the benefits of a rate-and-term refinance with Jhenesis Mortgage – the smart way to lower your monthly mortgage payment, secure a lower interest rate, or shorten your loan term without cashing out equity.

A rate-and-term refinance (also known as a no-cash-out refinance) allows you to replace your existing mortgage with a new one featuring better rates and terms. If interest rates have dropped since you bought your home, now is the perfect time to refinance and lock in savings.

It’s a straightforward process designed to put more money back in your pocket. Let the experts at Jhenesis Mortgage guide you every step of the way, making your mortgage refinance easy and stress-free.

Ready to explore rate-and-term refinance options and start saving? Click below to get your free refinance quote today!

Get My Quote

Cash-Out Refinance: Tap Into Your Home Equity for Cash Today

Unlock the power of your home’s equity with a cash-out refinance from Jhenesis Mortgage – the smartest way to access cash from home equity while potentially securing a lower interest rate than credit cards or personal loans.

A cash-out refinance replaces your current mortgage with a larger one, giving you the difference in cash. Use it for home improvements, debt consolidation, medical bills, college tuition, or any major expense – all while keeping one low monthly payment.

Whether you’re planning a kitchen remodel, roof replacement, or simply want to consolidate debt and boost your financial freedom, Jhenesis Mortgage makes the cash-out refinance process simple, fast, and stress-free.

Ready to turn your home equity into cash? Get your free cash-out refinance quote today and see how much you can unlock – click below now!

Unlock My Cash

VA IRRRL: Streamline Your VA Loan Refinance and Lower Your Payments

Discover the benefits of a VA IRRRL (Interest Rate Reduction Refinance Loan) with Jhenesis Mortgage – the fastest and easiest way for veterans and active-duty service members to lower VA mortgage payments and secure a lower interest rate.

The VA IRRRL, also known as the VA streamline refinance, is designed exclusively for homeowners with an existing VA loan. It allows you to refinance into a new VA loan with better terms, often with no appraisal required, no income verification, and minimal paperwork – making it one of the simplest refinance options available.

Perfect for honoring your service while saving money each month, the VA IRRRL refinance puts more cash back in your pocket for family, retirement, or whatever matters most.

At Jhenesis Mortgage, our dedicated VA loan specialists guide you through every step of your VA refinance, ensuring a smooth, stress-free experience.

Ready to simplify your mortgage and start saving with a VA IRRRL? Get your free VA refinance quote today – click below now!

Start My Refinance

Non-QM Loans: Flexible Mortgage Options for Self-Employed and Non-Traditional Borrowers

Explore Non-QM loan options with Jhenesis Mortgage – the ideal solution for self-employed borrowers, real estate investors, gig workers, recent graduates, or anyone with non-traditional income who doesn’t fit strict conventional mortgage guidelines.

Non-QM mortgages (Non-Qualified Mortgages) offer flexible underwriting that goes beyond credit scores and W-2s, allowing qualification based on bank statements, assets, rental income, or other alternative documentation. Non-QM loans are surging in popularity due to tighter traditional lending rules and diverse borrower needs.

Don’t let standard lending criteria limit your homeownership goals. Our Non-QM expert team at Jhenesis Mortgage works closely with you to tailor the best non-qualified mortgage solution for your unique situation, making the process straightforward and efficient.

Ready to discover Non-QM mortgage options that fit your life? Get your free Non-QM quote today and unlock flexible financing – click below now!

Explore My Options

Debt Consolidation Refinance: Simplify Your Finances and Save on Interest

Take control of your finances with debt consolidation refinance from Jhenesis Mortgage – the powerful way to consolidate high-interest debt using your home equity and replace multiple payments with one affordable mortgage payment.

A debt consolidation mortgage refinance (often through a cash-out refinance) lets you tap into your home’s equity to pay off credit cards, personal loans, medical bills, or other high-interest debts – typically at a much lower interest rate than unsecured loans.

If high-interest debt is weighing you down, home equity debt consolidation offers a smart, long-term solution to regain financial freedom.

The experienced refinancing team at Jhenesis Mortgage will guide you through every step of the debt consolidation refinance process, ensuring it’s clear, straightforward, and tailored to your needs.

Ready to simplify your payments and start saving? Get your free debt consolidation quote today – click below now!

Consolidate My Debt

Remove PMI: Eliminate Private Mortgage Insurance and Lower Your Payments

Stop paying unnecessary private mortgage insurance (PMI) with Jhenesis Mortgage’s PMI removal refinance options – the smart way to eliminate PMI, reduce your monthly mortgage payment, and keep more money in your pocket every month.

If you originally put less than 20% down on your conventional loan, PMI is likely adding hundreds of dollars to your payment each year. Once you’ve built up 20% equity through home value appreciation, extra payments, or improvements, you can remove PMI permanently through refinancing.

Say goodbye to extra costs and hello to real savings. Our experienced team at Jhenesis Mortgage makes the PMI removal process fast, straightforward, and stress-free, guiding you every step of the way.

Ready to remove private mortgage insurance and start saving? Get your free PMI removal quote today – click below now!

Eliminate My PMI

Your Mortgage Isn’t Fixed.Your Rate Can Be.