Florida Cash-Out Refinance — Turn Home Equity Into Cash

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Florida Cash-Out Refinance Programs, Costs & Timeline — Direct Answer

A cash-out refinance pays off your existing mortgage and replaces it with a new loan for a higher amount, and the lender wires you the difference once the deal closes. In Florida, that means most homeowners with enough equity can walk away from closing with a check while keeping a single monthly payment. Conventional loans and FHA loans both cap cash-out refinancing at 80% of your home’s appraised value, so if your home appraises at $400,000 and you owe $220,000, you could potentially access roughly $100,000 in cash after paying off the old loan. VA loans go further, letting eligible veterans and active-duty borrowers refinance up to 100% of value. Rates on cash-out refinances typically run a bit higher than a standard rate-and-term refinance, since the lender is taking on more risk, but for many Florida homeowners sitting on years of appreciation, the math still works out well. According to the Consumer Financial Protection Bureau, comparing offers from more than one lender is one of the simplest ways to make sure a cash-out refinance actually saves you money over time. Call 888.958.5382 or apply free and we will tell you exactly how much cash your home can put in your pocket.

Side-by-Side Comparison

Cash-Out Refinance Program Comparison — LTV, Credit & Best Use

Each loan program handles cash-out refinancing a little differently. Here is how the major Florida programs stack up against each other.

*FHA allows scores down to 500 by agency guideline, though most lenders set an overlay closer to 580 for cash-out transactions specifically.

How the Process Works

How a Florida Cash-Out Refinance Works, Start to Finish

The process starts the same way a purchase loan does: you submit an application, and we pull your credit and review your current mortgage balance against your home’s estimated value. Because home values across Florida have climbed steadily in recent years, plenty of homeowners have more equity available than they realize, which is why we always run the numbers before assuming a cash-out refinance won’t work. Once we know roughly how much equity you have to work with, we walk through your goals so the loan amount and program match what you are actually trying to accomplish, whether that is paying off high-interest debt, funding a renovation, or covering a large expense.

Locking Your Rate and Ordering the Appraisal

After you decide on a loan amount and program, we lock your interest rate and order a Florida appraisal to confirm your home’s current market value. The appraisal typically takes seven to ten business days, and it is the single biggest factor in how much cash you can actually access, since every program bases its maximum loan amount on that appraised value rather than what you assume the home is worth. While the appraisal is in progress, our underwriting team reviews your income, assets, and credit file to clear any remaining conditions.

Underwriting, Closing, and Your Right to Cancel

Once the appraisal comes back and underwriting signs off, we schedule your closing with a title company, and you sign the final loan documents. Florida law gives owner-occupied borrowers a three-business-day right of rescission on a refinance, so your cash does not actually get released until that window passes. From start to finish, most Florida cash-out refinances close in 30 to 45 days, though a clean file with a fast appraisal can sometimes move quicker.

What It Costs

What Does a Florida Cash-Out Refinance Cost in 2026?

Closing costs on a Florida cash-out refinance generally land between 2% and 5% of the new loan amount, covering the appraisal, title insurance, recording fees, and lender charges. Because Florida charges documentary stamp tax and an intangible tax on new mortgage amounts, refinancing into a larger loan does add a bit more in state-specific closing costs than a standard rate-and-term refinance would. Many borrowers choose to roll these costs into the new loan rather than pay them out of pocket, which slightly reduces the net cash received but keeps more money in hand at closing.

Your rate on a cash-out refinance will typically run somewhat higher than a purchase or rate-and-term refinance rate, since lenders price in extra risk whenever cash leaves the transaction. That said, if you originally financed years ago at a much higher rate, or if you are consolidating high-interest credit card debt into your mortgage, the overall math frequently still favors refinancing even with the modest rate bump. We will always show you the real numbers side by side before you commit to anything.