Edge Home Loans
(855) 744-EDGE
Apply Online

Mortgage Refinancing

Refinance your mortgage in Lake Mary to lower your rate, reduce payments, or access your home's equity. Serving homeowners throughout Florida.

Call (855) 744-EDGE

Why Refinance Your Mortgage in Lake Mary?

Refinancing your mortgage in Lake Mary, FL, or anywhere in Florida can help you lower your monthly payment, reduce your interest rate, shorten your loan term, or access cash from your home's equity. With current market conditions, many Florida homeowners can benefit from refinancing.

Types of Refinancing Available

Rate & Term Refinance

Lower your interest rate or change your loan term without taking cash out.

  • Reduce monthly payment
  • Lower interest rate
  • Shorten or extend loan term

Cash-Out Refinance

Access your home's equity for home improvements, debt consolidation, or major expenses.

  • Tap into home equity
  • Lower interest than credit cards
  • Use for home improvements or debt payoff

FHA Streamline Refinance

Simplified refinance for existing FHA borrowers with minimal documentation.

  • Minimal paperwork
  • No appraisal required in many cases
  • Lower monthly payment

VA IRRRL (Interest Rate Reduction Refinance Loan)

Streamlined refinance for veterans with existing VA loans.

  • Lower interest rate
  • Reduced documentation
  • No appraisal typically required

When Should You Refinance?

Consider refinancing if:

  • Interest rates have dropped - You can get a lower rate than your current mortgage
  • Your credit score improved - Better credit means better rates
  • You want to shorten your loan term - Pay off your mortgage faster
  • You need cash - Access equity for home improvements or other expenses
  • You want to consolidate debt - Lower interest rate than credit cards

Refinancing Costs in Florida

Refinancing typically costs 2-5% of your loan amount. However, many lenders offer "no-cost" refinancing where costs are rolled into the loan or offset by a slightly higher rate. Our team at Edge Home Loans in Lake Mary can help you understand all costs and determine if refinancing makes financial sense for you.

Frequently Asked Questions About Mortgage Refinancing

Refinancing makes sense when you can lower your interest rate by at least 0.5-1%, want to shorten your loan term, need cash from your home's equity, or want to switch from an ARM to a fixed-rate loan. Consider closing costs and how long you plan to stay in the home to ensure refinancing saves you money.

Refinancing typically costs 2-5% of your loan amount, including origination fees, appraisal, title insurance, and other closing costs. Many lenders offer "no-cost" refinancing where costs are rolled into the loan or offset by a slightly higher rate. Our team can help you understand all costs upfront.

Yes! FHA borrowers can use FHA Streamline Refinance with minimal documentation. VA borrowers can use VA IRRRL (Interest Rate Reduction Refinance Loan) which also requires minimal paperwork. Both programs often don't require a new appraisal and can significantly lower your payment.

Cash-out refinance amounts depend on your home's value, current loan balance, and loan type. Conventional loans typically allow up to 80% loan-to-value (LTV), FHA allows up to 80% LTV, and VA allows up to 100% LTV (though most lenders cap at 90%). Your credit score and debt-to-income ratio also affect how much you can borrow.

Not necessarily. You can refinance into a new 30-year term, or choose a shorter term like 15 or 20 years to pay off your loan faster. You can also refinance into a term that matches your remaining balance, keeping your payoff timeline similar while potentially lowering your rate.

Related Topics:

Ready to Refinance Your Mortgage?

Contact Edge Home Loans in Lake Mary for a free refinance analysis.

Call (855) 744-EDGE Apply Online

Calculate Your Monthly Payment