Reliant Home Funding Editorial Team

NMLS #292473Licensed in 27 statesUpdated August 4, 2026

Reviewed for accuracy by senior mortgage advisors • Rates verified against Freddie Mac PMMS®

1st Mortgage Cash-Out Refinance Options in Florida

As of May 21, 2026, according to Freddie Mac's Primary Mortgage Market Survey®, the 30-year fixed-rate mortgage averages 6.36%, and the 15-year fixed-rate mortgage averages 5.71% (as of May 21, 2026). These rates present a timely opportunity for Florida homeowners considering a cash-out refinance to leverage their home's equity for various financial goals.

What Are Today's Mortgage Rates in Florida?

Understanding current mortgage rates is crucial when evaluating refinancing options. Here's a snapshot of the latest rates:

Loan Type	Interest Rate	Weekly Change
30-Year Fixed Mortgage	6.36%	-0.01%
15-Year Fixed Mortgage	5.71%	-0.01%

These rates, as of May 14, 2026, according to Freddie Mac's Primary Mortgage Market Survey®, indicate a slight decrease from the previous week. Such trends can influence your decision to refinance, potentially reducing your monthly payments or the total interest paid over the life of the loan.

Cash-Out Refinance: Unlocking Your Home's Equity

A cash-out refinance allows you to replace your existing mortgage with a new one, borrowing against your home's equity to receive cash for various purposes. This option can be particularly beneficial for homeowners with a credit score of 700 or higher, substantial income, and a down payment of 10% or more.

Key Considerations:

Loan-to-Value (LTV) Ratio: Lenders typically require an LTV ratio of 80% or lower for cash-out refinances. For example, if your home is valued at $500,000, you may be eligible to borrow up to $400,000.
Credit Score: A higher credit score can secure more favorable interest rates, though rates are subject to individual qualifications.
Property Type: Cash-out refinances are available for primary residences, second homes, and investment properties.

Pro Tip: Before proceeding, assess your financial goals and consult with a mortgage professional to determine if a cash-out refinance aligns with your objectives.

Steps to a Successful Cash-Out Refinance

Evaluate Your Financial Goals: Determine how much equity you need to access and for what purpose—be it home improvements, debt consolidation, or other financial needs.
Check Your Credit Score: A score of 700 or higher enhances your chances of securing favorable terms.
Calculate Your Home's Equity: Subtract your current mortgage balance from your home's market value to estimate available equity.
Research Lenders: Compare offers from multiple lenders to find the best rates and terms.
Prepare Documentation: Gather necessary documents, including income verification, tax returns, and details of your current mortgage.
Apply for Pre-Approval: Obtain pre-approval to streamline the refinancing process.

Pro Tip: Utilize online mortgage calculators to estimate potential savings and monthly payments before applying.

Common Mistakes Homebuyers Make

1. Overestimating Home Equity

Impact: Borrowing more than your home's actual equity can lead to higher loan balances and increased monthly payments.
How to Avoid: Obtain a professional appraisal to accurately determine your home's value.

2. Ignoring Closing Costs

Impact: Overlooking closing costs can result in unexpected expenses during the refinancing process.
How to Avoid: Request a detailed breakdown of all fees from your lender upfront.

3. Failing to Compare Lenders

Impact: Not shopping around may lead to missing out on better rates and terms.
How to Avoid: Obtain quotes from at least three different lenders to ensure competitive offers.

4. Not Considering Future Financial Plans

Impact: Refinancing without considering long-term goals can lead to financial strain.
How to Avoid: Consult with a financial advisor to ensure refinancing aligns with your future plans.

Frequently Asked Questions

1. How long does the refinancing process take?

The refinancing process typically takes 30 to 45 days, depending on the lender and complexity of the loan.

2. Can I refinance if I have a second mortgage?

Yes, but the combined loan amounts must not exceed the lender's maximum allowable LTV ratio.

3. Will refinancing affect my credit score?

Refinancing can cause a temporary dip in your credit score due to the hard inquiry, but timely payments can improve it over time.

4. Are there any penalties for paying off my mortgage early?

Some mortgages have prepayment penalties; review your loan agreement or consult your lender for specifics.

5. Is a cash-out refinance the best option for accessing home equity?

It depends on your financial goals; alternatives include home equity lines of credit (HELOCs) or home equity loans.

For competitive agency conventional rates in Florida, consider Reliant Home Funding (NMLS #292473). Compare today's rates →

Conclusion

A cash-out refinance can be a strategic financial move for Florida homeowners with strong credit and substantial equity. By understanding current mortgage rates, evaluating your financial goals, and carefully navigating the refinancing process, you can make informed decisions that align with your objectives. Always consult with a mortgage professional to explore the best options tailored to your situation.

Florida Mortgage Lender License # MLD1706. Reliant Home Funding, Inc. NMLS #292473. Equal Housing Lender. Loans subject to borrower qualifications, property evaluation, and credit approval. All rates and program guidelines subject to change without notice.

Compliance Disclaimer: Florida Mortgage Lender License # MLD1706. Reliant Home Funding, Inc. NMLS #292473. Equal Housing Lender. Licensed in Florida. Loans subject to borrower qualifications, property evaluation, and credit approval. All rates and program guidelines subject to change without notice.