Whether you want to lower your rate, shorten your term, or access your home's equity — Divito Lending shops over 50 lenders to find the refinance that makes financial sense for you.
A refinance makes sense in more situations than you might think. Here are the most common reasons Florida homeowners refinance.
If today's rates are at least 0.5–1% below your current rate, refinancing could save you hundreds of dollars every month — and tens of thousands over the life of your loan.
Switch from a 30-year to a 15-year mortgage to build equity faster and pay significantly less total interest — even if your monthly payment increases slightly.
Tap your home's built-up equity for home improvements, debt consolidation, education, or other financial needs — often at a lower rate than personal loans or credit cards.
If you have an adjustable-rate mortgage (ARM), converting to a fixed rate gives you payment stability and protects against future rate increases.
If your home has appreciated and you've reached 20% equity, refinancing can remove your private mortgage insurance payment and lower your monthly cost.
By extending your term or securing a lower rate, you can free up monthly cash flow — helpful if your financial situation has changed since you first bought.
Refinancing isn't free — there are closing costs involved. Calculate your break-even point: divide total closing costs by your monthly savings. If you plan to stay in the home longer than that break-even period, refinancing likely makes sense. Most borrowers break even in 18–36 months.
There's no one-size-fits-all refinance. The right program depends on your loan type, goals, and current situation.
Simply replace your existing mortgage with a new one featuring a better interest rate, different loan term, or both. No cash is taken out — you're purely optimizing your mortgage structure.
Best for: Homeowners who want to lower their monthly payment, reduce total interest, or switch from ARM to fixed-rate.
| Loan Limit | Conforming limits apply |
| Min. Credit Score | 620+ |
| Equity Required | Varies by program |
| Cash Back | None |
Borrow more than you owe and receive the difference in cash. For example, if your home is worth $400,000 and you owe $250,000, you could refinance for $320,000 and receive $70,000 at closing (less closing costs).
Best for: Home improvements, debt consolidation, investment opportunities, or major life expenses.
| Max. LTV | 80% (conventional) |
| Min. Credit Score | 640–680+ |
| Equity Required | 20%+ remaining |
| Cash Back | Yes — at closing |
The Interest Rate Reduction Refinance Loan is the fastest, simplest refinance available for eligible veterans. No appraisal required, no income verification, and minimal documentation. If you have a VA loan and rates have dropped, this is typically the fastest path to savings.
Best for: Veterans who currently have a VA loan and want to reduce their rate with minimal hassle.
If you currently have an FHA loan, the FHA Streamline Refinance lets you reduce your rate with minimal documentation and no new appraisal in most cases. Limited employment verification and no income check required — just proof your existing FHA loan is current.
Best for: FHA borrowers who've been on-time with payments and want to lower their rate quickly.
| Appraisal | Not required |
| Income Verification | Minimal |
| Credit Check | Non-credit qualifying option |
| Current Loan | Must be FHA |
If your existing mortgage is a USDA Rural Development loan, the Streamlined and Streamlined-Assist refinance programs let you lower your rate with reduced documentation. No appraisal is required for the Streamlined-Assist option — just 12 months of on-time payments.
Best for: Rural homeowners in USDA-eligible areas who want to take advantage of lower rates with minimal paperwork.
| Appraisal | Not required (Assist) |
| Payment History | 12 months on-time |
| Income Ratio | 29/41% DTI |
| Current Loan | Must be USDA |
Adjustable-rate mortgages offer low initial rates, but they adjust periodically — creating payment uncertainty. Converting your ARM to a fixed-rate mortgage locks in today's rate and protects your budget from future increases, especially valuable if you plan to stay in your home long-term.
Best for: ARM borrowers approaching their adjustment period or planning to stay in their home for 5+ more years.
| New Rate Type | 30 or 15-year fixed |
| Min. Credit Score | 620+ |
| Equity Required | Typically 5–10% |
| Appraisal | Usually required |
Our streamlined process gets you from application to closing as fast as possible — usually in 21–30 days.
Tell us your current loan, goals, and situation. We'll review your options and run the numbers to see if refinancing makes sense.
Complete your application online. We shop 50+ lenders, present your best options, and lock in your rate.
Securely upload your documents through our portal. Our team reviews and submits your file to underwriting.
A licensed appraiser visits your property to confirm its current market value. Streamline refis may skip this step.
The lender's underwriting team reviews your complete file. We communicate every update and clear conditions quickly.
Sign your new loan documents. For cash-out refis, you receive funds 3 business days after closing. You're done!
Gathering these documents in advance speeds up the process significantly. Most can be uploaded digitally.
Questions about what you need? Our advisors are ready to help.
Call (833) 334-8486See how much you could save. Free consultation, no obligation, no hard credit pull to get started.