With rates at 6.21% and a cooling market (median prices at $580,000), now's the time to refinance—save thousands or access equity for your next move in South Florida.
Start Refinance QuoteRefinancing replaces your current mortgage with a new one, often at better terms. In Miami's shifting 2025 market—now a buyer's haven with balanced inventory—it's ideal for dropping rates or pulling cash from home equity built during past appreciation.
September 2025 brings refinancing opportunities: Rates have plunged to 6.21% for 30-year fixed, sparking a 60% surge in demand as the Fed eyes cuts. Miami's market is cooling—home values down 0.7% YoY, median sales at $580,000—with 6 months of inventory favoring homeowners. Refinancing can:
"Refinancing isn't just savings—it's strategic in Miami's resilient, equity-rich market."
Choose based on your goals:
| Type | Description | Best For Miami Homeowners |
|---|---|---|
| Rate-and-Term | Adjust rate/term without cash out. | Lowering payments on fixed-rate loans amid 6.21% rates. |
| Cash-Out | Refi for more than owed, get cash. | Funding flood-proofing or condo fees in equity-heavy properties. |
| Streamline (FHA/VA) | Simplified no-appraisal option. | Quick updates for veterans or FHA holders in Broward/Dade. |
Discuss goals and run a no-obligation rate check—tailored to your Miami property.
Submit updated financials; we handle local verifications like title searches.
Appraisal reflects current values (down slightly in 2025); approval in 30-45 days.
Sign digitally, funds disbursed—often with no out-of-pocket closing costs.
Miami Tip: Factor in updated flood insurance quotes to avoid surprises.
Similar to purchase, but refreshed:
We guide you every step—many qualify with minimal paperwork.
On a $500,000 loan at 7% (2023 rate) vs. 6.21% today:
| Scenario | Monthly Payment | Annual Savings | Break-Even (2% Fees) |
|---|---|---|---|
| Original (7%, 30-yr) | $3,326 | - | - |
| New (6.21%, 30-yr) | $3,065 | $3,132 | ~8 months |
| Cash-Out ($50K) | $3,200 | $1,512 (net) | ~12 months |
Calculations based on principal & interest only; actuals vary.
South Florida's unique landscape affects refis:
Yes—with rates at 6.21% and a balanced market, it's prime for savings before potential Fed shifts.
Typically 20% for conventional; less for FHA/VA streamline options.
No—you can match your original term to keep payments low.
2-5% of loan; often rolled in or offset by savings in months.