- 1). Go online to the county tax appraiser website and look at the tax value of your home. Go to Zillow.com, BankofAmerica.com or Chase.com and use the home value estimators to determine the value of your home. Neither the tax assessors value nor the online home value estimates give you an exact market value, but these tools do give you a good idea of your home's worth.
- 2). Call your current lender to find out the outstanding balance on your current mortgage. Divide your existing balance into the higher of your tax appraisal value or the electronic estimate of your home's value. Multiple the answer by 100 to determine you current loan-to-value or LTV. Generally, you can only refinance in Florida if your LTV does not exceed 80 percent. If your LTV exceeds 80 percent, look at your mortgage contract to see if your original loan was backed by the Federal Housing Administration or FHA. If you have an existing FHA backed mortgage, you can refinance with an LTV of up to 96.5 percent. If you have a high LTV and do not have an FHA backed loan, you can still apply to refinance but you must pay for a full appraisal, which costs at least $400. Many people choose not to do this if the electronic value indicates that they lack sufficient equity in their home.
- 3). Contact your existing mortgage company. Tell a loan officer how much you currently owe on your home and your estimated LTV. Ask the lender what refinance programs are available to you. Give the loan officer your name, Social Security number and the amount of your annual income. The loan officer uses the information to pull your credit and provide you with a refinance good-faith estimate.
- 4). Contact two other mortgage lenders in your area. Give the other mortgage companies your name, Social Security number and stated annual income. Request a GFE from each lender. Compare the interest rates and closing costs with the GFE provided by your current mortgage company to determine the best deal.
- 5). Give your last two years W2's, or tax returns if self-employed, to the lender offering the best refinance package. The loan officer organizes an appraisal and title search. Prior to closing the loan you must also provide the lender with your homeowner's insurance contract, deed, 60 days of bank statements and a survey. Attend the loan closing and sign all of the relevant documents to complete the refinance.
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