Dean, Contact a licensed mortgage professional in Florida (or at least someone who knows Florida financing laws....I do; however, am not licensed in Florida). Refinancing is pretty straight forward as long as you have income, credit and sufficient equity in the property. Remember that anything less the 20% equity on the home means you would have mortgage insurance. Adding that amount to the mortgage payment may make refinancing look not so rosy, despite the improvement in rate. Also, if it is an investment property there is a substantial increase in the rate, or the fees. Again, refinancing may, or may not, make sense. The only way anyone on the forums could give you explicit detail about financing would be to get explicit detail about your specific situation....better done offline. Best of luck to you!