1931 Tallpalm Rd, Melbourne, FL 32935

Here’s the information regarding the property at 1931 Tallpalm Rd, Melbourne, FL 32935, along with current real estate and refinancing insights for Melbourne, FL:

Property Details:

• Address: 1931 Tallpalm Rd, Melbourne, FL 32935
• Property Type: Single Family
• Bedrooms: 3 beds
• Bathrooms: 2 baths
• Square Footage: 1,329 sqft
• Estimated Refinance Payment: $2,328/mo
• Built in: 1980
• Price/Value: $272,990 (This appears to be a recent estimated value or sale price. Public records indicate a sale for $345,000 in July 2024 and $225,000 in February 2020.)

Additional Property Features:

• Lot Size: 8,276 sqft
• Parking: Attached 2-car garage
• Cooling: Central, Electric
• Heating: Central, Electric
• Appliances Included: Dishwasher, Dryer, Microwave, Range/Oven, Refrigerator
• Interior Features: Living/Dining Combo, Window Treatments, Laundry in Garage, Split Bedrooms, Walk-In Closet(s)
• Exterior Features: Stucco, Private Pool (heater broken), Screened porch, Hurricane shutters, Irrigation system, Wood fence, Shed.
• Utilities: Electric, Sewer Available, City Water Available, Natural Gas Connected.
• Last Sold: July 19, 2024, for $345,000. It was also listed at $330,000 in June 2024.

Melbourne, FL Real Estate Market Trends (as of July 2025):

• Market Condition: Melbourne is currently considered a Neutral Market. This means prices are generally reasonable, and homes stay on the market for a typical amount of time.
• Median Sold Price: The median home sold price in Melbourne was $409,304 in June 2025, which is down 0.8% from last year. The median price per square foot was $233.
• Average Listing Age: Homes in Melbourne had an average listing age of 55 days in June 2025, a 30.4% increase compared to last year.
• Sale-to-List Price: In June 2025, 71.6% of homes sold below asking price, 20% sold at asking, and 8% sold over asking.
• Home Value Change: The average Melbourne, FL home value is around $364,131 – $366,550, showing a decrease of 4.1% to 4.5% over the past year (data through May/June 2025).

Current Mortgage Interest Rates in Florida (as of July 20, 2025):

• 30-Year Fixed Mortgage: The average APR for a 30-year fixed-rate mortgage in Florida is around 6.845% (NerdWallet) or 6.83% (Zillow).
• 15-Year Fixed Mortgage: The average APR is around 5.903% (NerdWallet) or 5.88% (Zillow).
• 5-Year ARM: The average APR is around 7.420% (NerdWallet) or 7.81% (Zillow).

Note: These are average rates, and actual rates can vary based on your credit score, loan-to-value ratio, and specific lender.

General Requirements for Refinancing a Loan in Florida:

• Credit Score: Typically, a FICO score of at least 620 is required, but a higher score (e.g., 740+) will secure better rates. FHA loans may have lower minimums (e.g., 500-580+ depending on down payment).
• Home Equity (Loan-to-Value Ratio – LTV): In most cases, lenders prefer an LTV of 80% or lower, meaning you need at least 20% equity in your home. For cash-out refinances, the combined LTV must meet lender standards.
• Debt-to-Income (DTI) Ratio: Lenders assess your DTI (total monthly debt payments compared to your gross monthly income). Many prefer a DTI around 43%, though some may accept up to 50% for FHA loans.
• Property Type and Occupancy: The property is usually required to be your primary residence, with at least one borrower occupying it within 60 days of closing. Different requirements may apply for vacation homes or investment properties.
• Loan Seasoning: Some loan programs have a “seasoning period” (e.g., 6 months of on-time payments for FHA streamline refinances) before you can refinance.
• Closing Costs: Refinancing typically involves closing costs, which can range from 2% to 6% of the loan amount.

The “Refinance your loan” phrase suggests that based on the estimated payment, it might be a beneficial option for the homeowner. However, it’s crucial for the homeowner to compare current interest rates, consider closing costs, and assess their financial goals to determine if refinancing is the right decision for them.