5611 Terra Ceia Dr, Tampa, FL 33619

Here’s a detailed look at the property at 5611 Terra Ceia Dr, Tampa, FL 33619, along with relevant real estate and refinancing information for the Tampa area:

Property Details:

• Address: 5611 Terra Ceia Dr, Tampa, FL 33619
• Property Type: Single Family
• Bedrooms: 4 beds
• Bathrooms: 1 bath
• Square Footage: 1,250 sqft
• Estimated Refinance Payment: $1,796/mo
• Built in: 1969
• Price/Value: $238,900 (This appears to be an estimated value. Zillow’s Zestimate for this property is $259,100. Redfin’s estimate is $225,713, and it indicates the last sale was for $35,000 in September 1994, which is likely outdated as the property has been significantly updated.)

Additional Property Features and Information (based on recent public records and listings):

• Lot Size: 6,194 sqft
• Renovations: The home has been “completely updated” with new modern gray luxury vinyl floors, new granite countertops, new white shaker cabinets with new nickel hardware, a new Maytag HVAC system (installed July 2020), and a completely updated main bathroom.
• Appliances Included: Dryer, Freezer, Garbage disposal, Range/Oven, Refrigerator, Washer.
• Interior Features: Ceiling Fans(s), Living Room/Dining Room Combo, Open Floorplan, Thermostat.
• Exterior Features: Fenced, Block and Concrete construction, Shingle roof, Circular Driveway, Driveway.
• Utilities: Cable Available, Street Lights, Sewer Connected, Electricity Available, Water Connected.
• Location: Excellent and convenient location near Ybor Strip, Seminole Hard Rock Casino, shopping mall, hospital, schools, restaurants, parks, and easy interstate access to downtown, airport, and beaches.
• Last Status: The property is currently “off market,” meaning it’s not actively listed for sale or rent on Zillow, though this may differ from other sources.

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

• Median Listing Home Price: In June 2025, the median listing home price in Tampa was $476.5K, which was flat year-over-year. The median listing home price per square foot was $294.
• Median Sold Home Price: The median home sold price in Tampa was $435K in June 2025, or $430,387 as of June 2025, up 2.5% from last year.
• Average Listing Age: Homes generally stayed on the market for an average of around 55 days.
• Market Condition: Tampa’s housing market is considered competitive.
• Home Value Change: The average Tampa, FL home value is around $376,278, down 4.2% over the past year (as of May/June 2025). Some forecasts for 2025 predict a modest decline of about 1.1% to 2% in home values.

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 approximately 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. Rates are subject to change daily.

General Requirements for Refinancing a Loan in Florida:

• Home Equity (Loan-to-Value Ratio – LTV): Most lenders require an LTV of 80% or less, meaning you need at least 20% equity in your home. For cash-out refinances, the amount you can cash out depends on your equity, usually up to 80% of your home’s value. VA cash-out refinances can allow up to 100%.
• Credit Score: A credit score of at least 620 is typically required for conventional loans. FHA loans may have lower minimums (e.g., 500-580+), but generally, a higher score (740+) will get you better interest rates.
• Debt-to-Income (DTI) Ratio: Lenders typically prefer a DTI of 43% or less, though some programs like FHA may go up to 50%.
• Property Occupancy: The property must generally be your primary residence, and at least one borrower must occupy it within 60 days of closing.
• Appraisal: A new appraisal is usually required to verify the home’s current value.
• Closing Costs: Expect closing costs to range from 2% to 6% of the total loan amount. These costs can sometimes be rolled into the new loan.
• Mortgage Insurance (PMI): If you borrow more than 80% of your home’s value (LTV > 80%), you will likely need to pay Private Mortgage Insurance (PMI).

The “Est. refi payment: $1,796/mo” and “Refinance your loan” suggest that based on the estimated value and current market rates, refinancing might be a viable option for the homeowner. It is always recommended to compare offers from multiple lenders and thoroughly understand all terms and conditions before making a decision.