FHA Streamline or Conventional Refi?Need some advice re: which is the better way to go?Bought our house in April 2009 for 370k using FHA 30 Yr Loan so we could put the min amt of cash down (3%) and mtg rate was and is 5.00%. The PMI was/is $154/mo. Its 3 yrs later now and we've been paying right along (not in default). Current bal is 344k. I'm eligible for the FHA Streamline Refinance which would drop my mtg rate from 5% to 3.7% (or whatever the FHA rate is today). But what happens to all the PMI I have paid the past 3 years? Also, we've invested a good chunk into the house (huge new garage, new hdwd flrs, landscaping, etc). Zillow estimate is pretty consistently at 500k for past couple years, whereas my mortgage balance is like I said 344k. Why am I still paying a monthly PMI???? Seems kinda ridiculous right? My credits core is around 850 so its not like I'm a risky investment.Is FHA refi or Conv Refi better given this scenario? Thanks for any info.July 25 2012 - Chicago0YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.