Should we refinance with FHA Streamline?We are looking into refinancing our home. What are the Pros and Cons of our situation and do you recommend a refinance?Our situation: We may move within two years, but want to take advantage of possible mortgage interest savings that don't interfere with moving plans in the next two years.Purchased: September 2008Original Mortgage Balance: $97,500Terms: 30-year FHA, 6% interestCurrent Mortgage Balance: $89,950 with monthly $574.11 principal/interest and 147.68 per month into escrow. Our FHA MIP is $40.71/month. Credit is great.We are being quoted a few options...one is a streamline 4% with no closing costs, and I am told that we can lock in our MIP because our FHA loan originated before May-2009. Another loan option is 3.5-3.75 with varying closing costs. Should we refinance? If so, do you recommend the 4% option for our situation? Finally, is there any downside to refinancing in general?Thank you!March 05 2013 - Indianapolis00YesReport 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.