Zillow Advice: Mortgage - Should I refinance thru streamline or other means? http://www.zillow.com/advice-thread/Should-I-refinance-thru-streamline-or-other-means/520249/ Zillow Advice | Zillow Real Estate Definitely keep your current ... http://www.zillow.com/advice-thread/Should-I-refinance-thru-streamline-or-other-means/520249/ Definitely keep your current rate as they are up considerably from that point.&nbsp; If you were to refinance now under a new FHA Loan your MIP would never be eligible to be removed, there is another 1.75% funding fee for the new loan (approximately $2,900), and the monthly MIP would be at a factor of 1.30 assuming &gt;95% LTV or approximately $180 per month.&nbsp;&nbsp;<br/><br/>Hang tight, You have just over 4 years left before you are eligible to remove the&nbsp;MIP if your home appreciates in value to get you to&nbsp;&lt;80% LTV.&nbsp; Even if it takes a bit longer you have a phenomenal 30 year fixed rate and when the MIP does&nbsp;fall off you can either save the $2,064 per year or apply it to principle&nbsp;which will significantly reduce your&nbsp;loan term and interest paid.<br/><br/>Let me know if you have any questions.<br/>Thanks<br/>Tom<br/>&nbsp;<br/> Thu, 28 Nov 2013 04:28:00 GMT http://www.zillow.com/advice-thread/Should-I-refinance-thru-streamline-or-other-means/520249/ 2013-11-28T04:28:00Z keep your 3.25% mortgage.&nbsp;&nbsp; ... http://www.zillow.com/advice-thread/Should-I-refinance-thru-streamline-or-other-means/520249/ keep your 3.25% mortgage.&nbsp;&nbsp; rates are much higher now and it is very doubtful your home has appreciated enough to be at 20% equity. Even the new Zillow value does not support the equity gain your would need. <br/> Wed, 27 Nov 2013 22:30:00 GMT http://www.zillow.com/advice-thread/Should-I-refinance-thru-streamline-or-other-means/520249/ 2013-11-27T22:30:00Z A streamline wouldn't be ... http://www.zillow.com/advice-thread/Should-I-refinance-thru-streamline-or-other-means/520249/ A streamline wouldn't be ideal because you already have a relatively low rate when compared to today's rates. If anything you should refinance out of FHA into a conventional so you can avoid the mortgage insurance. The rate will be higher so you and your lender will have to judge to see if it is worth it. Either way, you will likely be paying less if you go that route.&nbsp;The best thing for you to do is to speak with a lender like myself who would be glad to speak with you to help you get the loan that you need. If you have any further questions or if you would like a loan, feel free to contact me.<br/><br/>Good Luck! Wed, 27 Nov 2013 20:50:00 GMT http://www.zillow.com/advice-thread/Should-I-refinance-thru-streamline-or-other-means/520249/ 2013-11-27T20:50:00Z Your rate is good already.The ... http://www.zillow.com/advice-thread/Should-I-refinance-thru-streamline-or-other-means/520249/ Your rate is good already.The only way to save money in your situation under current market conditions is to refinance conventional.That would get you out&nbsp;wasting money on MI&nbsp;"if" you have at least 20% equity in your property. If so, my suggestion is to&nbsp;start comparing conventional rates on 10 and 15 years fixed rates.They are the best way to go right now.The&nbsp;interest rates&nbsp;are significantly&nbsp;lower then that of a 30 yr fixed&nbsp;mortgage. So much so that you can&nbsp;pay off&nbsp;your mortgage 15-20 years sooner and not even&nbsp;notice much of a difference in the payment. <br/>This is&nbsp;because the interest that you have saved is&nbsp;being replaced with&nbsp;your principle being paid down. You just can't go wrong with a deal like that. It's a win,win situation for you!&nbsp;Good Luck!&nbsp; Wed, 27 Nov 2013 16:19:00 GMT http://www.zillow.com/advice-thread/Should-I-refinance-thru-streamline-or-other-means/520249/ 2013-11-27T16:19:00Z Certainly rates are not lower ... http://www.zillow.com/advice-thread/Should-I-refinance-thru-streamline-or-other-means/520249/ Certainly rates are not lower today so a streamline refinance (a loan with no appraisal that is exactly the same as you already have) wouldn't make sense.<br/><br/>If you easily have 20% equity, you will have the ability to refinance to a conventional loan without mortgage insurance. Yes the rate will be higher but your payment will be lower. This would allow you to either:<br/><br/>Use the savings to payoff your loan sooner or<br/><br/>Reduce your monthly housing expense.<br/><br/>Contact a local mortgage person to determine your exact numbers. If you are in Minnesota, I can help. If not, check out the local lenders in your area here in Zillow. Wed, 27 Nov 2013 12:27:00 GMT http://www.zillow.com/advice-thread/Should-I-refinance-thru-streamline-or-other-means/520249/ 2013-11-27T12:27:00Z Per zillow, current market ... http://www.zillow.com/advice-thread/Should-I-refinance-thru-streamline-or-other-means/520249/ Per zillow, current market value of the house is $181K Wed, 27 Nov 2013 10:58:00 GMT http://www.zillow.com/advice-thread/Should-I-refinance-thru-streamline-or-other-means/520249/ 2013-11-27T10:58:00Z Value? http://www.zillow.com/advice-thread/Should-I-refinance-thru-streamline-or-other-means/520249/ Value? Wed, 27 Nov 2013 09:22:00 GMT http://www.zillow.com/advice-thread/Should-I-refinance-thru-streamline-or-other-means/520249/ 2013-11-27T09:22:00Z