You also have to look at how much you are increasing your loan amount and divide the monthly savings into that to get a better idea of a break even. Without knowing your situation I cannot say, what I am saying is that there is no reason to do a standard FHA refinance if you already have an FHA loan. Currently you need to wait 6 months to do so.
If the above is true, do you still think that it doesn't make financial sense?
There would be no reason to do a standard FHA refinance if you currently have an FHA loan.
2. The cost would not make sense for you to do this
3. The UFMIP is 2.25% regardless
4. After you have made 6 payments, you can do a streamline without an appraisal, but it will most likely require that you bring cash to close.
5. After you close the refinance, your escrow impounds are refunded from the previous lender
6. No, after 6 payments you would get 70% of the original UFMIP refunded
Tripoint Mortgage Group, Inc.