I am looking to either do a streamline FHA refi or maybe switch to a convention 30 year loan. Looking for some advice. My credit score is finally at 800. I bought my house back in 2008 with a FHA loa. Did a streamline FHA refi in 07/2010. I originally got my loan for $155k and it's down to $139k. My house value did drop and my loan is probably a little more then it's value. That would scream that I should do a FHA refi but I do have money saved so I can probably get to 20% below whatever it appraises if I go the conventional loan rate.
So guess the question is which way would be the smartest? My FHA loan is currently with US Bank and it shows MIP Mortgage Insurance being $64.27 a month. I am assuming if I can refi conventional that would be a savings each month since I probably wouldn't have to pay that. I see Penfed has their 30 year conventional loan at 3.726% APR. Debating about reaching out to them if I decide to go conventional. They say they have a 1% orientation fee.
Appreciate anyone's insight.
