Before the rules changed on 6/11, it would not have benefited me to do the streamine refi because the additional MI cost would have taken away over half of P&I savings. But the reduction in the MI rates has turned out to be huge for me. The reduction in the upfront MI cost alone dropped my closing costs by nearly $2k. And my monthly MI is staying the same which will allow me to see the full P&I savings. On top of that, my property tax is decreasing (again), so im hoping my escrow payment will also reduce.

I anticipate that I'll recoup my closing cost in about 3 months.

Since I'm underwater on my loan and won't be able to sell anytime soon, I may as well take advantage of the new insurance rules.

What's interesting is that for FHA streamine refi, FHA doesn't require a credit score or income...but the banks rules override.