re: Anyone know what the refi rates are at right now?

I don't have any experience with a FHA streamline but it should be exactly like an IRRL.

So, what he is saying is the closing cost amount is probably close to what a single payment is. When you close, you will probably skip 2 payments, and simply have 1 payment (closing cost) tacked on to the other end of the loan.

You drop your rate by 1%, that is really good and you wind up with a 2.25% mortgage. That can't be beat......but everyone said that a year ago about 2.75, lol. Who knows, you might be refinancing in a year to 1.5%?

I personally am of the belief that I don't want equity in my home, especially when I could have that money earing more money (>30%) and all I have to do is beat my current mortgage interest rate (2.25%) to be ahead. The equity I don't have in my house will put me in a position in about 5 years to simply be able to pay off my house in full if the need ever arose. But, once again, WHY would I give a large sum of money earning a great rate to a company to pay off a loan where they have lent me money at 2.25%?

And, I need my mortgage for a tax deduction to boot.