FHA Streamline Refinance Question - Zillow Mortgage Advice

Thank you for all of your replies.? The quote we were given was for a 17 year loan.? We absolutely don't want to extend the life of the loan any longer than what we currently owe.? Yes, the payment amount included mortgage insurance.? The paperwork I received from Freedom Mortgage shows that our P&I would be $464.28, and our mortgage insurance payment would be $31.15.?

I am not sure we would really be able to do a conventional loan due to the out of pocket costs. The appeal of the FHA Streamline is the no appraisal requirement. Freedom Mortgage actually pays the closing costs (almost $1400) on our behalf.?

After doing some additional research, I am a bit confused about the mortgage insurance requirement.? I understand that it is required to be paid for 60 months.? However, I read on one site that it was not required for loans made for 15 or fewer years.? I am not sure if this is correct, but if so, it may be to our benefit to refinance for 15 years, rather than 17.? Any thoughts?

Source: http://www.zillow.com/advice-thread/FHA-Streamline-Refinance-Question/471350/

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