Wow, I found your question because I was looking into this very same thing. Didn’t realize how many answers you would get from scam artists trying to get you to go through someone the apparently know… especially the one where most of the sentences don’t make sense and soo many words are misspelled.

The first 2 answers are pretty much correct..especially #2. Go through someone you can physically talk too in your area and see what the closing costs will be. Closing costs on a refinance are NOT as much as on a purchase, but it will still costs some. You can benefit also because you will end up skipping a month of mortgage payments, so factor that in. I have a 6.25% loan, if you can get it low enough,.. like 5.2% or so, it could very well be worth it. Just make sure you can still get PMI. That’s the biggest thing Lenders want now and it may be difficult to get again.

Good luck

FHA loans don’t have pre-pay penalties. You will need to do the math on all the fees for the loan however. One thing to consider is how long you plan to live there. If it’s a long time then it might be smart to grab a low rate. If only a few years then the difference in payment might not pay for the fees involved.

You can use a mortgage calculator like this one
and see the difference in payments. Then just add it up. A good place to look at the fees involved is the closing statement you just did 4 months ago. Likely the loan related fees will be similar again.

As long as your loan has no pre payment penalty. FHA loans have new guidelines, as well. But you’ll have to pay closing costs all over again, making the re-fi pointless in the long run. You’ll save in mortgage about what you paid for closing costs twice.