Maybe, but start with your real cost: on an FHA loan the number that matters is the note rate plus the annual mortgage insurance, and a streamline has to beat that combined figure. If your combined cost is already below anything a refinance can deliver, refinancing purely to shed the mortgage insurance leaves you worse off. FHA enforces this with a net tangible benefit test: on a fixed-to-fixed streamline, the new combined rate (note rate plus annual MIP) must be at least half a percentage point below your current combined rate. Our rule of thumb for whether a no-point refinance pencils: divide 125,000 by your loan amount, and that is roughly the rate drop you need. A $500,000 loan needs about 0.25%; a $125,000 loan needs closer to a full point. Watch the streamline's quiet cost. You pay FHA's upfront mortgage insurance premium again (1.75% of the base loan amount under current FHA rules, and you can finance it into the loan or pay it in cash at closing). On an FHA-to-FHA refinance you do get a refund of the original upfront premium, credited against the new one, but the refund declines every month and phases out completely at month 36. The durable way out of FHA mortgage insurance is a refinance into a conventional loan once you are at or below 80% loan-to-value, where no mortgage insurance is required, and only when the new rate makes sense on its own. That side-by-side is exactly what we run in the free Roadmap conversation, about 20 minutes with your real numbers.