Is it cheaper to do an FHA streamline refinance or refinance with a conventional loan with no mortgage insurance?

Only way to avoid MI on a conventional loan is to have an equity position of 20% or better. So if you have an LTV (at current market values with a recent appraisal to support that) of 80% or lower then conventional with no MI is better.

It depends on your equity position, and when the loan you have now was initiated... just too many details missing... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

if you have equity you are probably better off with conventional loan rates are dropping again otherwise better off fha to fha. what is your present rate?

As with most things, it depends on the details: amount of equity in your home, credit profile, when your current FHA mortgage was closed, etc. A good mortgage officer will look at all options and help you figure out what is best for your situation. One advantage of a FHA streamline is not needing an appraisal. I've also had situations where even with the PMI it was a better option for the borrower to switch to a conventional mortgage. It's possible to get rid of the monthly PMI cost even if you don't have 20% equity. Lived a long time not far from you in the Berkshires, glad I'm here at this time of year - but I do handle loans in NY if you like.

If I am reading into your question correcttly, you want to know if its cheaper to do a FHA streamline or look at refinancing with a conventional loan at 95%LTV with Lender Paid Mortgage Insurance and no monthly mortgage insurance premium. With the streamline, the property value will play alot less of a role in the transaction wheras with the conventional loan you will have to have the property appraise for enough to put the loan amount at 95% loan to value. The best way to determine which option works the best for your situation is to compare the two scenarios with a mortgage consultant.

If you have the equity in the home then you are going to save more money getting a conventional loan with no mortgage insurance. Rates are so close to each other these days the difference you pay in mortgage insurance will be greater than the rate.