Refinancing- What are My options

[Tyler Jenkins]

I currently owe $223k on my current FHA mortgage. Loan is 6 years old. I am at 5%. My goal with the refinance is to get my payment as low as possibly to help save a little bit more and buy another home in the next couple years and keep this for long term rental. Right now I am looking at going to conventional 30 yr. Looks like the rate would be around 4.25 right now. If I did that it would only drop my payment a few hundred dollars but at the same time add $40-$50k in the end. Any other options?