Refinancing a Duplex

[Jordan Erlewine]

Hi,

I currently live in a duplex that I got a 30 year fixed fha 5.25% interest loan on. The plan is to keep it as a Rental property but I am thinking about doing a streamline fha refinance to 3.75%. I am needing around $6600 at closing and will be saving $230 per month. I closed on this house last September and they are wanting me to close on this tomorrow. Needing some advice on if this is a good idea! It says I will get my money back in 20 Months.