What do I need to know before refinancing?

[Chris Montes]

Anyone taking advantage of these rates and refinancing? My current rate on my FA is 3.75% but im paying $223.51 MIP.

My lender's current rate on conventional loans is 3.25%. If I refinanced my rate would go down 50 basis points and I would get rid of the MIP payments. I don't plan on selling this rental in the near future so im not worried about the additional refinancing fees (appraisal fees, title fees, origination fees, attorney fees - prob around 8k in NY)

Are there other factors to consider? Thanks!