I was offered a Streamline refinancing offer. Is it a good deal?

[Sergio Moreno]

Hello i was contacted by my lender and was offered a streamline refinance. I agreed because the lender had said that the loan would only go up a couple of hundred dollars.

I received my documents to sign and the entire refinacing would cost over 8k. I would save half a point from a 5.0 to a 4.5. My loan would go up $4300 i need to bring $2600 to the closing. All this to save 80 dollars a month. I bought the property exactly a year ago at $247,450, i owe $242000, if i take the streamline my loan would go back to $246,500. This is my primary residence...i pay 171 dollars on MIP for the life of the loan. Should i wait and try to refinance to a conventional loan in the near future to remove the MIP instead. I see that it would take me over 5 years for me to start seeing the savings if i agree to the streamline.