Should I do a stream line FHA refinance on my fourplex

[Carlos Gonzalez]

Don’t know if this is the right place to get advice from this topic but here I am.

I bought a fourplex FHA last September and currently living there.

I got an offer to refinance my property over the mail saying that I qualify for a Streamline FHA Refinance and will get my mortgage interest rate from 4.75 to 4.15. I called the number and the guy said that it would lower my mortgage payment by around $80 per month refinanced for 29 years.

He says that streamline refinance comes at not cost for me and that I would get the escrow balance and I would not have to pay my mortgage payment for a month while they sell my mortgage to a different bank I guess and I would get to keep all the cash flow from the other 3 units. It’s about 6-7K that I would get to keep if I do this aside from lowering my interest rate. In less than five years I plan to refinance it to a conventional loan with 25% equity.

My question is should I do this or not? How would this affect my taxes for next year?

Any advice is welcomed guys

Thanks in advance