I apologize in advance, this may end up being a long response.
One thing to consider before comparing offers:
1. When did your current FHA mortgage get endorsed by HUD? You can call HUD at 800-697-6967, 8:30 a.m. to 8:30 p.m. Eastern Standard Time, Monday through Friday to find out.
If it was endorsed prior to May 31, 2009, then you qualify for lower Up Front Mortgage Insurance Premium (UFMIP) of 0.01% (1.75% if not) and lower annual Mortgage Insurance Premium (MIP) of 0.55% (1.25% or 1.20% if not)
Now for the offers (assuming you are doing an FHA Streamline without an appraisal):
The maximum your new BASE loan amount can be is the current payoff (principal balance + interest). So all the offers should be based off the same loan amount.
There are 3 components that are going to make up the settlement costs on a refinance (any type, not just FHA), they are:
Payoff - make sure every lender/loan officer you speak to is basing it off the same payoff, thus the same loan amount on the new loan since you can't increase it on an FHA streamline
Prepaids - these are the amounts to setup your new escrow account for taxes and insurance and interest owed on the new loan from the day of funding through the end of the month. This figure is irrelevant in your comparison. Different lenders/loan officers will calculate it differently, but at the end of the day it is based on closing date/first payment date/date taxes/insurance are due, so it should be practically identical with all lenders once you get to closing.
Closing Costs - this is the figure that you will want to compare, along with interest rate. They will change from lender to lender, and based off the interest rate that you want.
Basically, with an FHA Streamline without an appraisal, you will be bringing the PREPAIDS + CLOSING COSTS to closing. That will be your cash to close.
If it were me, I would call a few lenders and at least one broker and give them my credit score and estimated payoff amount and request that they email me a few different quotes for different rates. Make sure you let them know that you want to see all of the following with the quote:
Base Loan Amount (should be equal to the payoff estimate you give them)
Final Loan Amount (= base loan amount + UFMIP)
Estimated Closing Costs
Estimated Cash to Close
I would also make sure that you call HUD and get your endorsement date (if you think your current mortgage was endorsed prior to May 31, 2009) and let the loan officer's know this.
Hope that helps.
Ohio Loan Officer / Manager @ Mortgage Broker
NMLS ID 164070
Ohio Mortgage Solutions
Ohio FHA Mortgage