I received a loan application to refinance through FHA Streamline. Problem is it appears the payment only went from $881 (currently $940 to make up for escrow shortage) to $851, my interest rate is still only 4.5% as it was previously and the principal has increased to $125,000 which is what the loan started at 2 years ago, and also reset the loan term to 30 years? Is that how FHA streamlines work? What is going on with this and should I bother accepting it? We don't see ourselves staying at this house forever, who does that these days? But I miss having low payments and if this is the only way to do it, I figure do it. Any experience with this?
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