Question about streamlined FHA refinance

[Michael Campbell]

Hello BP,

I bought a duplex in late 2014 with an FHA loan. Since that time I've been getting a lot of letters in the mail regarding reduced Mortgage Insurance Premiums. So yesterday I called up one of the lenders and they sent me a cost analysis today. Based on what they sent me, I will be saving about $114/month due to MIP reduction and lower interest rates and they will actually pay me $113 to settle the loan (this is because they have an FHA loan credit program in place).

Has anyone done something like this?  Honestly it seems like a no-brainer because I'll be getting paid to lower my monthly payment.  The only downside is now I'll have an additional 1.5 years until my loan is fully paid off.  Any insight or advice is appreciated.

Thanks,

Mike