An streamline FHA would not be your best option unless qualifying for a new loan is an issue. Based on value vs loan balance, you have 20 % equity and could avoid paying .55 mortgage insurance monthly for another 5 yrs min. as required on an FHA streamline refinance. Also, your savings will be about $175 a month with out MI so not sure why only $85 a month savings was mentioned.. If that is a 15 yr quote at 3.875%, you can do better.
If you want a better option to consider, do a 15 yr conventional loan in the 3% range and payment would be same or slightly lower than current payment. You would have about $300 monthly equity vs $125 or so currently, and knock 15 yrs off the loan term vs new 30 yr loan.........
Post a request on Zillow above left Mortgage Rates and you should get multiple quotes to consider.
Source: http://www.zillow.com/advice-thread/FHA-Streamline-Refinance-Question/471350/
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