Anyone do this or know about it? I got a call and email from my bank telling me we qualify for a streamlined refinance. This is how it was described to me but seems too good to be true. Basically there is no appraisal or income check. They lower you interest rate, in my case it is only about a percent because I'm already at 5.75%. There are very minimal closing costs which are rolled into the loan. Your monthly payments are lower because of the lower interest rate.

They did mention that it was a new 30 year fixed rate mortgage, so this is where I am guessing they get you. I've had my mortgage for three years, so that would mean I would technically have a 33 year mortgage?? I'm a bit confused and before I call them back. deal with them trying to sell me something and get a headache, I figured I'd ask for personal experience.