Right now rates are at an all time low.  By its self is a great reason to be refinancing your mortgage.  But on top of that, HUD( the government) has just recently announced that the monthly mortgage insurance will be going up to .85%-.90%.  On a 30yr mortgage of $100k, this will be an increase of $29+ a month.  So even if rates a really low, this change will keep you from saving more money.  Here are the important reasons to refinance your FHA now:

1. FHA rolls into their loan, the upfront mortgage insurance.  If you refinance within 5yrs after getting your FHA mortgage you will get part of this fee refunded at closing.  This will help you reduce your costs of the loan.
2. Rates are at an all time low.  You can lower your mortgage rate to as low as 4%.
3. Refinancing your mortgage before the Oct 4^th change, will help you save even more money!!
4. Many times we can roll into your loan, your closing costs.  Keeping you from having to bring any money to closing.
5. You can refinance your FHA mortgage into a 15 year mortgage, with no monthly mortgage insurance.  As long as the loan is 90% or less of the appraised value.  This will save you even more money, along with the low rates. 
6. We may not even need an appraisal.  This will not only save you money, but may help you get your mortgage refinanced even if your home has decreased in value. 

For more on the FHA changes check out: FHA Changes.  Call me today for a FREE mortgage evaluation, to see how much money we can save you monthly.