If you have a 30 year fixed FHA loan I would recommend you consider refinancing into a 15 year FHA mortgage.
There are two reason’s I’m recommending this…
1) You can get a 15 year FHA fixed rate as low as 2.75% (face rate).
2) The mortgage insurance rates are lower for 15 yr FHA loans…
15-year loan terms with loan-to-value over 90% : 0.60 percent annual MIP
15-year loan terms with loan-to-value under 90% : 0.35 percent annual MIP
As an example: If your current rate is 5% on a 30 year fixed FHA loan – you could lower your rate to a 2.75% 15 yr FHA loan, and your payment would only go up by around $35 to $40 per 100k on the loan.
If your rate is higher than 5% then the difference would be even lower.