Homeowners can now lower their interest rate on their FHA mortgage insurance without getting a new appraisal. That means you do not have to worry about not having enough equity like a normal conventional refinance. The other great news is that if your FHA loan was originated prior to June 2009, you will not have to take out the higher mortgage insurance. The government has raised the monthly FHA mortgage insurance premium a couple of times since 2009. Many Rocklin homeowners did not refinance last year because even though their interest rate could be lowered the monthly mortgage insurance premium was going to cost more so it did not make sense to reifnance. You can keep the same monthly insurance premium now if your loan was originated prior to june 2009.