If you believe your are close to the 78% equity mark I would definitely advise refinancing. Rates are still very low and will begin a slow but certain ascend over the next few months. Also, you still have some great options available. If we had to remain with FHA we can do a streamline refinance into a 15yr FHA fixed, and if you're at 78% loan-to-value (LTV) you won't have to pay annual mortgage insurance. FHA will be making lots of changes in April and it's imperative that we assign your FHA case number quickly to bypass them (mortgage insurance for the life of the loan regardless of loan-to-value). There is also the option of refinancing into a conventional product. In order to determine your best option we will need to discuss the full picture of your home, credit profile, and a few additional items to ensure you are in the most efficient loan. Please contact me at your earliest convenience so we may being weighing out some options. I may be reached directly via phone or email; whichever is of greatest convenience. Enjoy your weekend.
Paul F. Marzolla
For the best answer to this question, please call Dominick Sutera (Dominick is the guy who trains loan officers) and is my choice mortgage banker.