Dear Tony, I'm a loan officer and please know all FHA loans have a Mortgage Insurance component to them and are not usually a first option for a person with reasonable credit and lots of equity in a home unless they are in a high interest loan and can't qualify for a conventional loan. So, withthe information you provided I can't say you would would avail by this service but you may. 2. It would only guarantee you a lower rate if you are in a loan with an interest higher than 6% currently. Please know that it's the responsibility of the Loan Originator to determine the best loan option for you. Also, not all mortgage companie are FHA approved (audit check component), so usually an FHA aproved mortgage companay has a better reputation than those not approved. Good luck Tony, let me know if I ca help further.