FHA mortgage refinancing has many advantages that greatly benefit the borrower.

If the market goes up and suddenly the value of your home increases then there is a good chance of getting the loan refinancing with mushrooms lower rate. But if the situation is different, so you may have difficulty obtaining refinancing.

Make sure you are getting the best rate and the best deals for your situation.

Have you been charged points? Be sure to ask your prospective lender if you are charged points on the new loan.
If you plan to be in your home for a long period of time, which gives you the opportunity to enjoy substantial savings.
The current credit crisis to the bursting of the bubble in the subprime mortgage rate presaging a significant increase in seizures of property.