Call a mortgage professional to see if you qualify for refinancing and what the monthly savings will be.
If your current rate is at least 1% higher than today’s rates then refinancing would definitely be worthwhile. Consider closing costs and length of time you plan to own the property to fully understand if refinancing makes sense.
If you already have an FHA insured mortgage you may be qualified for a special program which will reduce your monthly payments with minimal documentation required.
New legislation will be voted on in November to help homeowners refinance whose home values has fallen below their outstanding mortgage.