Is it worth refinancing?My wife and I purchased a house in November of 2012. The purchase price was 309,000. After closing fees and our down payment we ultimately ended up with a home loan of 285,000 at a interest rate of 3.25%. As first time home buyers we went with an FHA loan so we could get the lower rate, but with that lower rate came Mortgage Insurance, about $300 a month. Over the past year our house has gone up considerably in street value. With this value increase we technically own more that 20% of the house which is the line for mortgage insurance. I am wondering if it is worth refinancing to get out of the mortgage insurance that we will have to carry for the next 4 years, or keep the low rate and put up with the insurance for the next few years? I think I already know the answer which would be to stick it out for the low rate but just wanted a second or third opinion. Thank you!February 23 - US0YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.