Should I refinance from FHA to Conventional?So here is my situation. I bought a house in NJ .. I'm the co-borrower because my income wasn't eligible..and my aunt is the primary. Because i want to become the primary ..i have to refinance.. my current fha rate is 3.75.. the conventional rate will be 5 because my credit it's not that high (640). My home is a two family. And mortgage is 3150. With insurance included. Going conventional...it will go down to 2700 because there won't be PMI anymore So yes it sounds good. I'm going to save 400 dollars a month. But I want to make sure this is the right decision. Isn't 5 too high for interest rate even on conventional?May 06 2014 - US00YesReport 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.