The homeowners can definitely refinance if they are able to meet the lender’s guidelines. You can refinance an FHA loan at any time because it has no prepayment forfeit.
However, you should very well understand when refinancing a home mortgage is worth it. Check the information carefully.
Bear in mind, that refinancing is not free. While an appraisal will be done you will pay money for closing costs, application fees and so on. Before making a final decision you should be sure that this refinancing is, first of all, suitable for you. Take also into consideration the home prices and mortgage rates tendencies. Furthermore, you have to analyze all the costs and benefits.
In most cases conventional mortgages can really suggest you lower interest rates. In other words, by switching to a conventional mortgage with a satisfactory interest rate, you may qualify to minimize both your monthly payments and the overall amount due on the mortgage you already have.