FHA removal notification

I just received a letter advising that I could remove the FHA mortgage insurance.
The letter says my house is estimated at 276,954.
25,000 more than when I bought my home in 2013.
I’m advised that my new payment could be 1,159.00.
My question is, if I remove the FHA mortgage insurance, will this be considered a refiance and will I be paying the new estimated value worth of my house. I hope to hear back from you soon.
Thank you

Terry Says:  No, that would not be considered a refinance –just a removal of the PMI insurance, which you pay for and which protects the lender.  But now that you don’t need PMI insurance you might want to refinance, if rates are lower than when you bought the house.  Ask your lender — and then double check what rate you could pay at either GuaranteedRate.com or QuickenLoans.com.  You might even save more money on your monthly payment if you can get a lower rate and no PMI!

Congratulations!  That’s a nice milestone to pass.  Now, don’t get tempted to borrow extra money; just keep paying down your existing loan.