1. Refinance with new FHA fees : In a nutshell: FHA raised insurance premiums for new borrowers, while lowering fees for some existing customers who refinance, making comparison shopping with private mortgage insurance worthwhile. Mortgage insurance covers the lender against losses caused when borrowers stop making payments.

The details: FHA’s new insurance premium rates include a great deal for existing FHA borrowers — you can refinance by paying a miniscule .01% upfront fee and an annual premium of just .55% starting June 11.

The catch: The deal is only for home owners who got their FHA mortgage on or before May 31, 2009. The latest FHA deal for new FHA customers buying homes isn’t nearly as sweet. You’ll pay a whopping 1.75% upfront fee and an annual premium of 1.25%.  For a $200,000 loan, that’s $3,500 for the upfront premium payment and $2,500 for the annual premium. Go on the internet and use the mortgage  calculators (MGIC, Genworth Financial) to check how your payment would change if you have a smaller or larger down payment. Private mortgage insurance is based on the size of your down payment (5% is typically the minimum).