Refinance advice on FHA loan
I purchased a home in the space coast area of Florida last Feb with an FHA loan at 2.75% interest rate. The value in that time has risen from 200k up to about 270k-300k. We are now trying to refinance out of the FHA loan in order to lower the payment. I've spoken with two lenders: the first had our payments going up about 100 because the interest rate increased. The second quote said they could refinance to where my payment would increase about $200 but they could pay off my car loan ($22k).
Is it unwise to be taking money out now? What verbiage do I need to use with a lender to get a lower payment w/o losing equity?