Like many homeowners, you may be having a hard time keeping up with mortgage payments. One thing you can do to avoid possible foreclosure is to refinance your mortgage.

Mortgage refinancing essentially pays off your current mortgage and creates a new one. Luckily, you can refinance through the Federal Housing Administration (FHA). FHA can swap adjustable mortgages that are about to go to a higher rate to a fixed-rate mortgage.

This would give you lower FHA mortgage rates. It will also allow you to pay off your loan. With FHA refinancing you can also add extra payments on each month to lessen the amount you’d have to pay for the principal and interest.

The following are reasons why you should refinance to FHA loans:

• Current FHA rates are more attractive than those offered by conventional loans. You only need to pay 3 to 5 percent down payment with an FHA mortgage unlike traditional loans that can require as much as 20 percent.

• Qualification is easier because you don’t have to have a perfect credit history to qualify for a loan.

• FHA mortgage rates remain fixed for the whole life of your loan, which means monthly payments remain the same.

• If you have an adjustable-rate FHA loan, your current rate can only increase one to two percentage points in a year, and 5 to 6 percentage points over the life of the loan.

• Homeowners aged 62 and above can convert their home equity to monthly cash payments.

• Various FHA programs see to it that homeowners are protected from foreclosures.