I refinanced late last year to convert an ARM into a FRM, and had to go with an FHA loan because my loan to value ratio was over 90%.

The most important things I learned were: read all the documents very carefully, ask questions about anything you don't understand, and make sure they fix any errors in the paperwork. I found some important errors in the loan app which the loan officer filled out. Also, I had to stay on top of them every step of the way - even when I told them that certain forms had been sent to them, either by me or my condo association, they would call me weeks later to ask why they hadn't gotten the forms yet.

BTW, I was able to deduct the prepaid mortgage insurance premium on my tax return for 2008. My accountant told me the deduction was a new, temporary thing. I don't know how long "temporary" is, but I definitely will ask her next year if I can deduct my MI payments for 2009. The premiums are deductible for a refi if the new loan balance is the same as the old loan balance, e.g., you're converting from an ARM to a FRM and not cashing out equity.

I refinanced with the bank that had bought my old mortgage last summer, and they immediately turned around and sold the new loan to Countrywide. I must say, I have been very impressed with Countrywide's customer service so far. I've had to call them twice with questions, and they were extremently helpful and friendly both times. Like they actually cared if I was happy. It was refreshing.