Refinancing an FHA loan to conventional before paying 20% of loan ...

I just wanted to see what our options are in this situation. We currently have an FHA loan that started at $346,000 and it is down to $330,000 after 17 months. Our mortgage rate is 4.25%.

Is it better to continue paying down the principal till we have paid 20% of the value of the mortgage and then refinance? The current Zillow estimate on our house is $395,000. How is that value estimated by the way?

Source: http://www.zillow.com/advice-thread/Refinancing-an-FHA-loan-to-conventional-before-paying-20-of-loan/473034/

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