I bought a home in New york mid 2012 for $200,000 and put 3.5% down using a 3.75% 30 year FHA loan.
Our PMI monthly is 210/month.
Our balance on the loan is ~175000
We're paying taxes based on an assessment of ~$200000
Houses in the area seem to have appreciated in value, and Zillow tells me our house is now worth around $220000.
Should we refinance? Should we re-appraise? Is there a creative way to reduce our PMI burden?
Any suggestions highly appreciated!
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