Loan with MIP since mid 2012. Should I refinance to get rid of MIP?

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!

More real estate tips at Program Realty Wix site


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