House was purchased for 220k but properties have gone up and I think an appraisal would hit 235k minimum probably 240k. Not sure how long we'll stay here but at least another 4 years.
Currently have a 3.9% APR 30 year mortgage for $190k which I pay PMI of $72/month. Current lender would only drop PMI once im at 80% LTV based on original purchase price or if an appraisal says that "structural improvements" have increased the value enough. Simply a rising market isn't good enough.
If I refinance, I'd probably go to a 15 year at 3.2% APR because my monthly payment would only go up about $300. The 30 year mortgages aren't as good as my current one rate wise.
So if I keep what I have, I get an extra 15 years of a 3.9% loan (I would invest extra elsewhere). If I refinance, I save on my interest rate, I save on the PMI and I pay it off 15 years earlier.