Refinancing to a 15yr fixed loan to get rid of PMIMy wife and I bought our home a little over 2.5 years ago for 128K with 5%down and APR 4.75% in a 30yr conventional. Our current mortgage payment is 1018 with our principal and interest being 638/month and our PMI is 124/month. Our current principal is 115K, so our LTV is just under 90%. The value of our home has definitely gone up since we bought it and we have made a few improvements. So, using Zillow and the comps around us, I believe we would be reappraised around 150k. So, my plan would be to refinance into a 15yr fixed mortgage, which would give us a lower rate (3.5-3.75?), get us to a more appropriate LTV to remove PMI. I am comfortable with a slightly higher payment as long as it is saving me in the long run. It all makes sense in my head but I'm sure I'm missing something. Please comment. Thanks.April 25 - Youngstown0YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.