re: Is mortgage refinancing worth looking into for me?

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I would wait until you have enough to put down (or enough equity) to get rid of the PMI. I don't think rates are going up significantly anytime soon so you have some time.

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I just refinanced and was in pretty much the same position of the OP.

Bought my house last year had 4.7 over 30 years. Closed on refi last month. Got down to 3.6 over 29. They ditched the PMI. (and im not at 20% equity)

Saving me $150 a month. Cashed out $1500 through closing. And didnt have a September mortgage payment.

OP just ask your mortgage provider or whoever to run the numbers. See if they add up and make sense for you. My house is at least a 10 year home for us if not longer (planned at least) and getting ahead on our actual mortgage due to closing cost and such will take 4.5 years. So if we were to move next year then it would have cost us money. But anytime after 4.5 years and it was the right choice.