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I recently purchased a 2nd home, $110K, put 5% down, 30 yr-8.375%, $80/month PMI. The original appraisal was for 135K, similar properties now sell for 150K. It is financed fannie mae, and my lender wont let me drop PMI until I have 2 years in our put out cash. My goal is to secure lower monthly payments.
A. Can I refinance and get out of PMI?
B. If I refinance, why would I want to do a 5 yr ARM vs. 30 yr fixed?

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