Unfortuantely not much you can do about the PMI unless you refinance your entire first mortgage and the first is 80% or lower from the current appraisal price of your home.
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Naa.. With PMI you just request it to be canceled once the value of the home or the equity or a combination of both make it where you've reached 80% LTV. You don't have to refinance the loan in order to get it canceled.

Your other feedback was interesting though. I appreciate knowing about the 2nd and 3rd mortgage info as well.