Couple of items to consider here: What rate are you at now? Need to keep in mind that the first interest rate adjustment on a 10/1 ARM can be up to 5%. Not saying yours will be, it may go down based on the index and margin on your particular loan. IF you’re not harp eligible (check with a loan officer or go to Fannie and Freddie’s website to find out), your home’s value will be a factor if you’re really at 96% LTV. If you really are at 96% and rate is reasonable, best course of action may be to continue to pay extra IF you have a decent rate now and are willing to ride out the market for a while longer. It’s really a lot of things to consider, glad to kick all of them around with you. I can be reached at 314-740-0004.