Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open.

Primary Residence to Investment Property - Changing PMI Terms
You could be in a bit of a bind.  I wouldn't push it any more until you read your loan papers very carefully. Going back to the lender for a refinance after you converted it to a rental (presumably without their knowledge) is risky.  I doubt they'd let you refinance anyway, as the house is underwater. If the loan is performing then I wouldn't think they'd look too hard for reasons to upset the flow of checks by calling the loan due, but if you brazenly advertise the change of property use to them they may reconsider. Read your loan papers carefully to see what they can do before you lean on them too much. As for managing the finances on that property, I'd build up a cushion to deal with the fact that your payment is going to shoot up considerably in year 8.  Also consider building up a side business to get another income stream going to compensate as well.  You have a little time before it shoots up.