How do I know when it is time to refinance my 2 mortgages into 1?

(My Original Blog Post: -*http://www.latesttrendsguide.com/?p=2361)

I bought my house a year ago, and put 3% down. We took out an 80% first mortgage and 20% second mortgage. Our second mortgage is adjusting and keeps going up every month. I do not want to pay Private Mortgage Insurance, but also do not want to keep seeing my payment go up. How do I find out if I have 20% equity in the house? Should I refinance it?

By: jonathanzila