Need advise on Mortgage?

Just bought our first home and the monthly payments are very high. It is approx at 50% of my total income, which the pros say should be no more than 30%. Reality is now kicking in and the payments seem too high and I need some advise. I bought the home with 0 down and my rate is 7.25% (1 Loan so I am paying PMI of $ 245 a month) A 80/20 loan was more due to my credit. It is in the low 600’s due to disputes. When should I re-finance? The reason we bought the home was because of the deal – we paid $ 310,000 but the tax records for 2006 appraised it at $ 395,000. I want to re-finance to get the 20% in equity to eliminate the PMI..but also I want a better rate. I have been in the home for 1 month…advise?

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