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Appraisals and quick refi

So to make a non contingent offer on a 490k, we used both mine and my wife's credit to secure the loan. I'm in the 780s shes in the 700s. We are selling a townhome for about 265k and I owe 180k on it, but I dont need to sell it to buy this new home. The appraisal for the new home came in at 515k. Right now the plan is to put down 98k to avoid pmi. Should I put down less, with the intention of refinancing, using only my credit and use the equity gained from appraisal to avoid pmi after a few months. Let's say putting down 75k instead of 98k

submitted by /u/jaystone85
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source https://www.reddit.com/r/RealEstate/comments/px1mrr/appraisals_and_quick_refi/
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