… our combined salaries have increased form 85k to 120k …

So, your salaries have increased by 40%. As long as you didn’t overstate your income by more than 40% you might be OK, right ?

Of course, this depends on your existing loan terms since refinance is not an option.

What is your reset date, margin and index ?
How much owed on the 1st ?
Is there a second ? if so, how much owed ?

E.g. A loan based on 12-month LIBOR, with a 2.25% margin, would reset today at 5.5%.
Of course with 100% LTV you probably may not have the best terms on your loan(s).