If you refinance to get rid of PMI, the refinance process will include a new property value to verify that your loan is below 80 percent LTV. For homeowners with a conventional mortgage loan, you may be able to get rid of PMI with a new appraisal if your home value has risen enough to put you over 20 percent equity. However, some loan servicers will re-evaluate PMI based only on the original appraisal. So contact your servicer directly to learn about your options.