Getting Rid of PMI

[AJ Satcher]

From my understanding the first criteria to get rid of PMI (when placing <20% on a conventional) is when you you reach 20% equity in the home based on the home's original value OR the sales price (whichever is lower) (Please correct me if I'm wrong here).

What I'd like to know is if in the event you reach that 20% equity through fast appreciation, can't you just pay for an appraisal and then request the PMI to be removed?

If so, wouldn't this be a more sound option as opposed to a refi, which comes with thousands in closing costs and could even potentially be limited to how long you've owned the property to do one? For the sole purpose of getting rid of PMI in this example, seems like just getting an appraisal is better to me unless you are also trying to take advantage of lower rates, then maybe a refi is the way to go.

Thanks