Updating equity value with the bank without a refi

[Ian Jaeger]

I'm curious if it's possible to update the home equity position that a bank uses for its determination of PMI and home equity loan positioning without doing a full refinance. I've made some significant updates to the home and could get a new appraisal done showing the current actual equity in the home being beyond the 80% point where I'm paying PMI.

But it’s still a relatively new loan with good rates so I don’t want to actually go through a refi.  Would a bank take a new appraisal and update the value without going through a whole refi?