How do I get rid of PMI on my mortgage in Texas?

I just bought my first home in Frisco, Texas. I have to pay PMI every month. I only have 1 loan with a rate of 7.25% on a 30 year fixed.
How do I get rid of the PMI – it is very expensive and I need to get it off so I just pay the principal and interest. Should I re-finance? I have only had the loan since Jan 2007
I know the norm is 20% must be in equity. I bought it with zero down. The thing is I bought it for #310K and it was listed in the tax records at $ 393K. I got a great deal since they had to leave. Shouldnt I re-finance and get it appraised and show I have more than 20% in the house in equity – that way eliminating the PMI?

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