Loan amount and repayment terms are restricted based on the kind of property. If you may have good credit and may satisfy a lender’s other necessities (income, employment, debt, etc.), you would possibly be capable of borrow $200,000 in a cash-out refinance. Once your present mortgage of $150,000 is paid off, you would use the additional $50,000 toward your own home enchancment project. With a cash-out refinance, you apply for and take out a brand new mortgage to repay your existing mortgage. Assuming the equity in your home has increased, you could walk away from the closing table with some …