How can I pull money out if I refinance?
The key to being able to refinance and pull money out is whether or not your property has gone up in value. For example, if you originally obtained a 100% LTV (loan to value) mortgage and prices haven’t moved up, there’s no way to pull equity out of your property -- you don’t have any equity! On the other hand, if since you bought the price of your home has gone up 50%, you should have a lot of equity you can pull out no matter how big your original mortgage. Usually, before letting you pull equity out, lenders want to see that you have at least 20% equity.