Refinancing

Refinancing is based upon the current market value of the property.  If the property is currently being financed and is to be refinanced by the same lender, it is likely a new appraisal will not be required.  Other the borrower will probably have to bear the cost of a new appraisal.  If the refinancing will include rehab, the appraisal may be based on the after repair value of the property.

Almost all loan products that can be used for purchases, can be used for refinancing for either a rate and term change or also cash out.  Receiving cash out, though, may be have limitations as to the percent loan to value.