It starts from scratch. When you do a refinance for a house or a car the terms will be brand new. It will have a new interest rate. You can choose a longer or shorter term. You might be able to use equity and take cash out. You will likely pay some kind of closing costs.
If you buy right and the new loan is a good loan it's worth the cost and starting the term over.
@Ahkeem Smith , to reiterate what was mentioned on the other thread where you asked the same question: Your Refi Lender will likely limit your LTV to 70-75% (of their appraisal).
Also, you may have difficulty finding a Lender to give out a mortgage of less than $50k to begin with. [Of course, getting a (replacement) loan at the Refi stage is a new Loan, new terms]. Cheers...