What is refinancing vs home equity loan? New to REI

[Allen Lopez]

So I am trying to figure out what I should do. I have a condo that I purchased cash for 71k. It’s been fully rented out no issues. Now it’s worth around 95-98k. I would like to keep the rental property as it’s a good rental. But I also need the money to buy another house.

I don’t know if I can get a home equity loan on it, or if I can refinance. To be honest I don’t know the difference. What can I do to get the money out of the condo (take a loan on the condo, while keeping the condo)?