Noobie Question on Refinancing

[Timothy Casallas]

This is going to be a real n00b question but I am new and I always get confused about refinancing. 

The down and dirty is I bought a house for 135k with a VA loan so 0% down payment. 2 years later the house is appraised at 155k. Could I essentially just refi and pull 20k out and it wouldn't affect my loan? Or use that 20k to help pay off my current loan?

[Brie Schmidt]

Originally posted by @Timothy Casallas:

This is going to be a real n00b question but I am new and I always get confused about refinancing. 

The down and dirty is I bought a house for 135k with a VA loan so 0% down payment. 2 years later the house is appraised at 155k. Could I essentially just refi and pull 20k out and it wouldn't affect my loan? Or use that 20k to help pay off my current loan?

The $20k equity can only be pulled out by doing a cash out refi which would be a new loan. You can also do a HELOC and pull cash out, up to 90% of the value