The worth of the new FHA 203k loan is then determined from the results from so it appraisal Cash-aside refinance: A cash-out refinance really works similarly to a house equity loan, but not, instead of delivering a second home loan with a supplementary payment per month, you are simply substitution that financial with a separate. Having a money-aside refinance, most lenders allows you to borrow to 80% of one’s house’s worth minus your existing financial balance.