Answer: To get cash from a property that you refinance, at least one of three things must occur.
The property must have already increased in value over what the original loan balance was.
The principal balance on the original loan must have been paid down.
The loan may be for the exact amount of the original loan and no additional monies change hands. In certain cases, a borrower may even have to pay the cost incurred, such as escrow, loan, and title fees out of his pocket.