Cash-out- Refinance Help

[Blaise Gakwaya]

Hi everyone !

Rockie in Real Estate Investing, trying to cash-out Equity from primary house.

House value after appraisal $ 465K

Actual mortgage $337k

Equity in House: $128k

As newbie investor I would like your ideas on how to figure out the cash out refinance.

For this cash out refinance, do I cash out 80% of the House Value($465k) or the 80% of the Equity($128k).

Thank you!