refinancing a property

[Joe Walton]

Hi, I have a question about refinancing a property.  If I buy a property with cash say for $100,000 and I want to refinance for a conventional mortgage on the property and it appraises at $150,000 for the refinance, then does the bank refinance for that price.  In other words would I then have to pay a mortgage for $150,000.  I am confused on this process of doing a cash out refinance,  any input would be much appreciated.