Loan payoff then remortgage?

[Chris Champlain]

I am looking Into refinancing an investment property and taking cash out. However cash out terms seem much worse (lower LTVs higher rates) than new purchase terms. I have the capital to payoff the whole mortgage. If I did this then applied for a “new mortgage” on the same property would I get better terms as if it were a new buy or would this still be considered “cash out”? Any thoughts?