Refinancing Question or Clarification

[Aaron Hays]

Hi all,

I just recently joined this forum, and want to say that it's an amazing resource. I wish I'd found it earlier. I do have a general question about refinancing, and I'm sorry if it's been asked before, I searched, and just didn't see it.

One of my homes that I've owned for a year has gone up quite a bit in value. I purchased it last year for appx 100k, and several realtors now estimate it at around 130k, which is great. Lesser homes are selling for around 120k now.... So, if I were to refinance and get an appraisal, is it possible to get not only what I've payed on the mortgage, but to get the extra money from the appraised value? 

i.e. I've paid about 6k into it, but if I get a new mortgage at 130k, could I realistically get 35k in cash?

Is this even possible?

Any help is very much appreciated!

Thanks