What is the dif between a mortgage and a cash out refi?

[Robert Ferrell]

Hey everyone,

So my question is, what is the difference between a cash out refi and a traditional mortgage. Now, I know that a refi is when you pull cash from a property you already own and have equity in, and that a mortgage is a note that you pay on when you dont own a property outright. What I am really trying to find out is from a bank's perspective. Do they consider a refi essentially the same as a mortgage, meaning you can only accumulate 4 or 10 (whatever the number is currently) before you will be unable to do anymore, or is the refi considered something else entirely and not subjected to that limit?

Also, Im sure it ranges from lender to lender, but what are the general term lengths on a refi? The properties I am interested in would have an ARV of around 40-60k. Can you do a 30 year term like a regular mortgage, or are refi's generally shorter in time?