To refinance, the lender will order an appraisal. If your property appraises for more than the amount you want to refinance, and you meet all other lender requirements (i.e. income, credit scores, etc.), then you can refinance. Depending on the lender you use, they may want you to close the HELOC before they will do the refinance. If you want to refinance more than what your property appraises for, you will not be able to refinance.