Can I refinance to get money for home improvements?

It looks like mortgage rates have gone down, and we have built up some equity in our home, so I am wondering if it would be possible to refinance our mortgage and get some money back for some home improvements. We will have to see what kind of options for mortgage refinancing Hamilton companies will offer us. I am hoping that we will be able to get some money back so we can take out the carpeting and put in hardwood floors since I like these so much better. We also wouldn’t mind finishing the basement so that we could use it for the kids to play in.