[Dog Gone]

If the real estate market goes down, you could get caught with negative equity.

Sure, but that could happen with my 30 year note, too. I'd only be refinancing my balance, so I'm not clear what difference that would make.

[Skywalk]

Peep the link to Edelman's new rules of money, you'll be converted.

Of course, if the gubmint gets rid of the mortgage interest deduction altogether, it takes a bit of the wind out of the sails but it still stands on its own.

Oh, and NO STARTER HOMES! Stupid idea.

[P.O.E.]

As long as you only refi the existing balance, you're ok. From what I understand, a lot of people are "taking" the extra equity. Sounds like you're doing it right.

btw - thanks for posting this thread, I'm looking into this as we speak. I just bought a new home, so it's mighty tempting...