hello! just found this community. thanks for all the great info!
here's a question -- does one's home equity just 'drop'? or do you need a re-appraisal in order for that to happen?
we put down 10% on our house last year, and I'm sitting here watching the news about house prices dropping 10 percent in some areas (not mine yet, i dont think) and wondering if one day we'll suddenly be sitting on something where we owe more than our mortgage.
we would like to refinance if rates drop, but if that means opening the door to an appraisal that comes in less than last year's appraisal, i would reconsider it.