NO, NO, NO. NEVER. You never use your equity. If most people had left the equity alone they wouldn't be losing their homes now. NEVER, I stress NEVER, take equity out of your home. Most people when their house goes up in value think they have cash in the bank when they only have it in paper. It's never money until you sell it. If you raise your payment each time you remove money and the market takes a dump, like it did, you still pay for the value you put on it with re-fi. Ask any proffessional Real Estate person and they will tell you the same. If they don't then they are not your friend.
