Does Appreciation Add to Equity in a Refinance?

[Curtis Lewis]

Let's say I buy a home for 100k with a 20k down payment. A year later that same home is now worth 150k and I have since put 10k into the principle on the loan.

Would I now have 80k in equity?

If i refinanced, would i be able to pull that 80k out?

Or if I just refinanced into another conventional loan just with a lower interest rate, would that 80k go towards the refinance or strictly what i have actually paid to the home?

Basically am I refinancing with 80k or 30k?