When is it a good idea to refinance?

[Bianca Rodrigues]

I purchased my first property in 2021, fixed it and now is used as a short term rental. We have built equity in the home and would like to purchase another single family home/ multi-family but not sure if it makes sense to refinance. We currently have a 2.5% 30yr loan. Would it make sense to increase the mortgage on this home by refinancing to today's rates in order to pull equity for the next deal?