How to Refinance in Chicago

[Dyahanne Ware]

I have 2 investment properties in the south suburbs of Chicago and I would like to refinance and maybe take advantage of any cash-out possibility for a new purchase. I have interest rates of 6 and 6 1/2%, but the current lenders  tell me that there would be little to gain in a refinance. The initial appraisals were around $70K for each and each have about $45K principal. Any thoughts?