Should I refinance for better cash flow?

[Joe M.]

Hey BiggerPockets

So currently have a decent chunk of equity in my rental.  It has a good tenant in there currently and is cash flowing about $300 a month.  

I asked and if I refinanced I would have a worse rate and add about 10 years to the loan...but....lower my month payment by $200 or so.

Would you? Am I dumb for thinking about doing it?  What are your thoughts?