Financing for downpayment

[Deborah Richards]

Hi 

Hoping i can get some feedback on this. I am a new investor and looking at to get my financing lined up for my first investment. I dont have a property yet so just researching. I currently have an FHA 30 year mortgate interest rate 4.25%. I owe $110k on it and have a HUD partial lean for $41k. My current mortgage including tax and ins $892.00. I no longer have pmi. My home is estimated at $300-$320k

I was thinking about refinancing with a cash out of $50k that i can use towards a down payment when find property I am not sure if this makes sense because if i refinance the mortgage would be a 30 year and i would end up paying around $1150-$1200 mth based on interest of 2.99% APR 3.121.. New mortgage amount would be $210.000 and i will have $100.000 remaining equity... is it worth it for me to refinance when i am already 8 years into my current mortgage and am currently not required to pay anything on Hud Partial lien that also is not charging any interest?

thanks