Cash out to invest?

[Brett Ahern]

First post here, looking for a little advice.  We doing a refi on our house through my work (I work at a bank) to lower the rate from 4.5 to 3.75.  Really the only reason we are doing it was because there is a one time no processing fees, and discount through my work.  Well the appraisal came in quite a bit above what we expected, and that being the case we have the option to take about 17k out (expected 625k, came in at 670k).    Doing that would raise our payment only slightly, instead of lowering it which was the original intention. Considering doing that to use as the down payment on our first rental.  Any thoughts or suggestions are much appreciated.