Cash Out Refinance to fund an investment?

[Dain Waters]

Hello!

This is my first post. I'm just starting out in the world of Real Estate investing.

I'm looking into doing a cash out refinance of my current owner occupied house. I would use the cash from the refinance to fund a down payment on an investment property (a possible flip or rental). My question is: Should I do this? I'd like to get $60,000 out.

Here are the numbers:

Home Value: $525,000

Mortgage: $285,000
Remaining Mortgage Balance: $265,246
Monthly Escrow: $768
Interest Rate: 3.875%
Loan Type: 30 yr Fixed

Existing Home Equity Loan:
Remaining Balance: $37,439
Interest Rate: 4.89%
Loan Type 20 yr Home Equity

Thanks!