Always REFI for the MOST you possibly can?

[Eric C.]

Is it a good idea to always refinance for the most you possibly can? On one hand it's great because if you REFI for say 20k more than you paid on an investment property, that's a quick 20k "dividend" so to speak on the investment.
On the other hand though, that "dividend" really is inflating your mortgage payments which cuts into your cashflow right?

I would think it's always worth getting more because you can reinvest it elsewhere for more than 5% right?