What's the best strategy to take in this situation?

[Abe Alam]

Hi folks,

I'm looking for advice (over the internet, I know, but folks here are very knowledgable)

I'm looking at moving closer to work, but I'm thinking about keeping my home and buying another home. I own a 4/3 in a desirable part of a desirable town. I have about 30k for another down payment. I own about 30% in the home I live in now. Cash-out refinance would put 21k in my pocket, reset the term to 30 years, and with a 3.8% interest rate (a lower interest rate than I pay now, but wish it was lower). Selling the home would obviously net me more $ for the next home. 

Does anyone have any good ideas for my situation? What would you do?