First Property Investment

[Spencer Gracia]

Back Story: My wife and I purchased our first home we currently live in last June. It was a fixer so we purchased the house about 100k under the comparable market in the neighborhood. Since the interest rates dropped a whole percent since we closed on our home we looked into refinancing our home. We also plan on purchasing our first investment property out of state after closing on the refi.

Fast forward to now: We are in the middle of refinancing and now looking into a cash out refi. The home was appraised 120k more than the original appraisal so we know the money is there to cash out.

Questions: 

(1) If you were in my shoes what considerations would you take during this process of the refi?

(2) What would be your next steps after closing on the cashout refi?

(3) Any advise or feedback you'd give this rookie

Thank You!!!