Cash Back Refinance Options

[Monish Lillaney]

I am about to do my first cash back refinance. Here are my final two contenders as options... Which would you choose, and why?

3.1% 30 year fixed, with 170,000 cash out    -- positive cashflow of 1500 after cashback

3.375% 30 year fixed, with 220,000 cash out   - positive cashflow of 1400 after cashback

Also if you have a better lender/rate for a 2-family investment property in the Boston area, I'd love to hear who you're using
I'm personally leaning towards the higher rate (more cash out!!) 

Thoughts?