should I cash out refinance?

[David O.]

I got a quote for a cash-out refinance for my primary home to take out over $1M cash at a 3.125% interest rate, 30-year fixed. This is much higher than my current interest rate. 

However, I do not have a clear purpose for the $1M cash. One idea is to put it all into a fourplex that I own, which has a mortgage of 3.875%. Another idea is to bank it in S&P 500 and wait for the right investment opportunity, such as a housing market crash.

Any suggestions? Should I do the cash-out refinance and foregone my super-low mortgage interest rate? Also after cashing out, my monthly debt payment will be super high which will require me to keep my current job (no early retirement). Thanks!