15 or 30 year refinance!?

[Jenna Banaitis]

Good afternoon! Quick question for you all: my husband and I are 45 years old and we have a multi family home that are we were looking to refinance. It is currently in a 15 year mortgage with about 11 years left. We owe $114,000 on it but it’s worth about $375. My question is, would you refinance cash out into a 15 year and have your mortgage payment go up about $350 a month or would you jump to a 30 year, take out more money and have the payment stay the same. The goal is to purchase one or maybe two more rentals with the cash.  Our current rate is at 4.1% and I should be able to stick with that rate for a 15 year but the 30 year would go up to 4.675%. The rate doesn’t freak me out as much as going to a 30 year given our age. When we bought the house 20 years ago, the interest rate was at 8%! Lol  I think I know the answer to this question but I’m curious what you would all say?  

Jenna