To refinance or not to refinance

[Kegan Brenner]

Hello BP Group!

My wife and I have purchased the real estate to our dental office and want to see how we can maximize our refinance. Our current interest rate is 4.32% with a 15 year note. We current have about $500k in equity (down payment and loan pay down). We live in an area where prices for houses around around $700-1,400 a sq ft (and climbing!) and hardly anything available. We have been lucky so far but landlords are increasing rent insanely around here because there is a housing shortage. 

I know this is not your "typical" reason to refinance, however, I am wondering what you all think about using that equity on a home purchase as buying a home right now is extremely important to us not only for just having a home, but also prices will not come down for quite some time with our housing shortage.  I also want to purchase a home since we have a business here! I would only refinance if the interest rate is below 6 (I know it is higher than what we have) but my worry is that if we don't act soon we will not have a home for less than $1.5M here soon (which to be honest here is about a 2 bed 2 bath house so pretty small). I was also thinking that this may lower our office building payment which is good for our personal cash flow with other investments moving forward.

Thank you all for the advantages/disadvantages and I hope this doesn't come off as an irresponsible thought.

Kegan