Refi or Stay the course?

[Josh Ledbetter]

I have a single family residence that is being rented for $1850 a month. I currently owe $120K on a 15 year, 3% fixed rate loan with a payment of $1413 (PTI) a month. The property also has a HELOC that has about $30K at 5.5% interest with a payment around $100 or so. So total debt service is at $150K.

I obviously don't make any money on the property but am paying down the principal like crazy. The house appraises for $275K and the bank will give me a 30 year loan at 5.5% for $220K, giving me $70K cash to buy other properties. Payment will go to $1495 (PTI).

I don't want to sell it for personal reasons. SO do I refi and pull out all the cash OR leave alone because of the crazy low rate?