Should I cash out refi?

[Dan Miles]

So, I got a call the other day from a lender that currently has my 2 bed 2ba condo.  The lady told me that they were reviewing my current mortgage and that since property values went up about 25k. I could refi, take $14k in cash and lower my current payment by $25/mo.  I still have to do floors and countertops to really make it cash flow.  I know this also drags the mortgage out longer though, but only by 3yrs.  Should I do it or keep it as it is?

[Kevin Siedlecki]

@Dan Miles - cash out and lower payment is a no brainer. Even if it made the loan significantly longer, I would do it.