What would Shakespeare do: To refi or not to refi?

[Sean H.]

Hey BP community,

So that is the question, should I look to refinance a property during these historically low rates? I have Midwest property that is less than $100k but the current loan has a 5% interest rate. With rates in or below 4%, seems like a great idea until looking at the numbers.

Assuming it cost around $3000 to refinance, even getting a new loan at less than 4% it will take 5+ years to make that money back.

Based on these numbers, it does not appear to be a good idea to refinance...but figured I should ask the experts and see what other strategies people are using for Midwest investments that are less than $100k.  Instead of a refinance, are people taking money out through HELOCs or other type of home loans?