Primary home refinance cash out for 2 new investment properties

[Vee Turato]

Hi everyone!

I recently purchased my first investment property , a 2 bed/2 Bath townhome!! And since now i am hooked, question/ action is to get to more cash for downpayment on next investment property or maybe 2!

I own my Primary home and mortgage i owe is 265K , 3.625% 30 year mortgage (25 years to go)

Original loan amount was 320K (after 20% down) and house would probably appraise for around 420K today.

Since my rate 3.625% is great (original loan 2015) i was wondering if refinancing was worth it at 30 year 3% possibly or even if the rates keep dropping further down (2.75%?) in the future...

I could possibly purchase another property but like having a 15K+ savings cushion for problems should anything happen.

I would if my math is correct, cash refi about 50K at 3% at 30 year mortgage or lower rate (265K loan to 315K loan example) and with about paying 3-4K in closing cost, not increase my mortgage payment by much and yet have 50K or possibly little more cash for next property(ies) down payment..

Thank you for any advice