Cashout refinance question

[Jason Bausman]

Currently looking to refinance a duplex and seeking any advice or opinions on moving forward with trying to decide on doing a cashout refinance or just refinancing the loan to a lower rate. Current rate on the mortgage 4.75% with a balance of 255K. The new max loan amount would be $276,500 so able to pull about 20K out. The rates and cost are below from the lender. 

2.875% = $5,575 cost

3.0% = $4,261 cost

3.125% = $3,085

3.25% = $1,585 cost

3.375% = $105 cost

[David Kelly]

@Jason Bausman

These rates seem very costly, but to know for sure I would need to know a little more. Send me a PM to keep the qualifying info private if you would like a second look.