Save for capital VS. pay down primary for equity

[Albert Smolinski]

We refinanced our home for a lower payment. Would it be wise to save the savings for down payment on an investment property or keep paying down the loan for larger equity?

We plan to look into a cash-out refinance in a year. We are in the DC metro area and have been fortunate enough of a nice appreciation last 3 years (aware of the last year being an anomaly).