Help! Advice on refi

[Kristi Beeksma]

I need some advice. We have a $90k HELOC on our primary residence which we used for our down payment on our rental property and currently owe $35k with a variable interest rate. Our rental property mortgage balance is $113k, interest rate of 3.875% on a 15 year (current payoff date 2032). I was looking to do a cash out refinance to pay down the HELOC and extend the term of the loan, so we can free up some money, and increase monthly cash flow. We are estimating our rental is valued at around $215k. What are your thoughts on refinancing to a higher rate or just leaving this as is? We are looking to buy more property, so the idea of freeing more funds up seemed like the right thing to do. Any experienced help is appreciated!