Refinance w/ cash out to pay off debt and purchase income property

[Josh Hesketh]

I am new to real estate investing but eager to learn. I am in the process of refinancing my current 30 yr mortgage to reduce my monthly payment. We determined we will save almost 200 dollars per month but will extend the current 27 year loan back to 30 years and add 70k to the balance Throughout the process. Recently we have become more interested in pulling cash out (70k) which would pay off our cc debts,2 car payments, and provide 45K to put down on our rental property..We have 50% equity in our occupied house. My concern is... Would it be worth it to pay for the 3% auto loans and 0% balance transferred cc's to free up cash for this new home?