Advice Needed- should I cash out refi?

[Sam Zawatsky]

I am a newer investor, currently owning one cash flowing townhouse in Tallahassee Florida that I purchased in 2019 with a conventional mortgage. I have not purchased anything since then, as I have been focusing on saving up cash to begin purchasing with the BRRR method (I currently have around 50,000 in liquid capital). I currently owe 60,000 on my mortgage, and have a rate of 4.1%, making my payment $660 a month. My question is; should I do a cash out refinance on this property now, before rates increase more? The largest online mortgage lender(not sure if I'm allowed to say names on here) has offered me a cash out refi with $26,000 in cash, a 4.5% rate, and a new mortgage amount of $97,500. Considering that I could gain $26,000 in cash from this, but get a significantly longer and more expensive mortgage, should I do this ? Would you recommend just setting up a Heloc so I can draw the funds as needed instead?