leverage my property now to get ahead or wait several years to se

[Brian O.]

Here is what my mortgage company is offering. 

Refi no cash out:
30 yr fixed
2.99%
No appraisal
$5,900 closing
Monthly: $3,204

Refi $50k cash out:
30 yr fixed
3.375%
No appraisal
$15,600 closing
Monthly: $3,586

here is what's current.

691,100 estimated value 

540,223.28 loan balance 

150,876 estimated equity 

30 year / 4.125% 

my question is, should I leverage as much as I can while still keeping my  mortgage monthly within 3500 3600 range and my interest at 3.375% ?

these funds will be used strictly to get my foot in the door on a new investment whether its fix and flip, Brrrr. My goal is to cash out now and invest wisely rather than wait till I'm really old to see any kind of financial benefits and gains. Any thoughts?