To Refi or To Invest?

[Conte Cuttino]

Im currently awaiting the reappraisal of my 1st property to remove my $111 PMI. I put extensive work into it and foresee a nice increase in the value from the initial 380K purchase to a conservative number of 440K I have 335K left on the loan at 4% APR. I was recently told by a mortgage broker that I could refi into a 2.75 APR loan saving me roughly $360 (this includes the savings from the removal of the PMI). The Rifi closing cost is roughly 12k which would take away from my funds for my next property. Should I consider the Rifi and look at it as a imaginary cash flow property of $360 with just 12K down or keep saving up for the investment property I look to get this year?