Can I use my rental property equity to purchase another rental?

[Chase Brauchie]

Hello All,

I have about 80K in equity in my rental property and am wondering if i can use it to purchase another rental. I currently have a 3.99 fixed intrastate rate that I would like to keep as they are around 4.8 + in my area. If i were to do a cash out re-fi would the new interest rate just be for the amount of money i take our or would it make the whole loan rate change?  

Thanks for reading and for any help anyone can offer.

-Chase