Refi - cash out or lower payment?

[Andrew S.]

Happy Monday BP,

I'm doing a refi on my house hack duplex from 4.75% to 3.125%. I have it currently setup to get ~$2k cash back at closing. I'm debating just changing the loan amount down $2k so I don't get any cash out and have a slightly smaller loan balance. Curious if most people try to squeeze all the cash out, then deal with a larger long term payment?  I get it if I'm pulling out $30k or something large enough to get another deal from. 

My goal - to purchase additional rental properties.  I currently save ~$2k to $3k per month for future down payments. So the total extra $2k doesn't really make a difference to timing of me purchasing a next property. My market is also inflated prices currently, so it might be a year until I find a good deal and have adequate savings for purchase & rehab. 

Thanks.