Refinance with cash out??

[Gayle Eisner]

Should I lower my mortgage payment by  refinancing or refi with cash out and wait for an opportunity for future investment possibilities? and emergency fund?  Unsure of economy and whether I will have a job to raise my mortgage payments. Should I play it safe with a lower payment or have close to my same payment with some cash out for possible investing in the future?  If I take cash out, the bank will raise my rate a bit...I want to play it safe but in 2008 I had no cash and missed TONS of deals!  Help!