Questions about refinancing

[Deadrick Colbert]

I have about 60k of equity in my primary residence. I have toyed with the idea of refinancing and using the cash to put down on another house. I would move into the new house and it would become my new primary residence and also give me a lower rate. I would rent out my current home. Currently, I have 9 yrs left on a 15 yr note. Does this sound like a good strategy? I welcome any feedback from those that have already done this.