Financing options... HELOC and Cash out refi

[Chris Simms]

First time poster! Without diving into too lengthy of a post.

Bought first rental property just over 2 years ago.

Used a HELOC to do so at 5.1% locked rate so investment property has no note on it.

Have an option to do cashout refi at 4% which would pull enough cash out to pay off our HELOC (since its higher rate then the cashout refi) and then re-tap that HELOC money for another investment property once able to find one.

Is this worth doing? Our closing costs for the cashout refi would total about $5,000. We owe $90k on the HELOC and the cashout refi would give us $130k less the $5k towards closing so roughly $125k to us. Is this worth the closing costs and savings of some money on interest but ultimately to just free up cash and roll into another property? Anything specific we should look out for or be cautious of? Income property currently generates $1500/mo in rent. Cashout refi including taxes and insurance would put us at approximately $1,000/mo in payment on a 20 year note. Thanks for any information!