Refinancing on Personal Home

[Karson Wilson]

My wife and I just bought a house a few months ago (November 2020) for approximately $293K and now Zillow has it as an estimated $338K. Would it be wise to try and refinance to save money and stop paying mortgage insurance? We are paying around $1,750 for our mortgage now. Our goal is in the next few years to move and rent it out. Per Zillow estimate it would rent for around $1,700 a month. 

When refinancing would our new loan be for $338K or how does that work when refinancing? And where would that additional $45K of equity go?