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Am I doing this right?

My current mortgage on my house is at 2.625% for 15 years and current balance is around 201k. We are looking to buy a new house within the next 6 months and so we're considering the following. Refinance our house for 280K at 3.50% for 30 years and take out ~70k to use as downpayment to the new house purchase. We want to keep our house and rent it for a while. Current comps in the neighborhood is around 350k.

We live in DC/MD/VA area.

Is this a good move?

submitted by /u/lumzhath
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source https://www.reddit.com/r/RealEstate/comments/qigs60/am_i_doing_this_right/
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