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Should I do a cash-out refinance?

I owe $60,000 on my home, with a $25,000 equity line that I'd like to roll into the refinance.  I'd also like to take some cash out ($80,000) for a possible second home purchase in northern California.  My credit score is about 839, and my only other debt is a car payment of $507 per month.  Does this sound like a good idea?