Refinancing Two Loans at Once

[Dan C.]

I'm thinking about doing a cash-out refinance on my primary residence and also refinancing an investment property that I own. I have a home equity loan on the investment property I took out after I purchased it. Assuming I use the same lender, can I use some of the cash-out on my primary residence to pay off the home equity loan so that the refinance on the investment property is a rate and term and not a cash out? Thought here is also the LTV on my investment would be lower and that would impact the rate in a favorable way. Below are the data points. Would appreciate some guidance. TIA!

Primary Residence: $500K estimated property value, loan balance is $325K

Investment Property: $220K estimated property value, primary loan balance $130K, home equity loan balance $22.5K