Refinance questions

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I have 2 properties to deal with here.

Property #1 - first house bought with FHA loan, ARM that adjusts every year (1% max), is currently at 5.875%, due to drop to 4.875 in a few months. 30 year mortgage that has 13 years left. I've been riding this ARM for 17 years and its been good, but with rates this low it seems like a good time to refinance to fixed. 50k+ balance left, and property is worth over 200k. This is a rental property.

Property #2 - main house, 30 year fixed, 26+ years left on loan. Jumbo loan at 5.75%. Put 20% down and property values have declined slightly in area so may not quite have 80/20 LV right now. Balance is $530k+.

Seems like a no-brainer to re-fi the rental at 15 years, maybe 10? I'm wondering if I can take out a home equity loan on the rental, once refinanced, and use that to refinance the other mortgage to get the amount down under the jumbo amount.

Thoughts? Comments?

Thanks.

Gary