Refinancing Property in Dallas, Texas

[Jameson Gowin]

Trying to better understand the refinance process. By refinancing current loan to pull out equity, “owe 85k, valued around 140k” am I refinancing up to 75% of the available equity or the appraised value..? If I pull that capital back out how would that make my payment decrease, potentially as I have read..? I also have a rental that is currently paid for valued at 120k, would this be the better option to leverage against..?