Refinancing Question - Mortage and Home Equity

[Jack Page]

I currently having a Mortage (195k at 4.0%) and a home equity loan (240k at 2.85%) on a property. I have only been able to pay interest on the home equity for a couple of years. I am currently looking to refinance. I can probably lock a rate around 3.0% with no points since we will probably be selling in 10 - 15 years. Right now, I am just looking to refinancing the Mortage and not the home equity loan, but I have the option to take additional cash out. I could take out an additional $75k and have the same monthly payment that I have now on the Mortage. Do I take out the additional money and put it toward the principal of the home equity?

I know in theory I should take the monthly savings and start applying it on a monthly basis to the home equity but the reality is I haven't been disciplined to date and don't necessarily see that happening in the future.