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Number are not my thing..!!! Need to refinance. Any help would be appreciated.

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Anonymous
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Number are not my thing..!!! Need to refinance. Any help would be appreciated.

I own a house in NY Valued $200000. I owe $40000 on first mortgage at 7% fixed rate - $15 years
I have a home equity loan of $24000 at 8.5% and have only had it for a year.
 
I live in a New house in TN with husband and he is the only one on the mortgage (I'm on the deed).
Valued at $160000.  I pay half the bills and mortgage.
 
My Credit score is 777.
 
Salary is $25000 yr - only been there 6 months previous same type of job for 9 months and  before that self employed.
 
I owe about $1800 on a credit card and approx $6500 on car payment. Never been late on mortgage or credit cards.
 
I need some equity to fix up the house in NY and hopefully sell it or I could rent it for $1300 monthly but that is difficult being so far away 1000 miles.
 
Question - Should I refinance it, get out $7000 equity fix up house and hopefully sell it. ( My first mortage co offer me 7.75% fixed for $30 yrs which would bring my payments down )
 
OR
 
Try to get out more equity to buy something else here to rent and just rent the NY house ?
 
Thanks for any advice.
 
 
 
 
 
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