A strategy that is used by many individuals looking to buy a second home is just what you have stated, take equity out of your primary home. Of course, the amount of equity available is based on what is currently owed vs. the appraised value.
Most likely you would not be able to draw out all of the equity, lenders would want you to maintain a certain % of equity in the primary residence. This amount will depend on whether you opt for a home refinance or a Home Equity line of credit.
Scott McNamee NMLS#13672
Greentree Mortgage Company, LP NMLS#16128
Toll Free Direct 866-356-7451
Cell Phone 609-206-0136