Open Question: Cash-out refinance or 2nd mortgage in FL?

[Administrator]

Which would be more beneficial for me? My existing mortgage balance is 50K at 7%. I need about 125K. Current market value according to the property appraiser is $225K, although my taxable amount is much lower due to rate caps (I've been in the property ten years.) I should be well within reasonable LTV levels, my credit is better than average, and I don't anticipate problems getting a loan. So which would be the better way to go? Any advice? Thanks so much. Maybe the better question is, does anyone know if a new first mortgage in FL is treated as a "sale" for property tax purposes? Will it result in my property tax base going up to the current just market value (about 250K) from my current taxable value (140K thanks to tax caps?) That's gonna be a huge increase for me, maybe not worth the lower interest rate. I'm in this property for the next 30 years if I live that long - not planning to sell.


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