We have no mortgage on our home. Its value is $450,000 and we would like to take out a loan for $50,000-60,000. Would this be possible?
Absolutely this is a possibility and the type of financing would depend on your long term goals. If you are doing some home improvements and expect to pay off the debt sooner than later, then perhaps a home equity line of credit is your best avenue. If you would like to stretch your payments out over a longer period, then you can look into a fixed-rate 15- to 30-year mortgage and make monthly payments. | 10.28.16 @ 14:25