Well I'm unaware of anyone who wants to give me 60k so then it comes down to what is the cheapest loan. Someone please educate me but it seems as if mortgage interest is less than any other interest I'd pay for any other type of loan. Heck I could run up 60k on credit cards if I wanted to but that ain't going to happen. I could get a home equity line as someone already suggested but I'll pay a higher rate for that too. So by all means please tell me if there is a cheaper way. I've never really borrowed money before except for this house.
Home equity loans are great, and depending on your tax situation you can deduct the interest. Although I believe it's been on and off the chopping block recently so it might not last forever. Interest rates are usually better too, but not as low as a mortage. You can get a line of credit and write checks on it just like a bank account. You just have to pay it back with interest.
I know some people that borrow more than they need on a refi and pay back the excess like clockwork on top of the mortgage payment. It's the best of both worlds; you get the long term, low interest rate of a mortage and the decutiblity of the interest. But, you better make sure you are disciplined or you will be paying off that short term loan over the length of your mortgage.
