What is my best option for purchasing a $50,000 (fifty-thousand) house?
Details:
- I don't want a 15-year mortgage, because I'd like to pay this house off in 3-5 years & save on interest payments
- I have a net worth of over $400,000, but almost all of this money is tied up in retirement accounts (401(k), 457(b), etc) and in taxable brokerage accounts that are invested in the stock market.
- I don't want to liquidate stock shares from my brokerage accounts because of the tax consequences (and I won't sell when my portfolio is down)
- I only have about 12k in liquid cash in a savings account, but I use this money for living expenses and emergencies.
Do low-interest (~5%) short-term mortgages exist?
If not, is it wise to apply for a 50k personal loan from a credit union (most banks don't offer personal loans greater than about 5k)?
Any other options?