Home addition loan

I think many people use HELOCs for this. I have a HELOC and am constantly having to fight my wife off of using it for exactly his. Because all the other soccer moms tell her that's how they did it.

A HELOC is often referred to as a "second mortgage". Actually, there are 2 types, a home equity loan might be more like a mortgage, with set payments, whereas a HELOC works more like a credit card. Either way, you borrow from your house's equity; you reduce the equity you have paid into, in exchange for cash and a note. This note will be a higher interest rate, prob more like 7-8%. That is why I suggest refi, the blended interest rate might turn out to be higher than the refi rate. Only you can know that though, so need to start by getting a quote on home equity loan.

So I can't just take out a 30k loan leaving my equity out of it?

Sure you can. You asked about taking out money like a mortgage, so those are the options that would mortgage your home, or use your homes equity as collateral.

Home equity is likely the cheapest way to secure borrowed monies. An unsecured loan will be more expensive (have a higher interest rate).

I think you also need to decide how quickly you will pay this off (and what sort of note you will be comfortable with). Rolling it into your mortgage via refi would allow you to pay off the amount over the longest period. I doubt you will find a 30 year unsecured mortgage. Regulations are most kind to homeowners, the money will be cheaper in most cases if your home secures the loan.

There are endless amounts of loan products. Give a little more info and that will improve the answer.

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Yeah you can. For example look at that lightstream.com site.

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We did this through LightStream. For a renovation, we borrowed $25k for 36-months at 3.99% interest.