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PSA: the guy at my credit union in Boise ran the numbers on a cash out refi and it was not what I expected
Stopped by my local branch in Boise last Tuesday to ask about pulling $40k out for a kitchen remodel, and the loan officer pulled up my file and just sat there quiet for a second. He pointed out that after closing costs and the new rate, I'd be paying about $180 more a month for the same 30 year clock, and the cash would really cost me closer to $52k over the life of the loan. He asked if I'd priced a HELOC or just a straight home equity loan for the remodel instead, which honestly I hadn't. I walked out with a couple of printouts and a lot to think about, mostly that "cash out" sounds simpler than it is. Curious what numbers other folks here got when they sat down and actually ran it, because mine surprised me.
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