Banker is trying to talk me into a cashout refi instead of a Home Equity Loan. A little background, trying to borrow ~100k for a home reno. 3 years into my 15yr FHA mortgage at 2.5% with PMI. I owe 149k. Banker is convinced I will save money by just doing a cashout refi, rather than take out a HEL. I guess his numbers make sense if I take 30 years to pay off the second loan, but I plan to pay it much more quickly, maybe 5 …

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