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Well, I remember when my friend wanted a $35k loan and they were asking $2k closing costs... he said they can forget about it
He did say the banker mentioned that a 35k loan or a 300k loan would've pretty much been the same cost... so I guess 3k for 120k isn't so bad?
I personally wouldn't do it though. You're paying 2-3% of the loan amount just in closing costs.
But each situation and case is different.
Did you consider getting an equity line of credit? (would only work if you already own it or own a good amount of it and it actually has equity)
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