I'm confused by this question and the following questions if you answer Yes to it. Here is my scenario which I think is fairly common. We had a mortgage that we have had for the past 8 years (since we bought our home). It was with mortgage company "X". We did a cash-out refinance with mortgage company "Y" this year to build an addition. Here is the sequence of questions with my answers in bold: Is this loan a home equity line of credit or a loan you've ever refinanced?Yes, this is a loan I've refinanced or a home equity line of credit (HELOC).No, this is the original loan I used to buy or build my home.Great. So which type of loan is it?A mortgage loan that I've refinancedA home equity line of credit (HELOC)Have you ever pulled cash out from this loan when refinancing it?YesNoWhat I'm not sure on is whether I should answer the questions the way I did above when filling out the information for the original mortgage with company "X" or the new mortgage with company "Y". The way the questions are worded and the way the "help" is worded, it makes it seem like they are assuming I refinanced my mortgage with the same company as the original mortgage. Can someone provide some clarification?

Question

Confusion on Mortgage Refinance questions

Forum|Forum|5 years ago
January 30, 2021
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I'm confused by this question and the following questions if you answer Yes to it. Here is my scenario which I think is fairly common.

We had a mortgage that we have had for the past 8 years (since we bought our home). It was with mortgage company "X". We did a cash-out refinance with mortgage company "Y" this year to build an addition.

Here is the sequence of questions with my answers in bold:

Is this loan a home equity line of credit or a loan you've ever refinanced?
- Yes, this is a loan I've refinanced or a home equity line of credit (HELOC).
- No, this is the original loan I used to buy or build my home.
Great. So which type of loan is it?
- A mortgage loan that I've refinanced
- A home equity line of credit (HELOC)
Have you ever pulled cash out from this loan when refinancing it?
- Yes
- No

What I'm not sure on is whether I should answer the questions the way I did above when filling out the information for the original mortgage with company "X" or the new mortgage with company "Y". The way the questions are worded and the way the "help" is worded, it makes it seem like they are assuming I refinanced my mortgage with the same company as the original mortgage.

Can someone provide some clarification?

ReneeM7122

When recording a new mortgage in TurboTax, you should answer the interview questions with the lender that sends you a 1098. This will likely be the new lender, Company Y.