Question

I refinanced to lower my rate. How do I answer the question were all loan proceeds used to build, purchase or improve my home

Forum|Forum|7 years ago
June 3, 2019
2 replies
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Carl11_2

Employee

Did you cash out any amount? Or did you refi "ONLY" what you owe on the original loan?

V

Vanessa11_2

Employee

If you did not take any cash out during the refinance and this was your original loan then you would say Yes, all of your loan proceeds were used to buy, build or substantially improve your home.

If you took any cash out at all, then you would say No, it was not all used to buy, build or substantially improve your home.

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H

highreturn

Employee

Okay but it wants a dollar amount in the box.

Carl11_2

Employee

What box? When asked the question about taking a cash out, you should have answered that question as no. You may need to work back through it again.

I refinanced to lower my rate. How do I answer the question were all loan proceeds used to build, purchase or improve my home

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