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#1668210 - 02/22/12 03:47 PM Purchase or Refinance
Em Offline
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Joined: Jan 2004
Posts: 125
Omaha, Nebraska
Do i treat this as a refinance or purchase? We did a construction loan for borrower and already owned the lot. At closing we treated the loan as a refinance as we paid off the construction loan and he got cash out to payoff some credit cards. Which way do i report, generally permanent financing that is replacing the construction loan is a purchase and it appears here to be a multiple purpose loan and purchase would trump refinance...HELP smile
Last edited by Em; 02/22/12 04:04 PM.
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#1668227 - 02/22/12 04:18 PM Re: Purchase or Refinance Em
raitchjay Offline
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Joined: Oct 2009
Posts: 8,727
OK
I think you've thought it out correctly.....purchase trumps refinance, so report as a purchase.
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