A home purchase loan includes a closed-end mortgage loan or an open-end line of credit secured by one dwelling and used to purchase another dwelling. For example, if a person obtains a home-equity loan secured by dwelling A to purchase dwelling B, the home-equity loan is a home purchase loan.
Does a refinance and home improvement work the same?
It can be a refinance as long as a dwelling is involved, even if a dwelling A secures the new loan but dwelling B secures the loan being paid off, as long as the loan is to the same borrower?
It can be a home improvement if it is secured by dwelling A but is improving dwelling B?
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