No, it would be Home Equity as the property taken for collateral is not the property being purchased.
1026.37(a)(9) Purpose. The consumer's intended use for the credit, labeled “Purpose,†using one of the following terms:
(i) Purchase. If the credit is to finance the acquisition of the property identified in paragraph (a)(6) of this section, the creditor shall disclose that the loan is for a “Purchase.â€
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