Let's say we originate a consumer purpose mortgage loan to a borrower on a dwelling that is owned free and clear. The proceeds of this new loan will pay off a loan they have on their second home. Does our new loan still meet the definition of a "refinance" even though the loan being paid off isn't the same house as the house on the new loan? I only see in the definition that it says "a dwelling" and nothing that says it has to be the same dwelling. Thoughts?
How long until retirement??