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#2247885 - 01/20/21 07:16 PM Temporary or refinance?
MBrownie Offline
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MBrownie
Joined: May 2015
Posts: 96
Application was non-originated and I'm determining whether to report or not.

Application for 6 month loan, secured by primary residence dwelling, purpose was home improvement (addition) and payoff first mortgage. At the end of the improvement completion/6 months, the loan will be refinanced and taken to secondary market for 30 years.

The majority of me says temporary, don't report. But the fact that it was intended to payoff the 1st mortgage into this short term (temporary?) note is tripping me up. So, do you think temporary / don't report the application or report as a refinance?

Thanks in advance.

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#2247886 - 01/20/21 07:18 PM Re: Temporary or refinance? MBrownie
raitchjay Offline
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Joined: Oct 2009
Posts: 9,086
OK
Temporary financing. Refinances can be temporary too.
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#2247890 - 01/20/21 07:33 PM Re: Temporary or refinance? raitchjay
MBrownie Offline
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MBrownie
Joined: May 2015
Posts: 96
Thank you!

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