At first, I agreed with Andy. The husband is purchasing the wife's 1/2 undivided interest.
Last edited by pbrinker; 07/09/02 02:06 PM.
However, the following is a quote from the Reg Z Commentary on the definition of a residential mortgage transaction from another thread on this subject:
"A residential mortgage transaction finances the acquisition of a consumer's principal dwelling. The term does not include a transaction involving a consumer's principal dwelling if the consumer had previously purchased and acquired some interest to the dwelling, even though the consumer had not acquired full legal title."
That makes the transaction a refinance, even though one spouse is acquiring the undivided ownership interest of the other.
The opinions expressed here are personal and do not represent opinions of my employer.