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#763314 - 06/28/07 03:01 PM Down Payment--Purchase?
In Need of Help 101 Offline
Platinum Poster
Joined: Jan 2006
Posts: 574
We currently have a first mortgage on a dwelling that is rental property (original purpose was debt consolidation). Borrower wants to borrower $35k more money for the purpose of a down payment to purchase more residential rental property. LO wants to combine the exiting loan with the new request and secure it with the dwelling we originally had the 1st on.

Is this a purchase or a refi?

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#763334 - 06/28/07 03:08 PM Re: Down Payment--Purchase? In Need of Help 101
#12 Offline
Diamond Poster
Joined: Jun 2005
Posts: 1,343
My vote is for purchase. For multi purpose loans, purchase trumps refinance.
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#763501 - 06/28/07 04:13 PM Re: Down Payment--Purchase? #12
Mrs. Rizzo Offline
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Joined: Mar 2006
Posts: 10,392
Curled up by the fire...
I'm gonna agree with #12
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