Thread Starter: Anonymous
Title: Re: Refi vs Cash out refi vs Home Improvement
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Borrower requested loan to purchase 8 acres undeveloped land - with a cabin of no value per the appraisal.- Uninhabitable
Borrower decided to make improvements to the cabin out his own pocket (credit cards and savings)
Borrower is now requesting a cash out refinance of the original loan to pay off his credit card debt, replenish his savings and complete the improvements to this cabin, which now he is calling his second residence.
We did satisfy the land loan and replaced it - same borrower same property and also took a second on his primary residence as well. Does it make a difference that the mortgage we satisfied did not have a dwelling per se and now it does? The verbiage cash out refinance was worded as such on the application by the borrower. The proceeds of the new request will be used for completion of the improvements. Any assistance or direction will be appreciated
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