Home Improvement??

Posted By: Renea Rush

Home Improvement?? - 11/21/16 07:33 PM

We are doing a term loan and paying off a 1st mortgage and a HELOC that was used for home improvement. (NOTE: we do not report HELOC's) Would the HMDA purpose be home improvement or refinance?

Posted By: RR Joker

Re: Home Improvement?? - 11/21/16 08:32 PM

Refinance. None of the proceeds are going to 'new' HI's.

Posted By: David Dickinson

Re: Home Improvement?? - 11/21/16 11:05 PM

I agree, FWIW.