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"Purpose" for a home improvement loan

Question: 
For a home improvement loan, is the Purpose = Home Equity?
Answer: 

Yes, a home improvement loan would be disclosed as a Home Equity. If the credit is not for Purchase, Refinance or Construction as described in paragraphs 1026.37(a)(9)(i) through (iii), the loan purpose would be disclosed as Home Equity.

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Learn more about Jack Holzknecht’s webinar TRID for Construction Loans

First published on 10/06/2019

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