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"Purpose" for a home improvement loan

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

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.

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

First published on 01/26/2020

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