Refinance to Payoff Improvements-Refi or Improve?

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Question:

I have a customer refinancing their home in order to payoff bills from home improvements that are already completed. Is this reported as a refinance or improvement?

Answer:

This is a refinance based on the information provided. None of the loan proceeds are for home improvement purposes. They are to pay off other debt.

First published on BankersOnline.com 8/27/12