HELP! | Purpose of Loan: |
Purchase:
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Enter
"Purchase" if you are purchasing a home.
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Refinance:
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Enter
"Refinance" if you are exchanging your old loan for a new one, you
don't want extra cash from the loan and you're not consolidating
your debts. Usually a refinance of this type is done for purposes
of lowering your interest rate or changing to another amortization type
(e.g. from an ARM to a Fixed-Rate loan). Or, you may
select this category if you are consolidating your debts to lower
your household monthly payments and/or financing extra cash out of the
equity in your home in the loan you are applying for.
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Construction
Loan: |
If
you are applying for financing for the construction of a new home or home
improvement on your property, select "Construction Loan" on the
form.
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Construction-
to-Permanent: |
This
is the same as above except a construction-to-permanent loan will roll
over to a fully amortized loan (usually a 15 or 30 year loan) when construction
is completed.
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Other:
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Select
"Other" if none of the above apply to your situation.
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If
Other
(explain): |
Enter
"credit line" if you are leaving your existing loan "as is" and
applying for a line of credit using the equity in your home as collateral
for the credit line, or "Equity Loan" if you are taking out
a separate loan against your home's equity for cash. If you selected
"Other" and you're not sure what to enter in this field, leave it blank.
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