I refinanced my house last year due to divorce to get my spouse off the mortgage (he signed quit claim deed as well). The outstanding balance of the original mortgage was a bit lower than the new total. Most of the difference was used to pay for refinance fees, but lender did send me a small refund, which means it was a cash-out refinance.
Now I'm having trouble figuring out how to answer the question about how I've used the loan.
- Since you first took out the loan, how much has been spent to buy, improve or build the home it's secured by
Will it be the remaining principle of the original loan? May I include closing costs as well?
- What was the original amount of the loan?
Is it the original principal of the new (after refinance) loan?
- What was the loan balance on January 1, 2020?
Is it the principal of the new (after refinance) loan on Jan 1st?
