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Level 1
June 3, 2019
Solved

Previously refinanced home

  • June 3, 2019
  • 1 reply
  • 6 views

I refinanced my home a few years ago and took out cash to pay my parents what they had put in for the down payment (when we originally bought it) and took them off the title.There is a question wanting to know if the money from the refinance was specifically for the home that the refinance was on.   

Option A) Yes, I've used this loan only on the home I took it out on.   

Option B) No, I used some or all on a different hom or on something other than a home.

Which should I choose?

Best answer by AlanT222

Option A) Yes, I've used this loan only on the home I took it out on.   

Per your scenario, you are paying your parents back for the down payment, which was used for purchasing the home. 

1 reply

AlanT222Answer
Level 15
June 3, 2019

Option A) Yes, I've used this loan only on the home I took it out on.   

Per your scenario, you are paying your parents back for the down payment, which was used for purchasing the home. 

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