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Mortgage Loan Purpose
Explanation:
People generally take out a mortgage for one of two reasons: 1) to purchase a home or 2) to refinance an existing home loan. For those looking to refinance, another important consideration is whether their new loan will be for an amount equal to, higher or lower than the value of their current mortgage.
Mortgages are designed for a specific purpose, so before you submit an application, you need to make sure you're applying for the right type of home loan for your needs.