k man Posted October 17, 2006 Posted October 17, 2006 A participant took a regular 5 year loan and used the proceeds to acquire a principal residence. subsequently the participant decides he wants to extend the repayment terms. can he modify or refinance this existing loan so that it is a home loan at some time after the purchase of the residence? what would be the procedure for this. ie does he have to take a new loan or can you just modify the terms of the existing loan?
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