Income category to use for cash-out refi proceeds
I set up a new mortgage loan that includes cash-out proceeds into my bank savings account. What income category should I use for this? It is to be used for a remodel and will be drawn down over the next few months. Setting up as a transfer as was suggested in a different post is incorrect. Just need to know what income category to use to account for it. My plan is to set up a new Income category: "Home equity". Does this make sense?