A renovation mortgage loan is a type of mortgage that allows the borrower to finance both the purchase or refinance of a home, as well as the cost of its renovation and remodeling, in a single loan. This type of loan combines the cost of the mortgage with the cost of the renovation into a single mortgage. The loan can either be a fixed rate or adjustable rate mortgage (ARM), and the term of the loan may vary based on the lender. This type of loan is ideal for people who want to purchase a fixer-upper or an older home that needs repairs and want to finance both the purchase and renovation costs with a single loan.
For information purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval.
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