How a Renovation Mortgage Works
On a purchase remodel, it allows you to finance not only the amount needed to purchase, but also the remodeling costs.
On a refinance, it allows you to finance the existing mortgage as well as the costs for improvements.
These types of loans may take longer to close and require more paperwork due to the contractor quotes needed for approval.
A licensed and insured contractor must be used to do the renovation work to the home.
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