What is a Renovation Loan?
A Renovation Loan gives homeowners access to the money they need to fix up their new or existing homes. These loans can come in the form of mortgages with built-in fixer-upper funding or personal loans. In some cases, they allow homebuyers and homeowners to finance both the purchase or refinance along with the renovation of a home through a single mortgage.
Renovation loans may cover home improvements such as installing or updating heating and cooling systems, waterproofing, mold remediation, new additions, or any other updates that could add value to the house.