Your home is one of the most important parts of your life and it should reflect that inside and out. Renovation loans allow homeowners to make changes now and pay from them monthly over time. Renovation Loans have got you and your home covered whether the project is big or small, mandatory, or just because. These personal loan options are available to you even if you have little home equity.
Renovation loans are unlike credit lines because they require the homeowner to show that the money was spent on this house. This is done through a consultant hired by the homeowner that performs an inspection before and after the renovation is completed. After the initial inspection, a draw can be made. A “draw” is when a portion of the money is distributed to the contractor and an inspection is required after each draw is made. Borrowers have six months to finish their projects and are allowed up to five draws.
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