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Renovating your home can be an expensive process and tricky process but there are some great benefits. If you don’t have the money to pay for the renovation of your property, you can rely on a renovation loan to help you get this done.
There are various options when it comes to financing this project. Connected Loans can help you find the right loan and lender depending on your credit and financial situation.
A renovation loan is actually a standard home loan that is specifically used to finance any improvement that you want to do with your home. Most of the time, it can be borrowed against the equity in your home.
Depending on the type of renovations you want to do, a construction loan may be more suitable but if your renovations are minor and non-structural, most lenders will allow you to use existing equity in your home to pay for renovations. If you don’t have sufficient equity then a construction is probably a more suitable type of loan.
The lender will need to approve the type of renovation you would like to do but as a guide, if they are minor and non-structural, they will allow this without doing construction loans. Examples include upgrading certain parts of your home like the kitchen, bathroom or any external part of the house.
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