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Real Estate
Reply to "Best Loan Source for Large Renovation?"
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[quote=Anonymous]You need a construction loan if the reno is major - a construction loan pays off the initial mortgage; during construction you only pay interest in the loan and then when you are finished, you close a mortgage to include the whatever remains of the original mortgage cost + construction costs you don’t pay down. Downside is, if you have a low mortgage rate, you’re effectively refinancing. However, typically it’s hard to get another form of loan bc you are effectively destroying the initial collateral on your mortgage, aka the house. [/quote]
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