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Mortgage glossary
Renovation Loan
Financing that may include eligible repair or improvement costs in a purchase or refinance loan. Funds may be held and released as work is completed. Eligible projects, contractors, inspections, timelines, and property rules vary by program.
In plain language
This term may appear in conversations, forms, or documents during the mortgage process. If something important changes in your situation, ask how it may affect your case before making a decision.
This explanation is general and educational. It is not personalized advice, a loan offer, or a promise of approval.