Definition: In mortgage with renovation loan, "mortgage" refers to a type of loan that involves securing the lender's creditworthiness and allows the borrower to borrow against their property or assets for purposes other than just buying a home. The term "renovation loan" refers to a type of loan that finances the purchase of new or renovating the properties. This type of loan is often used when a homeowner wishes to replace existing fixtures, appliances, or improvements on their existing property with new ones. The renovation loan can be used for various purposes such as home improvement, vacation rentals, or investment purposes. The terms "mortgage" and "renovation loan" are related but distinct concepts. The mortgage refers to the specific type of loan that allows the borrower to borrow against a property, while the renovation loan is more general and can be used for any purpose other than just buying a home.
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