Before we jump into details, let’s figure out what is a renovation loan. As it is clear by the name, it is the mortgage to make upgrades to your home. Depending on what type you choose, it can be either secured loan or unsecured loan. In unsecured loan you do not put your house as an asset to loan against.
First home buyers are often curious about the best mortgage programs and loans, and they ask many questions about it to real estate agents and brokers.