A refinanced renovation loan is when you’re taking out a loan to suit your renovation which have most readily useful cost, costs and fees to help you repay a separate financing (or money).
You could potentially combine numerous funds into one to place. You might will get it done along with your most recent merchant or enter in yet another agreement with a new you to. It’s mostly your choice, a brand new initiate.
As to why refinance?
That loan which have less interest rate than what youre already into, makes sense.