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Understanding Renovation Loan Payments

[fa icon="calendar'] Apr 12, 2016 2:57:45 PM / by Eustis Mortgage posted in homeownership, tips, loan payments, renovation

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Payments on your renovation loans really aren’t fundamentally different from a conventional mortgage payment. Each month, a portion of the monies allocated will go to paying down the principal amount borrowed, another portion will go to paying interest over the lifetime of the loan. A portion of the original borrowed amount will be held in escrow to pay the various contractors and vendors who are working on your renovation and construction project.

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