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What Mortgage Type Should You Choose?
Home Improvement
Either an equity second or over-equity second can be used for home improvement purposes ranging from minor repair to major refurbishing. In the case of an over-equity second being used for home improvement, a lender will normally require an estimate of work to be completed on the home, for amounts above $10,000. Some lenders may also require that the money borrowed be directly paid to the contractor performing the work.
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