Freddie Mac has unveiled a new mortgage product that will allow homebuyers and homeowners to pay for small-scale home renovations through the purchase or refinancing of their mortgage.
The mortgage giant claims that the flagship product, the CHOICEReno eXPress mortgage, will save buyers and homeowners time and money, as the single-closing loan comes with no additional fees and rates of interest rates are comparable to current low mortgage rates. CHOICEReno eXPress is closed in traditional mortgage and consolidated in a single monthly payment.
“CHOICEReno eXPress extends the Freddie Mac CHOICERenovation mortgages, which were designed to help meet the country’s aging housing supply, meet the need for affordable housing and provide options for renovation, repair, improvement or refinancing to meet the growing demand for profitable home financing solutions, “said Danny Gardner, senior vice president of customer and community engagement for Freddie Mac’s single-family business.” CHOICEReno eXPress will help buyers and homeowners to reduce their out-of-pocket expenses by offering more affordable loan terms than using credit cards or unsecured financing for small-scale renovations. â