Freddie Mac announced a new loan product to help homeowners and homebuyers pay for home renovations. (iStock)
Freddie Mac on Thursday introduced its new mortgage product, the CHOICEReno eXPress mortgage, which will allow homebuyers and homeowners to pay for home renovations by funding the project through their mortgage purchase or refinance.
Freddie Mac said this will save homebuyers and homeowners time and money, and give them the funds they need for home renovations at low cost with no extra fees and interest rates that mirror mortgage interest rates, which are currently at historic lows. The loan is