Hi all - first time poster here!
I am shopping for a personal loan to cover $20k worth of costs for a rehab project. The funds will be used for labor and to help pay some of the mortgage during reno. After reno, the property will be rented out.
Q: Does it make sense to apply for a 'Home improvement' loan if it's not my primary residence? Do I need to specify the 'loan purpose at all?
Thanks in advance,
Updated about 2 years ago
Just wanted to add a couple of things: - My credit score is 'exellent' - I got pre-qualified with different loan providers when applying as 'Home Improvement' vs 'Other'. Rates for 'other' seem more favorable.