Home Renovation Loan Information and Blog Posts

Before and After: a RenoFi-powered renovation in Queen Village, Philadelphia

Original Home Location: Queen Village, Philadelphia, PA Built in 2003 1,197 sq. ft. 2 beds, 2 baths Valued at $385,000 The Renovation New kitchen with open floor plan and new patio Completely gutted the entire home New electrical, painting, flooring 2 beds, 2.5 baths Total Cost: $230,000 After renovation value: $505,000 Danielle in her newly renovated kitchen Does size matter? When it comes to the square footage of your forever home, sometimes it’s quality over quantity.

The Rooms Most Likely to Go Over Budget During a Renovation

Are you planning a renovation project but are worried about going over budget? Learn from builders and contractors about the rooms most likely to face spiraling costs and WHY, so you can make sure it won’t happen to you. Starting a renovation project is an exciting time, especially right now as homeowners across the country are rapidly rethinking what they want from their homes. In fact, a recent study has revealed that more than three in every four households in the United States have carried out at least one home improvement project since the start of the COVID pandemic, and 78% plan to undertake at least one in the next 12 months.

Before & After: a RenoFi-powered renovation in the city of Philadelphia

Original Home Location: Fairmont, PA Built in 2003 Roughly 2,000 sq. ft. 3 beds, 2.5 baths The Renovation Remodeled kitchen Remodeled master bathroom Added an additional guest bathroom Custom / enlarged french patio doors Remodeled second floor guest bathroom When Kelly and Jeff found RenoFi, they were almost ready to give up on completing their entire renovation wishlist all at once. They had moved into their Philadelphia townhome in 2017, with the intention to renovate in the next few years.

Projecting the Value of Homes in the US in 2030 & Analyzing the Impact of COVID-19

One of the most common reasons for home renovations is the positive impact that they can have on the value of your home. Taking out a home renovation loan can be a real investment in your future. And one of the main considerations when planning home renovation work is a home’s future value. In fact, there’s no ignoring that the right renovations and additions can add big bucks onto what a property is worth, and that’s just looking at the value that’s added today.

Top 10 Reasons Homeowners Can’t Qualify for a RenoFi Loan

Did you recently discover that a RenoFi Loan is the best way to fund your renovation? That’s great! Let’s break down the top 10 reasons why your renovation project may not qualify for a RenoFi Loan from a lender. 1. Your FICO score is too low. A FICO score is just another name for your credit score. Most lenders offering RenoFi Loans require a minimum FICO score of at least 660.

RenoFi Welcomes Former NCUA Chairman to Board of Advisors

Debbie Matz RenoFi, today announced the addition of Debbie Matz to the company's Board of Advisors. Matz, nominated by President Barack Obama and confirmed unanimously by the U.S. Senate, served as Chairman of the National Credit Union Administration from 2009-2016. She led the independent agency which insures, regulates and supervises federal credit unions. Matz oversaw the NCUA's 1,200 employees, was responsible for protecting 6,000 federally insured credit unions and 103 million account holders and assets exceeding $1.

Good News: You Don’t Have to Wait to Refinance Because You are Renovating

Let’s be real. No one can actually predict what interest rates will look like in a few years — or even a few months. But what we do know is that mortgage rates have recently hit the lowest number ever recorded. As a result, it seems like everyone and their mother has refinanced in the past year. But there is a group of these perfect candidates who could really benefit from refinancing now that are at risk of missing the boat: those of you planning a renovation project.

Introducing RenoFi Renovation Loans

Rob, Lee and I started RenoFi in early 2018 because of the belief that we could make a difference in millions of homeowners' lives by empowering them to transform their homes into spaces they love with a smart and affordable financing solution. Little did we know that world events would bring people’s satisfaction with their home into such sharp relief. Today, we are announcing that we raised our Series A of $6.

How Do Lenders Set Rates for RenoFi Loans?

You’re here because you’re looking for the smartest way to finance your home renovation. And a RenoFi loan is it. Our homeowners love how it allows them to get everything on their wishlist—which we love too! So now, you want to know what that looks like for your renovation project. Here’s a little background on the different factors lenders will use to dictate your rate for a RenoFi loan. There are four main components…

3 Reasons You Shouldn’t Use a Cashout Refinance When Renovating

We’re going to be blunt here: refinancing can often be a dumb way to pay for your renovations. If you’re trying to lock in a significantly lower rate, you may be an exception, but for most homeowners, refinancing means throwing money away and getting less out of it. Let us explain. Here are 3 reasons why you shouldn’t use a Cashout Refinance when renovating. 1. You’ll Lose That Low Interest Rate If you bought your home when interest rates were higher (like maybe back in 2000), then a refinance could be a good move.