Blog Posts about Applying for a Loan
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…
You have decided a renovation project is the best way to get a home you really love. And you know you need a loan, but perhaps what you don’t know is where to start. We know it can be overwhelming, but take a deep breath. We are here to help guide you through the process! At RenoFi we break the renovation financing process into 4 simple steps that will walk you through the initial phase of getting your renovation off the ground.
Just like no two contractors are exactly the same, neither are their contracts or proposals. And at RenoFi, we’ve seen them all. But in order for us to help put you on the best path to a home you love, there are a few submission requirements necessary in every contract and every proposal/detailed estimate from your contractor that you should know. The Contract While collecting pay stubs and bank statements is pretty straightforward, this important part of your Home Equity Loan Checklist may be a little less familiar.
If a low credit score is preventing you from getting approved for a home loan, there are a few things you can do to bring it up pretty quickly. Depending on what items on your credit report are holding you down, these are some of the fastest strategies to boost your score. Clean Up Your Credit Report A mistake on your credit report could be pulling down your score. So before anything else, download the Credit Karma app to get access to your credit score today and everyday going forward.
When buying a new home, your mortgage lender will order an appraisal to evaluate what the home is worth today. When you’re applying for a renovation loan like RenoFi’s home renovation loan to finance a home renovation project, the lender will want an estimate based on the future value of the home. But how does an appraiser determine the value of something that doesn’t exist yet? Here’s how “As Completed” Appraisals work.
Ever have a home appraisal come back and show a very different value than you expected? When you decide to buy a new home, sell your current home, or refinance your mortgage, an appraisal is a key part of the transaction. But with 20% of home closings delayed due to home appraisal issues (and maybe yours was one of them?), you may be skeptical about how the home appraisal process really works.
Realizing that it’s possible to turn your current home into a home you love is a great feeling. Discovering the smartest way to do it is even better. Once you know how to qualify for a renovation home equity loan, it’s time to gather everything you need to apply. Utilize our helpful checklist with all items you need to apply for a renovation home equity loan and get ready to make that dream home of yours a reality.
Did you recently discover that a home renovation loan is the best way to fund your renovations? That’s great! That brand new kitchen you’ve been dreaming of is a lot closer than you think. You’ll also be happy to hear that the process of obtaining one is nearly identical to applying for a typical home equity loan; meaning you’ll enjoy the benefits without any extra hurdles to get there. If you’re unfamiliar with the typical loan qualification process, there are two main factors your lender will look at when seeing if you qualify for a renovation home loan: your FICO score and your Debt-To-Income ratio.