Blog Posts about Applying for a 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.
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 general contractors are exactly the same, and 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. 1. The Contract While collecting pay stubs and bank statements is pretty straightforward, this important part ofyour home equity loan checklist may be a little less familiar.
Why does finding the right contractor always feel like the hardest part of a home renovation? Trying to find a professional who’s reliable and experienced, who really understands your vision, AND who you feel comfortable welcoming into your home — the process can be overwhelming. You have a lot of questions, so we’ve got some answers for you. Here’s what you should know when choosing the right contractor for your home renovation.
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 every day 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 home improvement loan specifically — like RenoFi’s home renovation loan — to finance your entire 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? It requires the appraiser to use a specific type of property appraisal, known as an “As Completed” Appraisal.
Have you ever had a home appraisal come back and show a very different value than you expected? Whether you’ve decided to buy a new home, sell your current home, or refinance your mortgage, a real estate appraisal is a key part of the transaction. But with 20% of home closings delayed due to issues with the appraisal report according to Realtor Magazine (maybe yours was one of them?), you may be skeptical about how the home appraisal process really works.
We’ve created a helpful checklist for you to help you gather all items you need to apply for a renovation home equity loan, so you can get started on those home improvements and make your dream home a reality. Items Specific to RenoFi Renovation Home Equity Loans: Your Contractor’s Information Collect basic contact info such as name, address, phone number, email, company website, etc. RenoFi will contact your contractor to perform basic due diligence before the lender can approve your loan.
Did you recently discover that a renovation home equity loan is the best way to fund your renovations? That’s great! The process of qualifying for this type of loan is nearly identical to applying for a traditional home equity loan — meaning you’ll enjoy the added benefits it offers to create your dream home 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 for your home improvements: your FICO score and your Debt-To-Income ratio.