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…
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 RenoFi 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.
Home appraisals are an important and necessary part of any home loan process, whether that’s for a purchase, refinance or a home equity loan. And in these instances, an appraiser is looking to determine the current value of the home. But when you apply for a home renovation loan — like a RenoFi Loan — to finance your entire renovation project, lenders will need an estimate of the value of your home AFTER the renovation has been completed, given that these loans allow you to borrow based upon this to maximize your borrowing power.
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 RenoFi Loan with one of our lending partners, so you can get started on those home improvements and make your dream home a reality. Download the guide Take a look at the full checklist guide above, which covers an explanation on why your lender will need each item, where to get it, and what it should include.