Blog Posts about 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.
Did you know contractors actually hate construction loans? Since these loans will typically cost your contractor more time and money, it’s hard to blame them. But when your contractor actually refuses to work with a construction loan completely, then what do you do? Basically, you have two options. 1. Choose a Different Loan You do have other options; options contractors actually love—like RenoFi Loans. That’s because they’re way less of a pain than construction loans.
You’ll have a lot of decisions to make during your home renovation—how to pay for it is probably the biggest. That’s because making an investment in a home you love right now shouldn’t end up costing you for years to come. But too often homeowners make really bad choices when it comes to financing their project, and that’s exactly what happens. Here are 6 of the dumbest things homeowners do when paying for a renovation:
So, you’ve been planning a major renovation for months now. You finally found a contractor, and you’ve started looking for a construction loan. Hold up! There’s something you should know: contractors HATE construction loans. And you may not love using one either. But why?!? They’re A Lot of Work As much as you don’t like extra paperwork, neither does your contractor. And with a construction loan, there’s a lot of extra steps required of your contractor throughout the process.
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.
The Tax Cuts and Jobs Act of 2017 has reduced the number of tax breaks for homeowners, which may have you wondering about its impact on home equity loans. While all home equity loans were previously tax deductible before the new tax law, it will now depend on what exactly the loan is being used for. Here’s a simple breakdown of what the tax reform means for your home renovations.
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.