RenoFi Home Equity Loans give homeowners the benefit of the improvements they are making to their home up front, meaning the home value used in the loan is the after renovation value, not the current home value.
RenoFi works with licensed, experienced renovation appraisers to perform an appraisal based on your renovation plans. We wrote all about it here.
Nope! If you have a great rate locked in on your primary mortgage, there is no need to lose that rate and pay mega closing costs all over again.
We have a complete checklist that you can find here.
RenoFi Home Equity Loan rates are often BETTER than the Home Equity Loan rates you’d find at most banks. That’s possible because we work with credit unions who are notorious for having low rates & fees. You can read more here on why Credit Unions rock.
RenoFi Home Equity Loans have terms up to 20 years.
Yes. The RenoFi Home Equity Loan is just like any other Home Equity Loan which does require a lien against your property. This is what enables the rates to be so low while also being able to borrow so much. Loans that don’t come with a lien like a personal loan generally have rates that are 2-3x higher and limit how much you can borrow significantly.
No! RenoFi is completely free to homeowners. Our lending partners (the credit unions) pay us to have access to our platform.
$500,000 is the current maximum loan amount, though please note that loans over $250k will have stricter qualification criteria. In the future, we hope to be in a position to increase these limits.
At this time unfortunately not. We may be able to help by connecting you to lending partners who do specialize in investment properties so feel free to reach out and we’ll see what we can do!
Yes any contractor used will need to be state licensed. All contractor will go through a due diligence process that includes checking for licensing, insurance, and other parameters.
RenoFi does an analysis of your proposed renovation but our lending partners complete a full credit underwrite.
Yes, but with some improvements that make them even better for homeowners.
Nope! We’ve designed RenoFi loans in a way that makes life much easier for homeowners & their general contractors. In most cases the entire loan amount is made available up front. After the renovation is completed, the appraiser visits the home to issue a certificate of completion.
The money goes to the homeowners and the homeowners pay their contractors directly, just as if you were using your own savings to pay for the renovation.
Fees typically average around $100, which include all processing, underwriting and appraisal costs, paid to the Credit Union. There is also a small monthly fee paid to the Credit Union during the renovation period. This monthly fee ends at the completion of the renovation once a Certificate of Completion is issued.
Our lending partners will accept FICO scores as low as 680. At times FICO scores lower than 680 will be accepted on an exception basis.
No, RenoFi Home Equity Loans are not interest only. Loans are amortized over 20 years during the draw period and homeowners pay a minimum of $100/month or principal + interest, whichever is greater.
We are currently operating in PA & soon to be NJ. Our sincere hope is to bring the RenoFi loan to everyone in the US as soon as humanly possible. If you are not in PA or NJ and just want some advice on how to fund your renovation, we’ve learned a thing or two and would be happy to try and point you in the right direction if we can. Just email us.
This is tricky. Once the loan has closed it’s not possible to go back and amend the loan. We work with our homeowners to ensure they have some wiggle room in their budget to pay for things that might pop up along the way.
We are averaging around 30 days from when you have all of your renovation documents in order to when you close with one of our partner lenders. These turn times can vary greatly depending on the complexity of the renovation.
Your loan will be serviced by one of our lending partners and payments will be made directly to them.
RenoFi is a financial technology company helping homeowners get their someday home, today. We’ve designed a new suite of home loans that better meet the needs of homeowners looking to renovate their homes. RenoFi is not the lender, rather we partner with lenders (local Credit Unions) to provide the loans to our homeowners. Our role is simple, we are building the technology to make offering RenoFi loans possible and we are also helping homeowners learn about RenoFi Loans.
The idea for RenoFi came in 2017 but the company wasn’t started until January of 2018. In just a short time we’ve already helped homeowners fund millions of dollars worth of renovation projects.
RenoFi currently works exclusively with local Credit Unions and we are adding new ones all of the time. In the event that we have more than one Credit Union in your area, we will match you with the best Credit Union for your situation which usually means the one who can offer the best rates, lowest fees & most money.
We currently have our RenoFi Home Equity Loan and are working on launching our second product, a RenoFi Cashout Refinance. Stay tuned for more! See Our Loans page for more information.
Our licensed expert renovation mortgage consultants are standing by to help you explore the various options and choose the one that is best for you. Have a question - Chat, Email, Call now...