RenoFi provides lenders with our Renovation Underwriting services. These services include a thorough review of the renovation project cost and scope, due diligence on the contractor, reconciliation of the appraisal and monitoring of renovations in progress. As such, if you decide to proceed with a RenoFi loan, we will be paid for these services by the partner lender. RenoFi doesn’t charge any fees to homeowners and there is no obligation to obtain a RenoFi loan.
Lenders offering RenoFi Loans may charge fees as they would for any Home Equity Loan. Fees for RenoFi Loans typically range from $95 to $495, which include all processing and underwriting costs paid by the Consumer to the partner lender, plus the cost of the appraisal.
Your appraisal will range in cost based on renovation size, complexity, and geographic location. Most of the appraisals we facilitate are under $500. It is important to note that the Lender is taking the application and making a loan decision and that it is possible that you pay for an appraisal and are not approved for a loan.
The RenoFi team is standing by to help you better understand how RenoFi Loans work and the projects they are best suited for. Have a question - Chat, Email, Call now...