Use the future value of your guest house or in-law suite to finance its construction today with a RenoFi Renovation Home Equity Loan.
Unlike traditional home equity loans, RenoFi Loans factor in the value that an accessory dwelling unit (ADU) will add to your home.
Terms up to 20 years. Rates are based on the after renovation value.
Have a great rate locked in on your first mortgage? No problem!
Get the money you need to build your ADU upfront.
Standard home equity loan
Renovation Loans | Standard Cashout Refi | Standard Home Equity Loan | Construction Loan | |
Loan based on the after renovation value | ||||
Borrow up to 90% after renovation value | ||||
No refinancing options available | ||||
Inspections and draws not required | ||||
See what RenoFi can do for you |
11x more (average)
Over $510 million
5 star average (Google)
Lenders offering RenoFi Loans may charge closing costs and fees as they would for any home equity loan. Closing costs vary by lender and for RenoFi Home Equity Loans range from several hundred dollars ($700-$800) up to 1% of the loan amount. These costs typically include an origination fee, title and escrow fees, tax certifications, recording fees, other underwriting costs paid by the consumer to the lender, and may include title insurance for higher loan amounts. Closing costs do not include the cost of the appraisal. The average appraisal cost is around $700, but can be in excess of $1000 depending on renovation size, complexity, and geographic location. 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.
During the renovation, some lenders may charge a monthly fee or a higher rate, but this is temporary and will cease once the renovation completes and RenoFi issues a certificate of completion.
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.