Last Revised: August 12, 2020
As a part of assisting you, the prospective applicant, in preparing to apply for your renovation loan with a RenoFi partner lender, at your consent, RenoFi may order an appraisal of your home that takes into account After Renovation Value. This appraisal, if you do apply for a RenoFi renovation loan, will be required by the lender to evaluate your home’s value.
RenoFi’s role in this process is strictly coordinating the order - the appraisal belongs to you and is for your benefit. Importantly, if you decide to proceed with a formal loan application, the appraisal, based upon your consent below will become the property of the prospective RenoFi partner lender.
Although the appraisal is an invaluable tool in assessing your project there is no guarantee that you will be approved for a loan from a RenoFi partner lender and it is possible that this appraisal may not be applicable if you should decide to apply elsewhere. You may apply for a loan with a RenoFi partner lender, or any other of your choosing, without an appraisal.
If you agree, you will be billed directly by the Appraisal Management Company for the required fee for this appraisal. The appraisal could vary in cost based on renovation size, complexity, and geographic location. You’ll know what the cost is beforehand - please see our FAQ for some additional information. RenoFi facilitates an order only and does not accept or make payments on your behalf.
By proceeding, you are authorizing RenoFi to order this appraisal on your behalf. Additionally, you are acknowledging and consenting to the transfer of the appraisal to the RenoFi partner lender, if you do apply.