Lenders offering RenoFi Loans may charge fees as they would for any cash out refinance or home equity loan. Fees for RenoFi Home Equity Loans typically average around $495, which includes all processing and underwriting costs paid by the consumer to the partner lender other than 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 on behalf of the lenders are under $500. It is important to note that in some cases the lender is taking the loan application and in others RenoFi takes the application. In all cases, the Lender is 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’ programs may include a charge, a monthly fee, or a higher rate. In many cases, this is temporary and will cease once the renovation is done and your renovation is certified as complete. This occurs when the appraiser revisits the subject property and 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.

Some lenders may charge a fee, one-time or monthly, during the renovation period and until the Certificate of Completion is received by them. Specific details are available once you have chosen a partner lender.