Got questions?
We’ve got answers.
We are standing by to help you better understand how RenoFi Loans work and the projects they are best suited for.
Loans offered by our lending partners
RenoFi Home Equity loans
RenoFi Home Equity loans from lenders in
Choose between a fixed or variable rate loan, without the need to refinance your existing mortgage.
Fixed Rate
Peace of mind of a fixed rate without the need to refinance your first mortgage.
Loan amounts of
25,000 to 300,000
| Rate | Fixed rate |
| Terms | up to 20 years |
| Borrowing power | Up to 90% of the AFTER renovation value |
| Disbursement | Full loan amount distributed at closing |
HELOC
Flexibility of drawing what you need when you need it without the need to refinance your first mortgage.
Loan amounts of
25,000 to 500,000
| Rate | Variable & Fixed rates available |
| Terms | up to 10 year draw phase, followed by up to 20 year amortization |
| Borrowing power | Up to 90% of the AFTER renovation value |
| Drawing | Line of credit, full amount available to draw at closing. |
RenoFi Reno Refi loans
Combine refinancing your first mortgage and secure the cash you need to tackle that major renovation project.
Reno Refi
Mortgages up to
2,000,000
| Rate | Fixed rate |
| Terms | up to 30 years |
| Borrowing power | Up to 90% of the AFTER renovation value |
| Drawing | Full loan amount distributed at closing |
| Availability | Not available in all states* |
A RenoFi loan is a great fit for you, if:
You need future value of your renovated home today
The RenoFi Loan is unique because you’re able to borrow against what your home will be worth after the renovation is completed.
We’ll appraise your current home value and then the future home value, using the renovation plans that you submitted to RenoFi.
You’re renovating your primary residence (and you haven’t started demolition yet!)
Have a primary residence that is a single family home or townhouse? We can help! (ADUs are also ok if it’s being constructed on the property of your primary residence.)
Our lending partners are unfortunately not working with second/vacation homes, investment properties, properties titled in an LLC, or mobile/manufactured homes. Ground up new construction also is not supported - you’ll need a construction loan for that project.
If you’ve already started construction, this doesn’t automatically disqualify you for a RenoFi Loan, however, if you’re already deep into the construction process, lenders are less likely to approve your application.
We’ll appraise your current home value and then the future home value, using the renovation plans that you submitted to RenoFi.
See how much more you might be able to borrow
Try the RenoFi loan calculatorWe’re in this together
Our Advisory team is here to ensure you are getting the best loan for your renovation and to guide you through the application process every step of the way.
1.
Know your borrowing power
Play with our Calculator to see loan amount & rates and get self-prequalified to check if you might be a good fit for the loan.
2.
Prepare your application
Provide your personal details and documents through our secure online portal to be matched with a lender - see RenoFi Loan Requirement Checklist.
3.
Apply with matched lender
Once your application and renovation underwriting is done it’s sent to your matched lender for you to officially apply. If approved, you get direct access to the funds.
Got questions?
Corey
Acri, PA
“The folks at RenoFi worked so hard to ensure that we got the proper financing for our rehab. We had a pretty unique situation, having started our renovation before contacting RenoFi. They got us the right loan for the situation. I cannot say enough good things about how they had our backs from start to finish. Thank you!”
FAQ’s
How is a RenoFi Loan different from a normal cash-out refi, home equity loan, or HELOC?
A cash-out refinance loan, home equity loan, or home equity line of credit (HELOC) allows you to borrow against the current value of your home, whereas RenoFi Loans allow you to borrow against the after renovation value, or future value of your home. For homeowners who have been in their homes for 10+ years, borrowing against current home equity is fine because they’ve built up a lot of equity over the years and don’t have as large of an outstanding mortgage balance. But for recent homebuyers, a true renovation loan often offers higher borrowing power. It is important to note that if you take a RenoFi Loan there is no guarantee your home will increase in value and, in rare cases, you may owe more than your home is worth.
How is the after renovation value of my home determined?
After renovation value is the estimated value of your home after your renovation is complete. You can estimate your after renovation value by using the current value of your home, plus the added value of your planned renovations. Homeowners can borrow up to 90% of their home’s after renovation value through a RenoFi Loan. You can find out your home’s after renovation value by getting an “as completed” appraisal on your home. This appraisal is based on the proposed renovation plan, on the condition that it is completed. Read more about how the after renovation value is determined here.
How much can I borrow?
Lenders base this on several different metrics including your current home value, your home’s estimated “after renovation value,” your outstanding mortgage, and your overall financial health. Most lenders allow RenoFi Loans to cover up to $500k in renovation costs, though please note that loans over $250k will have stricter qualification criteria. Additionally, most lenders allow homeowners to borrow up to 125% of the current home value and up to 90% of the after renovation value. See how RenoFi’s home improvement loan calculator helps you determine how much you can borrow.
Are the rates fixed or variable?
RenoFi Loans come in several different varieties, including both fixed rate and variable rate options. Certain loan types may not be available in all states. Get connected with a RenoFi advisor to learn more.
Why RenoFi and not go straight to the lender?
RenoFi’s services are free for homeowners, whether you decide to move forward or not. You can't obtain a RenoFi Loan without working with RenoFi first. We partner with specific credit unions to offer the RenoFi Loan, but our RenoFi team will do everything to prepare you to apply before handing you off to the credit union. You can look at us as a concierge, who will walk you through the journey of considering and then preparing for a renovation. Banks love us because they prefer to work with educated consumers. After our process, you’ll be ready to rock and roll with your lender. Our RenoFi advisors are seasoned experts that will guide you through finding the best financing option for your renovation project, regardless of whether or not you decide to apply for a RenoFi Loan with one of our lending partners.
Can I use a RenoFi Loan on a home I am about to purchase?
Yes. We can work with you before closing on a home to gather as many necessary documents as possible, so that as soon as you close, we have all documents needed to send the application along to our lending partner. Remember, you should let your proposed lender know before you close if you are sure that you will be applying for a RenoFi Loan.
What are the fees/closing costs?
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.
What do I need to have ready in order to apply?
There’s lots of documentable information related to your home, your income and your general financial situation that you need to have ready before you apply with a lender. If you’re interested in applying for a RenoFi Loan, we recommend reading this checklist, as well as the Top 10 Reasons Homeowners Can’t Qualify for a RenoFi Loan article.
