It’s like a loan time machine!

A 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.

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.

No. RenoFi Loans act as a second mortgage, which means they don’t require you to refinance your first mortgage. With so many homeowners having locked in ultra low rates, this is especially helpful and one of the key things that makes RenoFi Loans so unique!

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. Click on the Find a Lender button to get started and learn about the next steps!

Rates are set by the lenders and can vary slightly lender to lender. RenoFi home equity loan rates vary depending on several different factors but the two most critical are: your credit score & the loan to value ratio (LTV) based on your after renovation value. In general, RenoFi Loan rates are often better than the home equity loan rates you’d find at most banks. That’s possible because RenoFi Loans are offered by credit unions who are well known for having low rates & fees. To learn more about rates, click the Find a Lender button to get started!

The RenoFi fixed-rate home equity loan being offered by some of our lending partners has term options of 10, 15 and 20 years. The RenoFi variable-rate home equity line of credit structure varies by lender. Please note lender programs vary by lender and lenders vary by state. Click the Find a Lender button to get started!

Nope. RenoFi doesn’t charge any fees to the homeowner and doesn’t set rates so there will be zero difference in the cost of your loan. In fact, if you contact the lender directly, due to the nature of how we work with lenders, they’re going to send you right back to RenoFi to go through RenoFi’s unique Renovation Underwriting process.

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.