John Wojcik
Great experience with Kelsey and RenoFi. Often answering questions after hours and on weekends to keep us comfortable with the process. Worked tirelessly to help us get through some initial problems…
a week ago
RENOFI FOR REALTORS
The world's first post-close renovation home equity loan — the perfect companion for purchases and refis. Finally, renovation finance without the hassle.
Three ways the RenoFi Loan works for the agents and loan officers who refer it — in their own words.
"RenoFi has been a great tool for me to close more primary mortgages. Previously when clients bought a property in need of renovation I referred them out to colleagues as I don't have 1st position renovation products. Now with RenoFi's product, I am able to offer these clients a conventional primary mortgage and refer them to RenoFi for renovation financing. It is a win for my clients and a win for me!"
Ray · Mortgage America"First mortgage renovation products such as the 203k are time consuming, costly, and challenging to close due to the extensive underwriting requirements. RenoFi, alternatively, has provided my clients with a very cost effective and more simplistic approach to finance their renovation costs. For properties that can close without the need for a 203k, I highly recommend to my clients and their realtors to consider RenoFi."
Michael · Guaranteed Rate"The RenoFi product offering has absolutely helped me grow my business this year. Our Financial Advisors and real estate agents depend on us to offer the best possible solutions — and RenoFi fits the bill without question. It's a huge win."
Ben · MortgageCSRenoFi Loans use the home's after-renovation value, so your client can borrow well beyond what a standard home equity loan allows.
Standard home equity loan
RenoFi home equity loan
ESTIMATED RENOFI MAX LOAN AMOUNT
$500,000
Estimate only, not a loan offer. RenoFi Loans allow up to 90% of the after-renovation value, less the remaining mortgage, to a maximum of $500,000. A standard home equity loan is shown at up to 80% of current value, less the remaining mortgage. Actual amounts depend on the lender, credit and the appraisal.
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.
No! There are several different versions of RenoFi Loans, including home equity options that do not require you to refinance. 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. If you’re interested in applying for a RenoFi Loan, we recommend reading this checklist, as well as the Top 14 Reasons Homeowners Can’t Qualify for a RenoFi Loan article. Then use the RenoFi Self Pre-qualification tool to see if you're a fit for a RenoFi Loan!
Rates are set by the lenders and can vary slightly lender to lender. RenoFi Renovation Home Equity Loan rates vary depending on several different factors but the two most critical are your credit score and 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, try the RenoFi Loan calculator today.
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. You can learn more here on the RenoFi Loans page. Please note lender programs vary by lender and lenders vary by state. Speak with a RenoFi Advisor today to learn more.
John Wojcik
Great experience with Kelsey and RenoFi. Often answering questions after hours and on weekends to keep us comfortable with the process. Worked tirelessly to help us get through some initial problems…
a week ago
Corey Swimmer
Working with RenoFi was a really smooth experience. They gave me a few competitive loan options to choose from, the closing process was quick and straightforward…
a week ago
Lon Hecht
Excellent experience! The team (specifically Maddie T and Jacob W) were fantastic. It was a long process due to issues on our side (not theirs), but they worked with us until the end.
3 weeks ago
AS SEEN ON