RenoFi
RenoFi partners with credit unions to offer renovation home equity loans and HELOCs, using the after renovation value of homes to determine borrowing power. Their services are available in every state except Hawaii and Nevada, and they provide educational resources and a loan calculator for homeowners.
Services
RenoFi provides renovation home equity loan and renovation HELOC products. Their services are designed to utilize the after renovation value of a home to determine borrowing power. RenoFi Loans can cover up to 90% of this value. The company offers a fixed-rate home equity loan option with terms of 10, 15, and 20 years, in addition to a variable-rate HELOC. These loans are available to homeowners across almost every state, excluding Hawaii and Nevada. RenoFi provides various educational resources and a loan calculator for estimating borrowing power and monthly payments. Notably, the company’s services are free for homeowners and do not incur fees.
Loan Products
RenoFi offers two main types of loan products: the renovation home equity loan and the renovation HELOC. Both products allow homeowners to finance renovations based on the after renovation value of their home. The renovation home equity loan has fixed rates without requiring refinancing of the first mortgage, and options for 10, 15, and 20-year terms. The renovation HELOC allows for drawing funds as needed, also without refinancing the first mortgage. RenoFi Loans can cover up to 90% of the after renovation value of the home and do not require draws or inspections.
Partnerships
RenoFi partners exclusively with credit unions to offer its loan products. These partnerships include lenders serving every state except Hawaii and Nevada. RenoFi’s proprietary Renovation Underwriting technology is employed by partner lenders to provide the loan products. This partnership framework enables homeowners to access RenoFi Loans through specific credit unions, ensuring broad availability of their unique financing solutions.
Renovation Underwriting Technology
RenoFi utilizes its proprietary Renovation Underwriting technology to enable partner lenders to provide RenoFi Loans. This technology is designed to assess the after renovation value of a home, thus allowing borrowers to maximize their borrowing power for renovation projects. The technology differentiates RenoFi Loans from traditional construction loans by eliminating the need for draws and inspections. Moreover, the technology is instrumental in performing thorough due diligence on contractors, ensuring a streamlined and efficient loan process for homeowners.