Renovation Loans
Designed by Homeowners.
For Homeowners.

Borrow more vs. traditional loan options by leveraging the after-renovation value of your home.

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Traditional home equity loans weren’t designed for renovations

Before RenoFi, homeowners faced a frustrating catch-22:
You need to renovate to increase your home’s value but you can’t borrow enough to renovate because of your home’s current value.

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Unlock More Cash with
After-Renovation Value Financing

RenoFi Loans are tailor-made for home renovations, letting you borrow more at competitive rates based on your home's future value - not just what it's worth today.

More Borrowing Power

Access up to $750k*, or up to 95% of your home's after-renovation value - far beyond what you can borrow with a traditional HELOC or personal loan.

Competitive Rates

RenoFi partners with local credit unions to shop the most competitive rate for your home equity and financial situation.

One-Stop Shop

RenoFi's loan officers will help you choose the best option for your project - RenoFi loans, unsecured loans, or traditional HELOCs via our local credit union partners.

Traditional HELOC vs. RenoFi HELOC

A quick side-by-side that shows how using your home’s future value unlocks far greater borrowing power - and brings your full renovation vision within reach.

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Traditional HELOC

Borrowing power limited to your home’s current value

Max loan amount is capped by today’s home equity.

Often not enough to fund the renovations that actually increase your home’s worth.

Leaves many homeowners stuck with unfinished projects or scaled-down plans

RenoFi HELOC

Borrowing power based on your home’s after-renovation value

Access up to 95% of your home’s future value-before the work even begins.

Get the funding you need to complete your full renovation scope.

Same familiar HELOC structure, just with more borrowing power

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How RenoFi Loans Work

Our process makes it easy to get the funds you need

Discuss your renovation project with RenoFi

Our expert loan officers will help you find the best financing option and discuss eligibility for your project and credit profile.

Renovating Underwriting

Share your renovation plans in our online portal so we understand your project scope in more detail.

Home Appraisals

RenoFi will help you appraise the current and after-renovation value of your property.

Happy Renovating!

RenoFi will connect you with a lending partner. Once you close the loan, the funds are fully available at closing - all we ask is that you keep us updated on the status of your project.

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See How Much More You Could Borrow

Use the after-renovation value of your home to borrow 11x more on average than anywhere else.

Unfortunately, RenoFi lenders don’t offer loans for properties in Nevada right now.
Adjust to find your max loan amount
Adjust sliders to find your estimated max loan amount
Up to a maximum of $750,000
Estimated RenoFi max loan amount $500,000
Current home value $750,000
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Adjust to find your estimated max loan amount
Remaining mortgage balance $310,000
- +
Expected after renovation value $920,000
- +
290K
Standard home equity loan
500K
RenoFi home equity loan
Explore rates & payments
Explore rates & payments

Ready to get your dream home?

Talk to a Loan Officer today to find the best financing option for you.

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Frequently asked questions

A “RenoFi Loan” refers to loans made by third party lenders powered by RenoFi’s proprietary Renovation Underwriting technology. RenoFi Loans use the home’s After Renovation Value (“ARV”) to increase homeowners’ borrowing power. RenoFi is not a lender but instead, works with various lenders to incorporate its renovation underwriting technology into lenders’ existing loan-underwriting process. RenoFi works with homeowners to find lenders offering both RenoFi Loans and other traditional loan products, including mortgage loans and personal loans.
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.
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.
Yes, most lenders offering RenoFi Loans allow you to apply once you’ve closed on the home, meaning they don’t have any “seasoning” requirements. The RenoFi Home Equity Loan is specifically designed for homeowners who’ve recently purchased or are about to purchase a home, and are therefore “equity light,” and aren’t able to borrow enough money to fund a renovation with a traditional home equity loan.
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. RenoFi Loans range from $25k up to $750k depending on the program, though please note that loans over $500k carry extra requirements, such as a lower maximum LTV and additional reserves. Additionally, lenders allow homeowners to borrow up to 150% of the current home value or up to 90% of the after renovation value, whichever is lower. See how RenoFi’s home improvement loan calculator helps you determine how much you can borrow.
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!
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.

Lenders offering RenoFi Loans may charge closing costs and fees as they would for any home equity loan. Closing costs vary by lender and for RenoFi Home Equity Loans range from several hundred dollars ($700-$800) up to 1% of the loan amount. These costs typically include an origination fee, title and escrow fees, tax certifications, recording fees, other underwriting costs paid by the consumer to the lender, and may include title insurance for higher loan amounts. Closing costs do not include the cost of the appraisal.

The average appraisal cost is around $700, but can be in excess of $1000 depending on renovation size, complexity, and geographic location. It is important to note that the lender is taking the application and 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 may charge a monthly fee or a higher rate, but this is temporary and will cease once the renovation completes and RenoFi issues a certificate of completion.

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.
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.
RenoFi currently works exclusively with credit unions that provide RenoFi Loans. RenoFi will identify the best credit union for your situation, which usually means the one who can offer competitive rates, low fees and the right loan amount.
Yes. RenoFi Loans act as a second mortgage, which means they won’t touch your first mortgage. No need to refinance your first mortgage if you’ve already locked in low interest rates!
Once you collect all of the documents necessary to apply for a RenoFi Loan and connect with a lender, RenoFi completes its Renovation Underwriting process, including the ordering of the appraisal. Appraisals are typically what takes the longest, typically between 14 & 30 days.. Once the appraisal is returned and the renovation underwrite is complete, you will apply with the lender and the lender will complete their financial underwriting, which can require an additional 15-30 days until close. Timing will depend on your unique situation and the lender that you’re matched with but you should expect approximately 30-60 days between both steps to close once the necessary documents are collected. RenoFi cannot guarantee that you will be approved for a loan with any lender offering RenoFi Loans, or in any specific time frame.
Most lenders offering RenoFi Loans today do not have any prepayment penalties built into their loans.
Nope! We’ve designed RenoFi Loans in a way that makes life much easier for homeowners & their general contractors. The entire loan amount is made available by the lender upfront. After the renovation is completed, the appraiser visits the home to issue a certificate of completion. Read more about the differences between RenoFi Loans vs other loan types.
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.
You do not need a signed renovation contract to begin RenoFi’s Renovation Underwriting process, however you will need these documents to close with the partner lender. Lenders require finalized construction plans, along with a signed renovation contract between you and your contractor, and a detailed material and labor line item cost breakdown with a clear payment schedule. It’s important to get all of your ducks in a row before you make these commitments. Read this article to find out more about exactly what you need from your contractor in advance.
In order to be approved by a lender for a RenoFi Loan you will need to have finalized your renovation plans. Some homeowners wait to sign the actual contract between themselves and their General Contractor until they are officially approved for the financing and that is ok, but you will need a signed contract to close on the financing.

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FAQs

Ready to Fund your
‍Dream Renovation?

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