RenoFi went to the Philly Home Show in January with the goal of educating homeowners on financing their renovations, but you all actually taught us a lot too! Check out the top 3 things we learned from homeowners at the Home Show.

A Lot of People Actually Do Plan Ahead!
We were certainly impressed by how many homeowners were already planning for renovations in 2020 and beyond. (Where were you guys for all those group projects we barely finished on time in high school?!) We’re glad so many people are on the ball because it’s really never too early to start planning for a home renovation.
These Homeowners are Super Smart.
Wow. Some of you deserve a serious high five. We’re talking about all those homeowners we met who locked in mortgage rates under 4% in the last few years. We even spoke to a man who nailed down 2.8%! The best part was hearing how thankful they were to have found RenoFi’s renovation home equity loan so they can avoid refinancing and keep those awesome rates.
Many folks think FHA 203k loans are their only option.
When someone says they’re so happy to have met you, it’s a great feeling. Throughout the show, a number of people reluctantly planning to use a [FHA 203k loan](/renovation-loans/fha-203k-loans/) to finance their renovation expressed how grateful they were to have found a better way through RenoFi. It’s no surprise to us, but we still love hearing it. :)

Before RenoFi Loans came along, the two most common options for buyers looking to refinance (or purchase) and renovate a home were Fannie Mae Homestyle and FHA 203k loans.

Home renovation financing, and specifically PACE loans, got a major shout out on the most recent episode of Last Week Tonight with John Oliver. 

Tapping into your home’s equity is a common way for homeowners to finance major expenses, such as medical bills, college tuition, or a home renovation project. However, this option mostly works if you have some home equity (which we’ll discuss later on). If you don’t have enough home equity, there’s no need to worry - you simply need a HELOC based on the after-renovation value (Like a RenoFi HELOC).

If you’re considering a HELOC for home renovations and wondering if it’s the right move for you, keep reading for answers to all your questions — from what a HELOC is, how it works, to whether a HELOC requires appraisals, credit checks, and everything else you need to know. Before diving into the details, let’s explore the basics of a HELOC and how it works.

Credit where credit’s due: Why a RenoFi Home Renovation Loan makes more sense than credit cards to help finance your reno plans

In June 2022, the Federal Reserve increased its target federal funds rate by 0.75% - the biggest hike in nearly thirty years. If you were planning to finance your home renovation loan in whole or in part via your credit cards, this sudden adjustment may very well have thrown a wrench in your renovation plans.