When it comes time to begin a large home renovation project or even buy a new home, suddenly a lot of new terms come into play. From LTV to DTI to APR, learning all of these abbreviations at once can get confusing. But when you break them down, they’re not that complicated.

Your loan-to-value (LTV) ratio is really a comparison of your loan and your home, but it’s also one of the main factors your lender will consider when deciding whether or not to approve your loan application.

Whether you’ve fallen in love with a fixer-upper or have a list of renovations that you want to do to turn your current home into your forever home, there’s a good chance you’re going to need to borrow money to make this a reality.

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

An FHA rehab 203k loan lets you buy or refinance a property that’s in need of repairs and combine the funding that’s needed to purchase (or refinance) the home and pay for renovations into one loan.

Freddie Mac ChoiceRenovation Loan vs RenoFi Loan: Which Is Better For Renovating?

Discover the differences between Freddie Mac ChoiceRenovation Loans and RenoFi Loans and how they both work for financing renovations.

If you’re looking for a contractor for your home renovation project, you should always check to see if they have liability insurance and/or a construction bond. 

You’re here because you’re looking for the smartest way to finance your home renovation. And a RenoFi Loan is it. Our homeowners love how it allows them to get everything on their wishlist—which we love too! So now, you want to know what that looks like for your renovation project.

By now, you’ve probably discovered that home remodels cost a lot of money. A new kitchen island, that master bathroom, or the converted garage will probably make your life a lot easier, but it’ll cost a bit more than what you have saved.

When you’re looking for the best way to pay for your renovation, it can be overwhelming. There are several options out there, and they all have their benefits and their pitfalls, which carry different weight for every homeowner and their unique situation. 

PHILADELPHIA (June 9, 2022) – RenoFi, the renovation enablement platform company, today announced the launch of a first of its kind fixed-rate home renovation loan.

Previously, RenoFi Home Equity Loans were only offered as a variable rate HELOC. Now with a fixed rate for up to 20 years, RenoFi’s fixed-rate home equity loan allows homeowners to borrow up to 90% of the after renovation value (ARV) and provide 100% of the funds directly to the homeowner at the time of closing up to $500,000.