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Get the money you need for your renovation

RenoFi Loans unlock the power of your home’s future value so you can
Keep existing mortgage without refinancing.
Get lower rates based on the future value of your home.
Pay early without prepayment penalties.
Choose between fixed rate and variable rate home equity loan and HELOC options.
Loan amount needed for the project
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Does not impact your credit score
See how much more borrowing power is available with a RenoFi Loan
Unfortunately, RenoFi lenders don’t offer loans for properties in Nevada right now.
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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
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Expected after renovation value $920,000
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290K
Standard home equity loan
500K
RenoFi home equity loan
Explore rates & payments
Explore rates & payments

RenoFi Loans

RenoFi Loans use the After Renovation Value instead of the home's current value, enabling the most borrowing power at the lowest rates available through our partner network. Thanks to RenoFi, homeowners now have a smart way to finance their renovation and tackle everything on their wishlist.

Home Equity Renovation Loans
Home Equity Renovation loans
Renovation Home Equity Loans are second loans separate from your mortgage and allow you to borrow against the current or future equity of your home.
RenoFi HELOC
Flexibility of drawing what you need when you need it without the need to refinance your first mortgage.
Loan amounts of $25k to $750k
Borrow up to 90% of the AFTER renovation value
Keep your existing mortgage
Variable rate
Multiple draw and repayment periods available
Line of credit, full amount available to draw at closing
Explore rates & payments
RenoFi HELOC
Flexibility of drawing what you need when you need it without the need to refinance your first mortgage.
Loan amounts of $25k to $750k
Borrow up to 90% of the AFTER renovation value
Keep your existing mortgage
Variable rate
Multiple draw and repayment periods available
Line of credit, full amount available to draw at closing
Loan amounts of $25k to $500k
Borrow up to 90% of the AFTER renovation value
Keep your existing mortgage
Fixed rate
Multiple repayment terms available
Full loan amount distributed at closing
Explore rates & payments
RenoFi Fixed Rate
Home Equity
Peace of mind of a fixed rate without the need to refinance your first mortgage.
Loan amounts of $25k to $500k
Borrow up to 90% of the AFTER renovation value
Keep your existing mortgage
Fixed rate
Multiple repayment terms available
Full loan amount distributed at closing
Explore rates & payments

Lending partners nationwide

Renovation projects worth over $1 billion funding and funded to date

RenoFi has helped thousands of homeowners across the United States

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We’ve carefully verified and proven thousands of pros via interviews, reference checks and previous projects, and have onboarded only the top 5% to our network.
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Choosing the right providers is hard. We connect you with the best-fit pros for your project, backed by industry expertise.
Easily compare proposals
Leverage our smart proposal comparison tool to understand tradeoffs and exclusions.
Cottage is now part of RenoFi. Find the perfect pro and the smartest way to finance your project all in one place.

Why a RenoFi Loan is the best loan for your renovation

Renovation
Loans		Standard Cashout RefiStandard Home Equity LoanConstruction Loan
Loan based on the after renovation value
Borrow up to 90% after renovation value
No refinancing options available
Inspections and draws not required
See what RenoFi can do for you
See what RenoFi can do for you
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Borrow up to 90% of your future home value.

Unlike traditional loans, RenoFi Loans factor in what your home will be worth after the renovation.

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Longest Terms,
Lowest Rates

Multiple payment terms available. Rates are based on the after renovation value.

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Options to keep your low rate!

Have a great rate locked in on your first mortgage? Keep it!

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EASIER than a construction loan

No draws, no inspections, no contractor involvement with loan funds.

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. Most lenders allow RenoFi Loans to cover up to $500k in renovation costs, though please note that loans over $250k will have stricter qualification criteria. Additionally, most lenders allow homeowners to borrow up to 125% of the current home value and up to 90% of the after renovation value. Some lenders will even go up to 150% of the current home value. 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.

Check out more of our FAQs

FAQs

Resources

Embarking on a home renovation project is an exciting milestone. RenoFi's resources will help you get started and make the right decisions along the way.

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RenoFi Resources

Home Appraisal Guide For Home Renovation Financing and More

Understand how home appraisals impact your renovation project funding. Learn how renovations can increase your home's value and maximize your return on investment post-renovation.

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Room Guides

How to Finance a Home Addition: 12 Options to Consider

Financing a home addition can be done through home equity loans, HELOCs, construction loans, FHA 203k, home improvement loans, credit cards, and RenoFi. Learn more here.

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Room Guides

Understanding ADUs and Navigating the Challenges of Building ADU Housing in 2023

Explore ADU housing and the 2023 challenges for accessory dwelling units. Gain insights into trends, regulations, and considerations. Find affordable ways to fund your ADU renovation project.

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Room Guides

Should you convert your garage to an ADU?

Thinking about converting your garage to an ADU and wondering if it’s a good idea? Here’s what you need to know!

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Loan Education

3 reasons why you shouldn't use a construction loan for your renovation

There’s a better financing option for your home improvements.

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Room Guides

The Best Loan Options to Finance a Basement Remodel

A guide to financing a finished basement or remodel project in 2023

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Loan Education

HELOC vs. home equity loan: Which is a Better Way to Finance Your Next Renovation Project?

Decide if a HELOC vs Home Equity Loan is best for you. Figure out how useful they could be towards financing major projects like that home renovation you’ve been planning with this guide.

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Home Renovation Loans: 6 Options to Consider with Pros and Cons

Home renovation loans provide funds to renovate, rehab, or purchase a home to increase property value using RenoFi, FHA 203k, Home Equity Loan, HELOC, and more.

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