RenoFi Renovation HELOC
RenoFi
NMLS #1802847
4.2
Copiafy Score
APR
0.00%
Variable Rate
Loan Range
$0
to
$750,000
Term
—
years
Min Credit
620
score
Expert Take
A new kind of home lending company, RenoFi acts as a mortgage broker for people who need money for home renovations. It helps homeowners who may not normally qualify for home equity loans - people who work for themselves, have only fair credit, or have little equity built up in their homes. But these more relaxed rules and generous loan amounts come at a cost - a longer process and a higher interest rate than average.
Pros & Cons
Pros
- You may be able to borrow up to 90% of your home value after renovations, which lets many people use more of their equity than regular HELOCs and home equity loans.
- RenoFi helper services match homeowners with possible lenders, which could save time and hassle.
- RenoFi loans can be used on newly bought homes and investment properties.
Cons
- RenoFi is a broker, not a lender. Some people may find this makes the application process longer, especially since RenoFi does its own review before connecting you to a lender.
- Money can only be used for home repairs and improvements. Regular HELOCs and home equity loans can be used for any reason.
- Even though RenoFi works with credit unions that usually offer lower rates, its own fees and closing costs can increase the final interest rate.
Product Details
Customer Reviews
3.9
14 reviews
Special Features
Similar HELOCs
Editor's Pick
Aven HELOC - 10 Year
Aven
• Fintech
APR
6.24%
Variable
Loan Range
$5,000 - $250,000
Term
—
Aven is something new - a credit card that uses your home equity as the credit line. It is very convenient, but it works best for people who are responsible with money. It is easy to forget how much of your home equity you are using and how much debt your home is backing up. Aven is completely online, which is great if you like technology. But some people might want help in person.
No Closing Costs
No Annual Fee
Fast Funding
Online Only
Min Credit Score: 640+
Customer Rating:
1.7 (20)
Copiafy Score:
4.6
Editor's Pick
Aven HELOC - 30 Year
Aven
• Fintech
APR
6.24%
Variable
Loan Range
$5,000 - $250,000
Term
—
Aven is something new - a credit card that uses your home equity as the credit line. It is very convenient, but it works best for people who are responsible with money. It is easy to forget how much of your home equity you are using and how much debt your home is backing up. Aven is completely online, which is great if you like technology. But some people might want help in person.
No Closing Costs
No Annual Fee
Fast Funding
Online Only
Min Credit Score: 640+
Customer Rating:
1.7 (20)
Copiafy Score:
4.6
Figure HELOC - 10 Year
Figure
• Online Lender
APR
6.40%
Fixed
Loan Range
$15,000 - $400,000
Term
—
Figure is a great choice if you want a fast loan process with no in-person meetings. The best thing about Figure is speed - you can pre-qualify in five minutes and get your money in as little as five business days. Figure rates are lower than average, and you can save more by setting up automatic payments or joining certain credit unions. However, you will pay a big origination fee, and the HELOC works more like a regular home equity loan with a fixed rate and one large withdrawal.
No Annual Fee
Fast Funding
Online Only
Min Credit Score: 640+
Customer Rating:
2.7 (31)
Copiafy Score:
4.2