RenoFi Renovation HELOC

RenoFi Renovation HELOC Review

RenoFi Renovation HELOC is offered by RenoFi (NMLS #1802847), a marketplace lending platform founded in 2018 and based in Philadelphia, PA. RenoFi Renovation HELOC are available in 50 states (and Washington, DC).

RenoFi Renovation HELOC FAQ

How much can you borrow with a HELOC?

HELOCs are lines of credit that are secured by your home. Once you get approved for a certain amount, you can access your funds by check, phone, credit card, or online up to your HELOC amount.

RenoFi Renovation HELOC allows borrowers to apply for lines of credit of up to $500,000. Note that the maximum loan amount you can borrow will vary depending on the value of the property, how much you owe on it, and your creditworthiness.

This lender's maximum loan to value rate is 90% for qualified borrowers. That means the total debt secured by the property cannot exceed 90% of its value. Let's say you own a property with a current market value of $100k, but you still owe $20k on your mortgage. Your equity would be $80k. In this scenario, if you have excellent credit, you may qualify for a line of credit of up to $70k.

What are the terms for a RenoFi Renovation HELOC?

HELOCs have a draw and a repayment period. During the draw period you can borrow as much as you need up to your credit limit. After the draw period, you are responsible for repaying the loan. 

RenoFi Renovation HELOC offers home equity loans with terms ranging from 10 to 20 years.

Is there a minimum draw requirement?

No, there isn't a minimum draw requirement.

What range of rates does RenoFi Renovation HELOC offer?

RenoFi Renovation HELOC offers APRs as low as 3.95% .

Remember the APRs of HELOCs do not include points and financing charges, just the interest rate. Most home equity lines of credit have a variable interest rate. Fixed interest rates -- if available -- typically have higher APRs, but your monthly payments don't change over the life of the line of credit.

What is the estimated funding time for a home loan via RenoFi Renovation HELOC?

RenoFi Renovation HELOC will typically fund home equity lines of credit in as few as 30 days of approval.

What fees does RenoFi Renovation HELOC charge for a HELOC?

RenoFi Renovation HELOC may charge a loan origination fee .

What types of property can you use as security for a HELOC with RenoFi Renovation HELOC?

Lenders often have restrictions on the type of properties they will accept as security for a HELOC. RenoFi Renovation HELOC will consider lines of credit secured by the following property types:

• Primary homes.