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Last Updated: 04/18/2025

RenoFi Home Equity Loans

from Renovation Finance LLC

Last Updated: 04/18/2025

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Highlights

Credit Score Range

Starting at 640

Amount Range

$25,000 - $500,000

Maximum LTV

N/A

Loan Term (Years)

10 - 20

RenoFi Home Equity Loans Review

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

Key Takeaways

Only primary residences considered. RenoFi Home Equity Loans does not offer financing for vacation homes or investment properties.
Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
Cosigner and coborrower applications accepted. A cosigner or coborrower can help you qualify for better rates and terms when applying for RenoFi Home Equity Loans.
Fair credit accepted. Borrowers with a credit score as low as 640 may qualify for RenoFi Home Equity Loans.

RenoFi Home Equity Loans Pros & Cons

Pros

Cons

Considers applicants with fair credit.
Available in all 50 states.

Charges an origination fee.
Charges prepayment fees.

RenoFi Home Equity Loans FAQ

How much can you borrow with a RenoFi Home Equity Loans home equity loan?

A home equity loan allows homeowners to borrow money using their home as collateral (similar to a mortgage). Loan amounts vary depending on the value of the home minus the balance of any mortgages or liens on the property.

RenoFi Home Equity Loans allows borrowers to apply for home equity loans of up to $500,000. The actual maximum loan amount will vary depending on the value of the property, how much you owe on it, and your creditworthiness.

Typically, borrowers with good credit can qualify for up to 85 percent of the value of the property less the balance on their first mortgage.

Generally, the APRs of home equity loans do not include points and financing charges, just the interest rate.

What fees does RenoFi Home Equity Loans charge for a home equity loan?

RenoFi Home Equity Loans may charge a loan origination fee

What types of property can you use as security for a home equity loan with RenoFi Home Equity Loans?

Lenders often have restrictions on the type of properties they will accept as security for a home equity loan. RenoFi Home Equity Loans will consider loans secured by the following property types:

Primary home.

Is RenoFi a legit company?

RenoFi was founded in 2018. It is an established company that has been in business for 8 years.

Unfortunately, we don't have sufficient community reviews to provide a reliable rating of their user experience and customer service.

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Contact

Headquarters

2400 Market St

Suite 261

Philadelphia, PA 19103

(855) 736-6341

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Email Support

Hours of Operation

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Other Services by Renovation Finance LLC

Home Equity Lines of Credit

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-1000+100

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