RenoFi Renovation Loans
Renovate now, repay later—it’s that simple
Borrow based on your home’s future value, with no pre-payment penalties and personalized support from renovation specialists.
Find out how much you can borrow
Maximize your funds and minimize your monthly payments for your home renovation with 100% cash upfront.
Traditional home equity loan
Home value
$200,000
90% of value
x .90 (90%)
Home loan balance
-$150,000
Available to borrow
$30,000
Community Choice home renovation loan
Home value
$200,000
Improvement value
+$50,000
Value with updates
$250,000
90% of value
x .90 (90%)
Home loan balance
-$150,000
Available to borrow
$75,000
Limited equity?
The Renovation Home Equity Loan powered by RenoFi is aimed to provide home owners with the financial boost needed to support major renovation projects, including situations where there is not quite enough equity to support the entire project.
Disclosures
Actual rate based on loan-to-value of collateral and credit worthiness.
Variable rate is subject to change monthly, based on the prime rate and margin. Maximum Annual Percentage Rate is 18.00%.
Other terms and conditions may apply.
*APR=Annual Percentage Rate. Intro rates are subject to change without notice. Rate offered will be based on applicant’s credit history and worthiness, term and amount financed and loan-to-value of collateral. Qualifying rate will be determined upon review of application.
Interest only payments during the initial draw period up to 2 years from the closing date with a 20-year repayment period.
RenoFi Disclosure
RenoFi is a broker (NMLS # 1802847). Loans underwritten and funded by Community Choice Credit Union. Whether you qualify for a loan and actual loan details, including loan type, loan amount, interest rate, APR, term, monthly payments, and closing costs are determined by Community Choice Credit Union based on their credit and eligibility criteria. Not available in all states. Not all borrowers or property types qualify. Loan terms and conditions apply, including acceptable credit union membership requirements stipulated by Community Choice Credit Union.