RenoFi ReFi

Refinance your Mortgage to Renovate Your Home
Like a traditional cash-out refinance but access up to 80% of your home’s projected value after renovation.
$2 Million
Mortgages Up To
80% After Renovation Value
Borrowing Power Up To
30 Years
Terms Up To


Product Name
RenoFi ReFi
Product Details
Like a traditional cash-out refinance, but with higher borrowing power.
Borrowing Power
Take out up to 80% of your home’s projected value after renovation.
Mortgages Up To
Limited to $2,000,0000 for your new primary mortgage after refinancing.
Loan Terms
Up to 30 years.
Interest Rate
Fixed interest rate.


This loan product is a refinance renovation loan that lets you roll your current mortgage and the funds you borrow to cover renovation costs into a new mortgage. Loans of up to 80 percent of your home’s after-renovation value are permitted, limited to $2,000,000, and you’ll get a loan term of 30 years. 

Consider a RenoFi ReFi loan if you don’t have much equity built up in your current home or would like to borrow more than you’ve been offered for a personal loan by your bank or credit union. There are no inspections, draws or contractor involvement, and RenoFi goes the extra mile to make the application process smoother. Furthermore, you’ll work with a dedicated lending advisor to identify the best options available from credit union lending partners in its network.

Ultimately, you’ll get a competitive rate on a new loan coupled with the funds you need to pay for your home improvements, minus the hassle. 

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RenoFi ReFi

Refinance your Mortgage to Renovate Your Home

Who Is RenoFi?

RenoFi is a home renovation financing service that caters to homeowners seeking funding for home renovation projects. The company was co-founded in 2018 by Justin Goldman, Rob Shedd, and Lee Miller to fill the void for flexible home renovation financing options. 

Unlike traditional loans from banks, credit unions who partner with RenoFi fund loans for up to 80% of your home’s after renovation value. In addition, borrowers can choose from home equity loans, home equity lines of credit (HELOCs), or refinance loan products. 

What Is A RenoFi ReFi?

A RenoFi Cash-out Refinance is like a traditional cash-out refinance, but instead, you can take out up to 80% of your home’s projected value after renovation. It is ideal if you plan to renovate your primary residence but haven’t yet started or need to tap into the future value of your renovated home to secure funding. 

You are able to take cash out of your equity (your future equity) and replace your primary mortgage with a new loan for more money.

RenoFi ReFi Review

Here are some critical details about the RenoFi ReFi product to keep in mind. 

How Does RenoFi ReFi Work?

If you’re approved for the cash-out refinance, the total amount is distributed to you at closing. 

How Much Can You Borrow?

RenoFi ReFi’s are limited to $2,000,0000 for your new primary mortgage after refinancing. How much you can borrow with a RenoFi ReFi will also be determined by your home’s value after you complete the renovation project. 

This means you could potentially borrow more money to fund your home improvements than with other loan products, such as traditional home equity loans that consider your home’s value at the time of your loan application and not after renovation.

What Are The Rates, Fees, and Terms?

You will receive a fixed interest rate with a repayment term of up to 30 years. 

What is the Process of Getting a RenoFi ReFi?

Follow this four-step process to secure a RenoFi ReFi: 

  • Step 1: Input your information into the pre-qualification tool to view your loan options. If you’re pre-qualified, you can connect with a RenoFi Advisor to learn more about your potential loan offers and the application process. 
  • Step 2: Gather the documents your lender will need to process your loan application. Upload the requested information to the portal to be matched with a lender. 
  • Step 3: The RenoFi team will review and underwrite your application. Once the RenoFi team has determined the likelihood of you qualifying for a RenoFi Loan, they will order your appraisal, and you will be sent a link to pay your appraisal invoice.
  • Step 4: While waiting for the appraisal, the RenoFi team reviews your renovation documents. Upon completion, you will submit your loan application directly to the lender. If your application is approved, you will have access to the loan proceeds. 
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RenoFi ReFi

Refinance your Mortgage to Renovate Your Home

What Do You Need to Qualify for a RenoFi ReFi?

The qualification criteria vary by lender. However, you should meet these requirements: 

  • Have a credit score of at least 640 (recent bankruptcies typically aren’t allowed)
  • Have a DTI ratio of 45% or below
  • Have a steady source of income
  • Seek a cash-out refinance to get $20,000 or more 
  • Be current on mortgage payments for the last two years
  • Not have listed your home for sale in the previous six months 
  • Live in the home you’re planning to renovate (note: multi-unit properties, investment properties, manufactured homes, and new construction homes are not eligible for RenoFi loans)

What Documents Do You Need to Apply for a RenoFi ReFi?

As mentioned above, you will need to upload documentation to the secure online portal to be considered for a loan. Here’s what you need to gather: 

  • Two most recent pay stubs
  • Two years of W-2 forms
  • Two most recent months of statements for personal bank accounts, investment accounts (if applicable) and retirement accounts (if applicable) 
  • Most recent mortgage statement
  • Proof of homeowners insurance
  • Contractor’s name, address, email, website, and phone number
  • Cost estimate that includes a general scope of work and subcategory cost breakdown
  • Drawings of the renovation with your contractor’s dimensions noted
  • Architect/engineer plans (if required by your local building code)
  • Preliminary renovation contract that includes an estimated timeline, payment schedule, and applicable change order procedures

Other Home Renovation Loans from RenoFi

If the RenoFi ReFi doesn’t quite work for you, there are other loan products worth considering. 

RenoFi Renovation HELOC

RenoFi offers several variations of the home equity line of credit (HELOC). Both fixed and variable rates are available, and you can borrow up to 80% of the after renovation value of your home. The line of credit you receive, which is accessible at closing, can be drawn from for ten years. Once the draw phase ends, you’ll have 20 years to repay the loan. 

RenoFi Renovation Home Equity Loan

RenoFi’s home equity loans also feature fixed and variable interest rates. However, fixed rates are only available in select states, and lending partners offer 10, 15, and 20 years loan terms. Therefore, the rate and loan term you receive will depend on the lender and your state of residence. 

Apply for a RenoFi ReFi

Consider a RenoFi ReFi to access the cash you need to renovate your home. RenoFi’s credit union lending partners offer prospective borrowers competitive, fixed interest rates, and you’ll have up to 30 years to repay the loan.

Even better, this loan product gives you increased borrowing power as you’re able to tap into up to 80% of the after renovation value. And it’s easier than a construction loan as the funds are distributed to you at closing so that the project can be completed in a timely manner with funding delays. 

It’s easy to get started with RenoFi’s seamless process, and you don’t have to worry about inspections, draws, or contractor involvement. Plus, you’ll have a RenoFi Advisor to assist you every step of the way. They can answer any questions you may have about your loan options, the application or anything else related to the review process. But, most importantly, you’ll have the ability to do your due diligence before selecting and moving forward with a lender to ensure you get the best deal for your financial situation. 

You can get started answering a few simple questions using the RenoFi online estimator to check if you can borrow what you need with no obligation.

FAQs About Refinancing to Pay for Home Renovations (3)

  • How is RenoFi different from traditional cash-out refinancing?

    With a traditional cash-out refinance, you’re allowed to borrow against the current value of your home. But RenoFi uses your after-renovation value when determining how much you’re eligible to borrow.

  • Can you refinance to pay for your house renovations?

    Yes, you can refinance your home to cover the cost of home improvements. A cash-out refinance is an option, but a RenoFi ReFi is also worth considering if you want to increase your borrowing power.

  • Should you refinance before or after remodeling?

    You’ll need to refinance before the renovation to secure the funds required to complete the projects.

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RenoFi ReFi

Refinance your Mortgage to Renovate Your Home

This Company Also Offers

The RenoFi home equity loan is a variable rate HELOC that allows you to access a line of credit based on your home's future equity to fund major home renovation projects.
Learn how the RenoFi home equity loan allows you to tap into your home’s future value to fund renovation projects at your home.

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All data provided by the Home Mortgage Disclosure Act, at updated Dec, 19
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