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RenoFi Renovation Home Equity Line of Credit (HELOC)

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Home Improvement Loans

The RenoFi Renovation HELOC is a viable and flexible alternative to traditional HELOCs.

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Product Name

RenoFi Renovation HELOC.

Product Type

Innovative home equity line of credit (HELOC).

Product Description

Borrow up to 80% of your home's after renovation value.

Best For

Current and prospective homeowners who want to boost their borrowing power.

Loan Amounts

Between $25,000 and $500,000.

Interest Rates

Fixed and variable interest rates are available.

The RenoFi Renovation HELOC is a viable and flexible alternative to traditional HELOCs. You can choose between a fixed or variable rate loan of up to 80 percent of your home’s after-renovation value. Loan amounts range between $25,000 and $500,000, and you’ll have access to the full amount at closing. There’s a draw phase of up to 10 years, followed by a 20-year repayment period, so you’ll have ample time to complete your renovations and repay what you owe without stretching your household budget too thin.

Plus, there’s no need to refinance your current home loan. Instead, the RenoFi Renovation HELOC acts as a second mortgage, and you’ll enjoy the added benefit of possibly increasing your property value once renovations are complete.

What is RenoFi?

Are you looking to make major home improvements but can’t quite find the loan funding you need? Instead of settling for a construction loan or traditional home equity line of credit (HELOC), check out what RenoFi has to offer to help fund your renovation projects.

The company was founded in 2018 and operates as a home renovation financing service. RenoFi partners with reputable credit unions to extend home equity loans and HELOCs for up to 80% of your property’s after renovation value.

As a borrower, you’ll have access to more funding with their flexible loan options. Even better, the lenders in the RenoFi network pride themselves on extending loans with competitive interest rates and fees to help you keep more hard-earned money in your pocket.

What is a HELOC?

A home equity line of credit (HELOC) is a debt product that is secured by your home and allows you to tap into the equity you’ve built up in your house.

The Difference Between a HELOC and a Home Equity Loan

Unlike HELOCs, home equity loans are disbursed in a lump sum and classified as a second mortgage. Most have a fixed interest rate and monthly payments, and you can expect to get a loan term between five and 20 years.

The Difference Between a HELOC and Cash-Out Refinancing

When you opt for a cash-out refinance, you agree to a new mortgage of a higher value to replace your existing loan, and you get the balance after paying fees that can be hefty. Most lenders extend loans up to 80% of your home’s value minus your outstanding balance. So, if your home is worth $300,000 and you owe $200,000, you could qualify for up to $40,000.

How Does a HELOC Work?

If approved, you are given a line of credit and can draw funds from it for a set period to remodel your home, pay off debt, make a big-ticket purchase or use the money any other way you see fit.

HELOCs generally come with a variable interest rate and draw period between 5 and 10 years to access the funds you need. Once this period ends, you will have a 10 to 20-year repayment term to repay the loan in full.

How Much Can You Borrow with an Ordinary HELOC?

It depends on the lender and your financial situation. Some lenders will lend up to 80% of your home’s current value. To illustrate, if your home is worth $350,000 and you owe $250,000, you could qualify for a HELOC of up to $65,000.

RenoFi Renovation HELOC Review

Before you settle for a traditional HELOC, it’s beneficial to learn more about RenoFi’s home equity loan options and how they may be a good fit.

RenoFi Renovation HELOC vs. Standard HELOC

RenoFi Renovation HELOCs consider the After Renovation Value of your home when determining your eligibility for a loan. However, standard HELOCs only consider the current value of your home, even if you plan to use the funds to make renovations that will increase the value.

The Process of Getting a RenoFi HELOC

RenoFi’s process to secure a loan is straightforward. Here’s how it works:

  • Step 1: Go to and enter some basic 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 potential loan opportunities and the process.
  • Step 2: Gather the documents a lender will need to process your loan application. Upload the requested information to our portal and choose a lender.
  • Step 3: If you choose to move forward, the RenoFi team will assist you in ordering your appraisal, and you will be sent a link to pay the appraisal invoice directly to the appraiser.
  • Step 4: While waiting for the appraisal, the RenoFi team does all the hard work around reviewing your renovation documents. Upon completion, you will submit your loan application directly to the lender. If the lender approves your application and you consummate the loan, you will have access to the loan proceeds as you need them.

Fees and Terms

Fees vary by lender, but you can expect to pay processing and underwriting costs and appraisal fees. There is no set loan term for RenoFi HELOCs, and you aren’t likely to be penalized if you pay the loan off early.

Keep in mind that RenoFi doesn’t charge a fee to use their services, and you are not obligated to accept a loan offer from any of their partners.

Requirements to Qualify for a RenoFi HELOC

Wondering if you qualify for a RenoFi HELOC? You may be eligible for funding if you meet these criteria:

  • 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 loan of $20,000 or more
  • Be current on mortgage payments for the last two years
  • Not have listed your home for sale in the last 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)

Documentation Needed to Apply to a RenoFi HELOC

Before starting your loan application, it’s best to gather these documents (you won’t need them all to start!):

  • 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 homeowner’s 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

How to Apply for a RenoFi HELOC

Start with the self pre-qualification tool to gauge what home renovation loan products you may qualify for if you’re ready to apply. Then, you will be assigned to a RenoFi Advisor to help you evaluate your options and answer any questions you may have.

Other Home Renovation Loans from RenoFi

Beyond the HELOC, RenoFi also offers a home equity loan product.

RenoFi Renovation Home Equity Loan

If a RenoFi HELOC doesn’t work for you, a home equity loan can give you the funds needed for your renovation in a lump sum. Loans amounts from $20,000 to $500,000 are available to eligible homeowners. The interest rate is fixed, and you’ll have a longer window, possibly up to 20 years, to repay the loan.

RenoFi ReFi

RenoFi ReFi is a loan to refinance your first mortgage to access the cash to find a home renovation project. This product works like a traditional cash-out refinance but with higher borrowing power since you can take out up to 80% of your projected home’s value after you complete the renovation.

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