Real RenoFi Reviews
4.7 rating out of 596 reviews
Romie Campbell
So far I'm not impressed. I filled out the application over a week ago and I get no commination from the representative Ryan. So for the third time now I am trying to reach him to find out what is happening with my application???
Carol Ross
If I could give zero stars I would. We were told by Khadija, the process will take 30 to 45 days. It took almost 6 months. We did the work for them, by contacting the loan company ourselves. We submitted paperwork as soon as they asked for it, then we didn’t hear from them for days. When I would question them, they would say what you sent was blurry. It was an excuse because they forgot about us. The only time they would communicate, is if we would call them two to three times a day. We would schedule calls with them, and they would never call us. Do yourselves a favor, and seek help elsewhere. You will thank me later. Samantha and Jessica do not know their jobs, as well as Khadija. They must work remote, because customers are not their priorities. Our contractor has had to push us back, because he couldn’t wait on us. He sent so much paperwork, and we haven’t even started. Unless you want your contractor to quit on you because of waiting, months and months of stress, because they lose your paperwork, seek help elsewhere.
Regardless of what was said, the only complications stemmed from the above three, not doing their jobs.
ConcernedAboutAuthenticity Today
The funding ended up working out after countless months of following up with them without any legitimate customer service. Horrible experience with this team. They should charge an upfront finders fee for connecting to the financial institution and then remove themselves from all other parts of the process. No returned emails, no follow-up, automated responses. Just horrible.
Harry
I reached out to RenoFi about six months ago. At the time, I was looking into a few different options for some home improvement projects, but was not ready to apply for a loan. The team was always responsive and helpful. They would follow up from time to time to see if I was finally in need of a loan. When I was finally ready, I reached out them and let them know, so we scheduled an appointment to go over everything. I ended up choosing to go with a personal loan as the turnaround was supposed to be much quicker. Everything went fine until I submitted the application. They said it would take about a week to get everything wrapped up. After one week, I hadn't heard anything, so reached out to my loan person who never responded. I called customer service and left a voicemail, which they never returned (even though they say they will call you back within a few minutes). I only got a response after I texted three people. While all I wanted was an update on my loan, I was told I needed to schedule an appointment with another loan person, which I agreed to. When I got on the phone with this person, he was unable to give me any kind of updates (I don't blame him–I feel like they just threw him under the bus). Anyway, I finally heard back–but it required a lot of effort on my part. Based on my experience, I can't recommend this company to anyone.
L
Their communication was awful. I went through my credit report, gave all types of personal info and they stopped communicating with me. It wasn’t even a matter of not meeting their criteria, though that would still be poor customer service. I ended up going with a different company that gave me better terms.
Matthew G
After applying and uploading all the documents through their portal and not hearing anything for over a week (despite multiple emails and calls), I came here and immediately saw all the reviews referencing slow communications. It turns out that is 100% a huge issue at Renofi and a major red flag for any company, especially one that people rely on for sizable loans.
I’ll update this review if/when I get a response but for now, my advice and plan is to look elsewhere for renovation funding. Heed the negative reviews
Angela Cavanaugh
We tried renofi because we didn't have enough equity in the house for a heloc.
I don't know if this company is scamming to get kickbacks from appraisals and referrals or if they're just terrible, but in either case, they are the worst. After the initial consultation, they are near impossible to get a hold of. They do not answer emails, you have to schedule a call and they won't always show up for that. They don't keep you updated and they don't follow up with you or the bank. And they use the lowest rated shady banks to begin with. They don't actually give you any choice of bank, they pick one and submit for you. At the beginning, they collect your information, but they don't collect everything the bank needs, so 4 months later, after hearing almost nothing despite requests, the banks rejects you because they made assumptions. Even after providing them proof of what they needed, which they say they'll look at, silence. Just, literally no communication from the bank or from renofi. Even though renofi said they had other banks to submit to and said they would if this bank rejects, they didn't do it. And they wont talk to you again. They don't answer email, they don't call when you schedule a call. Just nothing.
We could've sold our home for a huge profit, had an offer, but we were told y Renofi that we were approved so we declined the offer. The market is cooled now so that is an opportunity well never get back.
We have great income, great credit, almost half the renovation budget in savings, an appropriate debt-income ratio, a detailed contractor bid, and the as competed appraisal came back high enough. They either dropped the ball or never had a ball to begin with.
*Edited to add because of business's response:
Our application was in my husband's name, though we were both involved in every aspect, I'm on the deed to the house, and was on the (of the few there were) calls and emails.*
Jared B.
The word ball drop got used so much throughout their process for a personal loan, that I'm almost not surprised the loan company backed out. Communication is not a top priority with them, I had to get involved with the underwriting team to fix their communication issues, which is unheard of anymore. They had me apply with one lender who countered at half the budget and doubled back only to have me apply with the lender who does scope of work loans on personal loans. Which it baffles me that their website articles warn against doing personal loans yet they drove me into the ground with the lack of understanding with their lender's requirements. Of course they jump ship after the fall through, and I'm left up a creek with two pulls on my credit, while they're hardly even affected. Triggered by their use of "hindsight being 20/20" and "ball drops".
Edit:
The supposed documents the renofi team is referring to was a utility bill that I had to have generated early. This was due to them not telling me half way through the loan process that the lender changed their policy on rental properties. Which was a further "ball drop", thankfully anything the team wants to dispute on how they failed in this process is documented call and otherwise. So I'm happy to address their discrepancies.
Steven George
Service is pretty much non-existent, communication is horrible, they dont follow through on commitments and their appraiser's stink. You'll have questions and they might get back to you after sending 10 - 20 emails, the process will drag on for months and months.. Dont waste your time...
Sunita Iyer
Waste of time - given the go around by 3 different agents. Different story each time I was passed around. Some agents more helpful than others. I think your odds of success are dependent on the luck of the draw for who you speak to.
Autumn DeBellonia
I’m not sure if it’s Renofi to blame or the lender but our loan took 6 months to close. Renofi was not in communication with us through the process and the lender dragged this on for unknown reasons. We had also requested a certain amount and the lender didn’t give us that so our projects will not be completed as expected. Renofi’s involvement or business I’m not sure how they helped as we could have obtained this loan from any lender without using Renofi.
Tammy Noergaard
They use shady lenders. May be it is because of COVID. Research the lender they want to use first before agreeing to anything. I bought their good reviews on this site, my mistake for not researching the lender. Lesson learned. Now with Loan Depot and having a great experience.
David Justice
Everything seemed to be going great with RenoFi, until it came to the appraisal. Firstly, the will charge you a premium for the appraisal because it is a special, post-renovation, appraisal. Then, the company that they contract to do the Appraisal is Dart, a company with a poor reputation on Google reviews. Dart then sub-contracts another appraiser to come out (ProFirst, Inc out of Cockeysville, MD in my case) and do a lackluster appraisal using outdated comps and very little consideration for recent fluctuations in the housing market.
After over-paying for the appraisal, my home was appraised considerably below value, which disqualified me from receiving the low interest rates that my credit score warranted. I told Renofi, the appraiser, and the bank to go and shove their high interest loan up their a**, and I went with another option to secure funding for my renovation.
Andre LaPlante
Remi Duvergey
Daniel Clark
Omar Antila
David Ford
Josh Williams
Jayakrishnan Krishna Kumar
Kayanne Johnson
Sahak Sergoyan
