Real RenoFi Reviews
4.8 rating out of 642 reviews
Jodi Sheldon
The online portal was very easy to use and we did receive the funds that were needed. However, it did take a few months for the loan to actually close once we got all of our documents submitted.
Jim Taylor
We were able to get access to the capital we needed at a fair interest rate.
RSS
Renofi was very helpful in getting the process kicked off. Very transparent and responsive to me.
Mark Rumsey
Process to get a HELOC started was smooth. But it took a long time to finally close because RenoFi is a referral service so the 45 day process starts once they transfer you to a lender.
Libby None
Started off very exciting and easy to work with. As the application process continued to drag on it started to become frustrating.
Michael Wolfe
I didn't get my first choice of loans, but they worked to find me one that worked.
Jamal James
I had a very good experience with RenoFi, this company truly values the customer's experience
Shara Beeler
Renofi was great! We had some issues with communication after the appraisal, but everything else after that was smooth. Everyone was helpful and nice. Thank you, Renofi!
Jim Eimiller
RenoFi made the process as easy as possible for the most part. Their customer service is very responsive. I would definitely recommend their service for those who lack the equity in their home to complete major renovations. We had only been in our home for two years and they made it possible to have our basement completely finished.
If possible, I would have liked to have RenoFi work more closely with the FCU they set us up with. Once they handed us off to the FCU, the communication with the FCU was not as good as it was with RenoFi, and if RenoFi could remain more involved in that part of the process it would be more reassuring as a consumer. I would have also preferred a bank/FCU more local to us, so hopefully RenoFi can continue to partner with more banks/FCUs in the future.
Again, overall I definitely would recommend RenoFi to others.
Mike Brown
The initial process is mainly painless. The issue is getting someone to respond to you if you have questions or problems. There was an issue with the close amount from the lender and the requested amount during the application. I have been unable to get anyone from RenoFi to call me back on the phone. Despite numerous requests for a phone call in writing for a few months. As long as you don't need to speak with someone, this is a good service.
dvezia
Renofi is great, almost too good to be true! The Pros: Great first intro to the program, professional, extremely straightforward process. The Cons: Took significantly longer than expected to close, mainly due to the appraisal process taking so long. I had to call a few times because I had not heard anything back after weeks and weeks of ordering the appraisal. But when I called the team made sure to follow up. But the appraisal process in general was the most unclear and slowest part of the whole thing. All in all I'm so glad I found them! What a great service they offer!!!
Jacob Thomas
RenoFi was easy to work with and their review of the contractor made me feel safer about the price quotes I had gotten for my project.
Mike Wang
On the whole, a positive experience. Short of five stars. however, because when the handoff was made to the underwriting bank, some of the attractive details turned out to be inaccurate or just flat untrue. Still net positive insofar as they are really the only company that does what they do, but the inaccuracies at the end left a less than great taste in my mouth.
Brett Peterson
Helped me get a home equity loan for renovation where I was struggling to otherwise. Great experience, except I had to follow up with them several times to keep the ball rolling.
John Parrotte
To echo another reviewer, this is a unique loan product, and potentially a 6 out of 5 (yes, you read that correctly). It’s a HELOC based on the your after renovation value but is granted before the work starts. You receive all of the funds yourself as the customer. We just recently received the funding for the loan and work will start as soon as permits are approved, and we are thankful we didn’t have to refinance and go through the regular process of a normal lender managing the payouts.
The only slight negative, and the reason for the current 4 stars instead of 5, and in agreement with a previous reviewer, this process took quite a bit longer than advertised. This is likely partially due to COVID-related market conditions. We basically had to go through what seems like a full underwriting process first with RenoFi, and then you get transferred to the actual bank who then runs another full underwriting process. While this is of course covering their risk and is understandable, the pre-process advertising promotes a much quicker turnaround. If RenoFi were clearer about the expectations then I don’t think customers would be hesitant to use this product, because so far it is great.
Otherwise, RenoFi reps have been very responsive to questions. As of now I can recommend RenoFi and hope the entire build process goes smoothly (which RenoFi themselves have nothing to do with). Supposedly, when work is completed, RenoFi will send an appraiser again to overview the final product. We will see how that goes and I will possibly readjust the 4-star review (up or down) based on that experience.
So far, RenoFi has delivered on what they advertise!
Ryan Johnston
I find it hard to rate this business because it's wonderful product was invaluable to my renovation success. There's simply nothing really like this product on the market and that's why it's rating is so high in my opinion. The other coin, this process took wayy longer than I anticipated. I was told upfront that it was going to take 45 days from the start. It wound up taking around 9 weeks (63 days) and while that might only seem like 18 days, that 18 days was crucial. It adjusted my entire renovation plan, schedule and it also messed with my contractor's schedule. I was paying for a renovation out of pocket because I planned on receiving money that I didn't receive. Communication was lacking and there was never a sense of urgency or transparency in the whole process. So bottom line, while the product itself is unique and wonderful, the execution needs dire work. I will need a similar product in the future and I really hope they fix their process or I'll be taking my business elsewhere.
Melissa Embry
Working with Rich and the RenoFi team was great. Rich was knowledgeable, friendly, communicated the product and knew our area so was helpful in the process. Thanks for your help RenoFi.
Kevin Gettings
The software would not let me edit.
Justin Robinson
Incredibly hard to work with but we did get our renovation loan
John Tang
Friendly, but underestimated our closing fees by $870. What was missing in the original estimate was any title and county recorder fees. They can add up, so watch out and do your due diligence.
SW B
Still in progress and disappointed that it is taking so long. I have been working with Renofi for over six months now. Slow communication and dropped follow-up has made the process more difficult than it should be. They have a great product, so I hope they can fix this. There have been countless excruciatingly slow response patterns. The latest is a lack of follow-up on final submission of documents for closing. We received conditional approval over two weeks ago and immediately submitted all required documents. We were expecting a swift follow up with confirmation and closing schedule. Instead we have written 5 follow up emails and still not received a clear update. We are hopeful this process will be resolved soon and we can update our review accordingly. Everyone at Renofi is kind and helpful but if they can’t close a loan or communicate about it they are not delivering. Since they are not responding to repeated emails and don’t answer phones — I am hopefully they will respond to this and I can update with a happy resolution. Until then I recommend proceeding with caution.
Update: we were eventually able to get this closed and everything has worked out fine. It was a lot harder than it should have been but eventually we got the help we needed. Updating from 2-3 stars.
Jack Vogel
They helped us finance the job, but the fees definitely pile up and the way they land on rates is pretty confusing (i.e. we got a higher rate because the appraisal for our post-construction home came in higher than expected.
