Real RenoFi Reviews
4.7 rating out of 630 reviews
Sam Lo
Waste of time and ding on your credit for loans they are confident you will qualify for. I was denied one that they was sure I would get approved for. They then said they couldn't believe it and Ryan's own words "we are confident you will get approved by this lender. And I was not. and than had another hard inquiry on my credit. They ghosted me after the second denial. They lie and make you feel like you are guaranteed to get the loan. They should never tell someone they are confident they will get approved when at the end of the day they don't make the decision themselves. DO NOT USE RUN AS FAST AS YOU CAN. HORRIBLE CUSTOMER SERVICE.
Brian Moore
Went through the initial phone conversation, uploaded all requested documents, and then ghosted by the company. Emailed to request an update on the progress with no response. Check the portal for updates, none provided. I would not recommend RenoFi.
Susan Sciarretto
We were unable to close our loan because they failed to provide us with a copy of the contract they had us sign at closing. We had 3 days to review it for inaccuracies and so we had a clear understanding of what we were getting into. They sent a notary, not even a representative from the lender who could answer our questions. The notary informed us we were not allowed to have it. THEN, out of retaliation for canceling, the gave my personal information to all of their partners in construction and everything that had to do with the lending process. They even filled out my information on dating websites. We were able to trace everything back to the computer that the information was sent from which belonged to the person who was supposed to be helping us. Petty and childish. They care so little there were typos in the part of the contract we did get to read, typos in a legal document. It took from April to September to even get to that point. I highly recommend that you don't use a broker like RenoFi and deal with a financial institution directly.
Sarah G
Fraudulent and deceptive! Do not use this company, they are not a fair company and will deceive you for months until closing. I’ve had 2 HELOCs in my life and needed one to do some renovations on my second home. Pretty straightforward. I was interested in renofi bc they offer the value of the home post renovation. That is false. In the beginning, I did appreciate their system and ease of being able to upload documentation. However things started to go south quickly once they connected with the actual bank. They kept delaying approval and asking for more documents, and went way longer. Then when it came to finally approve and set the closing date, they changed my rate by almost 4 points higher. When I inquired about this, they said it was because it was a second home. Total lies since the entire application and process was based on it being a second home. They were trying to pull a fast one and deceive me. I’m pretty sure what they did was illegal but at best extremely deceptive and immoral. The person I worked with at renofi was kevin Phan and never once in the numerous emails, phone calls and texts did he tell me the rate changed. Instead I spent 6 weeks going through the process and pulling my credit to not close in the end. Now Quorom bank says I have an account with them, which I don’t, and threatens to charge me if I don’t finish setup. Stay away!
Tanya Brandona
Representatives were very nice. Would not recommend this service, very long process to just spend too much on an appraisal, out of pocket that was poorly done. After 8 months, could not get the loan to close.
Sheri Mitchell
These guys are crazy. They pull one credit score not three. They absolutely do not help you. If you depend on them for financing anything you can do better with a credit card. Don't waste the hit on your credit score people.
Rachel Boz Gibson
Wish I had something good to say but they wasted 3 months during our home loan process. They did not keep their word from the very beginning. My husband and I ended up getting our home addition loan through someone else. Renofi acted great and responsive in the beginning and then they were awful. So disappointed with how much time I wasted with them.
Jenny Plungis
If I could give them 0 stars I would. Worked with Tom and had an incredibly poor and unprofessional experience. I consulted with the company leading up to signing a construction contact and he kept telling me "oh your income is great, you will be fine." Even had eye on my old tax returns, etc. When push came to shove, (as a self employed person) my CPA wrote off a lot of my income - just like the previous tax return that I had seen and suddenly I did not qualify. He made a handful of suggestions like get a cosigner, which was not feasible as I live alone and was taking out a HELOC and, ultimately the company got me an incredibly bad appraisal that I paid almost $1,000 for. Not once in the process did I think he knew what was going on nor was versed in the project. I never felt as though he wanted my business nor to create any helpful solutions to the road blocks that we were encountering. In the end I wasted MONTHS of time money and energy for no outcome. His guidance was poor and off base and the process was insanely bad. I told my contractors and they said other clients are having issues as well. Absolutely would stay away from this company.
Alton Dail
Poor customer service, continued to charge me after renovation was completed, refused to issued final certificate, and required additional work not included in construction plans.
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.
