4.7 rating out of 578 reviews
Tony Maietta
I contacted them a few weeks ago. For the most part, I think they mean well. I get the impression that they're a new company and that they're very short-staffed.
The pros and cons:
Pros:
1) The initial application is very simple.
2) The website is nicely designed and easy to navigate.
3) They offer long payback terms for smaller loans which is hard to find in today's market.
4) They offer great interest rates if you have good credit.
5) The employees are very professional and friendly (but see cons below).
Cons:
1) Communication and responsiveness are lacking. This isn't the type of company that you can call if you have a question. You can leave voicemails and send emails but don't expect same-day responses. Sometimes it can take more than 2 days for a response.
2) From what I understand, RenoFi doesn't provide funding. They work with financial institutions who they sell your loan to. The one that they told us to apply with, had extremely poor reviews--an average of 1.5 stars. That credit union did not reply to a single negative review and some were very credible and very bad. For example, many of them said that credit union is very slow to post payments, and then they charge late fees. We asked if there was an alternate institution we could use, and in our case, there was.
3) Information was sometimes unreliable or missing. For example, before we switched institutions, they didn't tell us the new one had stricter requirements like needing a full estimate for the project. It took a couple of weeks to finalize that as we were trying to get bids. That's an unusual request for a personal loan such as ours. Per #1 above, there was a lot of time and back and forth to get answers on that.
4) It takes a long time to get funded. With us, it's been 3 weeks and we're still not there yet.
So, if you're the type of person that likes to get information quickly, either over the phone or via email, get correct, complete information upfront, and if you want a simple smooth process to close your loan, this may not be the company for you. If you're willing to be patient, can do your own research and wade through the issues above, the financial terms may make it worth your effort.
Sabrina Miller
I found RenoFi when I was frantically searching to find out how to fund our home renovation after we found out a typical HELOC wasn't going to meet our needs. I'm giving RenoFi three stars, not because the product isn't of quality, but that I feel there are areas that need to be improved.
The first is communication during the process. Often there were times that I was left wondering if the company was really "real" because I'd have conversations or exchange emails and then there would be silence for awhile. I was asking for a lot of money, so it was not easy for me to just accept "everything is fine" responses. I needed more reassurance, especially with dealing with such a new product.
The second is marketing. Renofi needs to get their name out. And I understand that's probably one of the goals. Several financial/mortgage people we talked to have never even heard of Renofi or the type of loan. This was really unsettling to hear when we weren't always getting timely responses. There's also very little information about Renofi out there, even the financial company we're working with has nothing about Renofi's product on their website.
The third is communication after being paired with a lender. I never heard anything. The only email I received was to give feedback. There's been no follow up asking if we're happy with the product, how our project is going, etc.
So overall, if you need a service that matches you with a lender that will give you a HELOC based on the post reno value of your home, use Renofi, but don't expect anything else and keep mind they are new and likely still working out some kinks.
Erin Langenstein
UPDATE: This company has been VERY frustrating to deal with. The loan itself doubled in interest rate to over 10%, in one month it jumped 2.5%, I was charged $149/month fee and when I finally got myself out of this toxic loan, they kept charging me the $149/month fee and refuse to refund it. I would suggest to use any other loan besides these guys, its just not worth the headaches.
I was happy in that I could get a high risk HELOC that was 125% my homes worth and I couldnt get that anywhere else but communication was a little confusing in that the portal didn’t always match what the associates said and rates can increase dramatically based on credit pull. I was quoted 4.25% with 780 and ended with 5.75% when it was pulled at 750. There is also an additional fee every month around $150 and the entire process takes about 2 months. That being said, if you don't have a ton of equity in your home, this is a good option.
J E
Was approved for the loan which isn’t the issue, I was told what my rate was, everything was all good and agreed upon. Then for whatever reason it was taking longer then expected for paperwork to come through and sign. The communication was great at first the agent I was in contact with over the phone was helping as much as she could along the way then was passed to another associate through email she was very forgetful, and in my opinion wasn’t doing her job plain and simple. when I didn’t hear anything in over a week I was done with the company didn’t want to continue. So another agent got involved smoothed over the situation and was back on track to complete the loan docs. I looked over the loan doc my payment was higher then expected or at least what I was told I confronted the person who was bad at her job which she had nothing to say except that’s what the bank is offering, and when I replied to her email saying the contract is wrong and someone needs to go over the contract again she ghosted me lmao haven’t heard from her in over a week I didn’t sign the contract and the deal fell through I’m not mad I don’t need the loan I can do whatever I need to do on my own! It just amazes me how some people are! they have one job! And unfortunately other nice people that actually helped get thrown under the bus as well and wasn’t their fault. I only fault one person in this the other 2 people were great.
