While making modifications or improvements to one’s home has gained great traction in recent years, doing so can be rather expensive. As a result, homeowners who lack sufficient funds to cover the cost of their home renovation projects may need to consider alternate sources of funding to ensure it’s done correctly! To that end, more and more Canadians are turning to companies like RenFi Capital, which provide financing for home improvements in order to get the funds they need, save a considerable amount of money, and enhance the comfort of their homes.
Having said that, this article will arm you with all the knowledge you need to make an informed decision in your case about renovation financing. In particular, this article will discuss what RenFi Capital home renovation loans are, how they can benefit you, in addition to how you can easily obtain a renovation loan with RenFi Capital today. Please read on to learn more.
Understanding the Basics of Renovation Financing
Do you want to undertake more extensive repairs or renovations to your home, such as a kitchen redesign, a room addition, or a roof replacement, but you lack sufficient funds to do so? If so, you may want to consider acquiring a home renovation loan to save money on large-scale home renovation projects, lower any borrowing costs, and ultimately improve the comfort of your home. A renovation financing loan, commonly referred to as a “home improvement loan,” is a financial strategy that provides homeowners with the money they need to make repairs or renovations to their homes. As a result, the value of the home will rise, and the homeowner’s quality of life will improve.
This form of loan is typically obtained by homeowners through brokers and lenders like RenFi Capital since it is a secured loan for a certain amount of money borrowed based on your home equity. As a result, the amount of money that you may access through a home renovation financing loan depends on how much equity you have in the property. Simply defined, it enables homeowners to engage in large-scale home renovations and upgrades by allowing them to access a portion of the equity in their homes as collateral. Thus, obtaining a home renovation financing loan will require you to have at least 20% equity in your home to borrow against. Additionally, a combined loan-to-value (CLTV) ratio of 80% to 90% of the home’s appraised value will play a role in determining how much a homeowner may borrow.
Most lenders provide renovation financing loans as part of a payment plan to borrowers who are interested in upgrading their home to raise the value of their property, including conventional banks, credit unions, and non-bank lenders like RenFi Capital. A home improvement loan offers the borrower a single lump sum payment that is repaid over a predetermined time frame (often 5 to 15 years) at an agreed-upon interest rate if the loan is approved. Throughout the loan’s term, the payment and interest rate remain the same.
Having said that, taking out a loan for home improvements is a wonderful way to raise the value of your house. At RenFi Capital, we work hard to get you the money you want as fast as possible for your home improvement projects. After all, RenFi Capitals’ main goal is to help you save money on interest and complete your home renovations faster.
Learn How Renovation Financing Loans Work and Get Your Renovations Back on Track
Loan-To-Value (LTV) Ratio: Up to 90% of a home’s current value.
Loan Term: 12-24 months
Home Ownership Is Required: Yes
Interest Rates: Interest only payments are fixed at 1%.
Customers Use: Renovation financing, home repairs, and more.
RenFi Capital Renovation Financing is one of the easiest and most economical ways to get the money you need to improve your house. With a RenFi renovation loan, you may apply in 15 minutes, get authorized for financing in 72 hours, and borrow up to 90% of the value of your current house, depending on your credit profile. We can validate your income and total debt service (TDS) ratio by checking your credit report, loan-to-value ratio, and securing rapid verification. RenFi provides rapid, secure, and interest-only home renovation financing with a set monthly interest rate of 1% using cutting-edge technologies including Fintech and Open Banking software. Therefore, what would typically be a $50,000 kitchen renovation will only cost you $500 a month!
What’s more, RenFi Capital provides renovation loans, granted based on the equity of your home as a secured mortgage on a 12-month term repayable after only 3 months without penalty. This allows for lower interest rates, with equal monthly payments, and more flexible terms than other loans would typically allow. Once your term is up, experts at RenFi Capital will help you refinance your loan with your initial mortgage lender through your broker. You can also get help from RenFi if you want to refinance your loan or get a new first mortgage. Everything depends on you!
Having stated that, we’d like to go on to talk about the various reasons why you should think about RenFi Capital Renovation Financing loans now that you are aware of how they operate. This will enable you to assess your circumstances and decide if RenFi Capital renovation financing is the right approach for improving your home!
What Are the Advantages of Securing a Renovation Loan?
RenFi Capital renovation financing is the ideal way to streamline the financing procedure for homeowners interested in increasing the comfort and value of their homes. Provided that RenFi Capital is the lender for all submitted loans and all of their renovation financing loans are secured personal loans, we can promptly accept and fund your loan! This makes it even easier for homeowners to obtain the necessary funding to complete large-scale home renovation projects. What’s more, RenFi Capital renovation loans also have better benefits, lower interest rates, and lower monthly payments.
Furthermore, what distinguishes RenFi Capital from traditional home renovation lenders is their ground-breaking onboarding approach, which does not require onsite appraisals or the production of documentation like bank statements, mortgage paperwork, or tax records in order to be approved for a loan. Additionally, RenFi Capital works to eliminate the barriers that slow down the renovation loan process, demonstrated through their simplified application process and completely secured digital application experience, which is 100% confidential. Therefore, when you opt for a RenFi Capital Renovation Financing Loan, they can guarantee quicker approval and funding rates than most traditional lenders.
Keeping that in mind, when you opt for a RenFi Capital Renovation Financing Loan, you are opting for quicker approval and funding rates than most traditional lenders. But don’t just take our word for it; rather read more about the various ways RenFi Capital Renovation Loans can benefit you below. They are as follows:
Learn How to Easily Obtain a RenFi Capital Renovation Financing Loan
The straightforward application process offered by RenFi Capital is designed to make getting a renovation loan quick and easy. RenFi Capital renovation loans, on the other hand, are supported by a second mortgage on your home. Therefore, you or the co-applicant must be the registered owner of the collateral property in order to apply.
Keeping that in mind, to start the RenFi Capital Renovation Financing application process, all we require is your property address, access to your online banking using our bank-grade secure software, and the name and contact details of the contractor. After that, your information will be reviewed, and the value of your property will be determined in relation to the loan amount and your credit profile.
Follow these three straight-forward steps to easily apply for a renovation financing loan with RenFi Capital today:
Step 1: 3-Minute Application Process
Step 2:15-Minute Approval Process
Step 3: Approved Funding Amount
Once the application process has been completed, one of RenFi Capital’s highly trained specialists will get in touch with you via email with the appropriate closing documents and post-application instructions. After we have received the closing paperwork, you will then get your funds within 24 hours.
NOTE: All closing documents must be reviewed by a lawyer because there are mortgage documents. Your lawyer must finish the papers and send it back to us.
RenFi Capital: A Better Way to Finance Your Home Renovations!
Renovations to your home might be an exciting life event. However, a lot of individuals decide against making house improvements out of concern that they may not be eligible for a home renovation loan. Thankfully, RenFi Capital is here to ease your concerns. Provided that, RenFi Capital Renovation Financing Loans are a smart financial tool for any homeowner looking to acquire the necessary funding to complete large-scale home renovation projects for responsible borrowers.
In fact, low interest rates and potential tax deductions make home renovation loans an appealing choice for any homeowner, provided they have a reliable source of income and are certain they will be able to repay the loan.