Help & FAQs
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frequently asked questions
Simple-Renovation Financing :). 😊
A RenFi loan is unique because we can approve our customers within 15 minutes and get you funding within 72 hours. (With most lenders, it takes weeks just for a customer to get approved.)
In addition, the Renfi loan application process is fully digital and it takes less than 3 minutes to apply.
What does that mean for you? It means lots of things!
Here are some things that are NOT required: onsite appraisals, document submission such as bank statements, mortgage documents, tax documents, etc.
You’re welcome. We’re trying to make your life easier with RenFi Home Renovation loans and debt consolidation loans. 🏖️
Anything you want! Most loans are used for Kitchens, Bathrooms, Basements, Tenant Apartments, Home Offices, Landscaping and Pools! But the sky’s the limit! Anything you want to add to your home to add value!
A 15 minute approved Renfi home renovation loan can be taken out for as little as $15k and up to $150k.
We also do larger amounts. Please contact us for more information.
Need More? Contact Us
We use a software called Inverite, which provides us with instant income verification straight from your bank. This is the same secure banking software used by over 275 financial institutions across Canada.
Absolutely, this software only allows us to see your account activity such as deposits, balances and purchases.
NO usernames or passwords are ever displayed or stored. Our system uses 256 bit encryption, which is bank level security. This software provides us with a read only copy of your bank statement, therefore eliminating the need for you to send us bank statements, T4’s, employment letters and paystubs.
NO. You log into your own bank account through your bank, and your bank sends us a read only copy of your bank statement.
Unfortunately, no. Inverite is 100% secure with 256 bit encryption which is banking standard security. We need to use this software in order to provide the safest and most efficient way for us to prove your identity, prevent fraud and verify your income.
Based upon your credit profile Renfi can lend up to 90% of your home’s current value.
Renfi loans are always interest only payments fixed at a 1% monthly interest cost.
A $50K kitchen renovation will only be a $500 monthly payment! 🥳
All Renfi loans have a 12 month term and are closed loans with a 3 month interest penalty.
After your term, Renfi specialists will help you refinance your loan with your first mortgage lender, through your broker. Alternatively, Renfi can help broker you a new first mortgage, or you can renew your loan with Renfi. It’s all up to you!
At Renfi we look at your credit profile, LTV (loan to value) ratio and through secure instant verification we verify your income and TDS (total debt service) ratio.
Renfi home improvement loans are secured as a second mortgage. Therefore, you can only apply if you or the co-applicant are the registered owner of the property.
- Name and contact information of the contractor. (Don’t worry you don’t need a contractor to apply.)
- Your property address.
- You will need to access your online banking through our bank grade secure software for income verification.
Renfi looks at multiple factors when approving a loan, so go ahead, apply and we will let you know if we can approve you.
Yes, Renfi can pre-approve you for a loan. Once you close and provide documentation of ownership, we can fund within 72 hours.
Renfi is the lender for all loans submitted. That's better for you because it enables us to approve and fund your loan super fast! We’re here for you, from the beginning to the end of the process. That means that from the time of application, all the way through funding, servicing and completion of the loan term, we’ve got you!
Yes, they are secured as second mortgages.
Congrats! We will send you closing documents and instructions. Since these documents are for a mortgage they need to be reviewed with you and a lawyer. Once completed, your lawyer will submit the documents back to us. Once we receive the closing documents we will get you your funding within 24 hours.
Don't worry! We can provide you with a list of lawyers to choose from if you need.
