Frequently Asked Questions

At Housetable, we're redefining home renovation financing with our unique approach. Here are some of your most common questions answered, reflecting our commitment to clarity, empowerment, and innovation.

Can I qualify for a Housetable loan if large banks don't favor my credit or income?
While Housetable is pioneering in valuing your home's potential, our Lender Partners credit and income requirements remain consistent with traditional standards for most projects. This means we're perfect for homeowners with solid credit and income but lack sufficient home equity for a loan with conventional lenders.
However, when it comes to ADUs, we’re able to consider the future rental income that it can generate for you, expanding your income qualifications. 
What about interest rates?
Our rates are competitive and determined by our lending partners. They consider various factors, including your credit score and the loan-to-value ratio (LTV), based on your home's value after renovations. Our innovative approach, combined with partnerships with credit unions known for favorable rates, ensures you get an excellent deal.
Are Housetable loans similar to a second mortgage?
Yes, they place a lien on your property to offer significantly lower rates than unsecured loans like personal loans or credit cards. This security enables us to provide substantial funds for your renovation projects at unbeatable rates.
Do I need to refinance my mortgage with Housetable?
Absolutely not. Housetable's Renovation HELOCs are designed to work alongside your existing mortgage, allowing you to retain your favorable rates without refinancing.
Can I apply for a Housetable Loan if I've just bought my house?
Yes!
Are the rates fixed or variable?
Our Lending Partners offer loans with various options, including fixed and variable rates, tailored to suit your needs and preferences. Our goal is to provide flexibility and security throughout your renovation journey.
How is the Housetable process different?
AI-Powered Estimation: Begin by taking a scan of your home's interior. Our AI technology will assess your renovation costs and the projected after-renovation value and estimate how much you can qualify for, all in an automated and user-friendly way.
Funding Direct to Contractors: We fund your contractor directly according to a predefined milestone schedule. This process includes remote virtual inspections, requiring contractors to upload photos for validation, and ensuring transparency and accountability.
What if my renovation costs exceed the initial estimate?
Housetable's funding approach accommodates the unpredictable nature of renovation projects. With our milestone funding and direct payments to contractors, we ensure that your project can continue smoothly, even if unforeseen expenses arise.
What are the closing costs?
Closing costs vary by lender but are competitive with other home equity loans, covering necessary fees without the high refinancing costs. These may include origination fees, title and escrow fees, and appraisal costs, which are higher for renovation-focused loans due to the detailed valuation required.