Refinancing Your MACLT Home

 Here are some reasons why people refinance their homes:
  • If interest rates have dropped significantly since you last financed your home. (Remember that you need to factor in loan application fees and closing costs.)
  • If you have an adjustable rate mortgage and you want to convert it to a long-term fixed-rate loan.
  • If you want to refinance into a shorter loan term in order to pay off your loan earlier (like going from a 30-year loan to a 20-year loan).
  • If you have consumer debt that you would like to roll into your primary mortgage. Just be very, very cautious about this one, as refinancing to pay off consumer debt has gotten lots of people across the country into mortgages that they simply cannot afford to carry.
Frequently Asked Questions

Should I expect my lender to contact me when interest rates go down?

How much can I borrow against my home?

My original mortgage is with WHEDA -- can I refinance with WHEDA?

Which lenders will refinance a MACLT home?

Is there a difference between refinancing a market-rate home versus an income-restricted home?

What is Fannie Mae?

 

Madison Area Community Land Trust Corp. and Common Wealth Development, Inc., are affiliated organizations.
 
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