Refinancing Your MACLT Home

Some reasons you may want to refinance:

  • If interest rates have dropped since you last financed your home. (Remember that you need to factor in loan application fees and closing costs, which can be about $1500.)
  • If you have an adjustable rate mortgage and you want to convert it to a long-term fixed-rate loan.
  • If you want to get 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 would like to take out cash from the equity you have invested in your home to do a Qualified Capital Improvement on your home (make sure to talk to staff about this!)
  • If you have a second mortgage or other debt you want to pay off.

Frequently Asked Questions

What steps should I take?

Your first step is to contact us. And if you live at a condo association, make sure they know early on as well. Both MACLT and your condo association (if applicable) are peripherally involved in the process because of your ground lease agreement with us.

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

No, It is up to each homeowner to keep track of interest rates, and then to contact your lender if you think that it might be a good time to refinance. MACLT staff may be able to give you a sense of current interest rates as well.

How much can I borrow against my home?

The maximum you can borrow against your home is the amount of money you could sell it for. For income-restricted homeowners, the resale price is set by deed restriction (what you paid plus 25% of the increase in market value). For market-rate homeowners, the resale price will be appraised market value.

Which lenders will refinance a MACLT home?

Not every lender offers CLT mortgages. Lending guidelines require that the lender has an established relationship with the CLT to approve CLT loans. The lenders below currently offer CLT mortgages: