Meet with an Approved Refinance Counselor
If you have received a mortgage loan through a government or nonprofit organization, you may be required to participate in Refinance Counseling with an approved agency before you can refinance or pay off the loan. Refinance Counseling is required by Minnesota state law for homeowners who are paying off certain types of mortgages considered special mortgages.
Mortgages that fall under this requirement typically have one or more of these payment terms:
- Payments that vary with your income
- Payments of principal or interest are not required, or can be defined under specified conditions
- The principal or interest is forgivable under specified conditions
- 0% interest, or an annual interest rate of two percent or less
When you meet with one of our homeownership advisors for a Refinance Counseling appointment, you’ll discuss benefits and costs of refinancing, compare your existing mortgage to the proposed new mortgage, and explore options for refinancing without paying off the special mortgage.