If you have a "special mortgage" - a loan from a state, local or tribal government or nonprofit organization with payments that vary with income, zero or deferred interest or other unique conditions - Minnesota law requires you obtain a certificate from a qualified "Refinance Counselor" before you refinance your loan.
Use the box on the right to find a local organization that provides refinance counseling.
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Even if you don't have a "special mortgage" - - - you should speak with a Refinance Counselor BEFORE signing ANYTHING that puts your house at risk!
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For a print-ready version of the following information, click here (Adobe Reader Required).
What is Refinance Counseling?
One-on-one refinance counseling sessions provide home owners with an opportunity to compare a current mortgage against a potential refinanced mortgage or second mortgage. Counselors take time to compare the terms with you, and to tell you what those changes will mean for your monthly finances - in real terms.
Refinancing a mortgage is a major change. With predatory lenders out there preying on unsuspecting home owners, and so many other changes in today's market, refinance counselors are an unbiased third-party that can effectively evaluate a proposed mortgage refinance. Make a decision for your best long-term interest. Visit with a refinance counselor before signing anything.
Refinance counseling is required before refinancing any "Specialty Mortgage." However, the service is open to all Minnesotans interested in making wise decisions to protect their home.
Sometimes refinancing to a new mortgage may require credit repair to secure the best possible terms and conditions. Our network also offers Credit Repair Counseling designed to help Minnesotans improve their credit scores to secure the best possible loan.
How much does Refinance Counseling cost?
Organizations may charge for Refinance Counseling. Please ask how much when you set up an appointment.
What do I need to bring to Refinance Counseling?
Download a PDF of the Refinance Counseling Overview for a complete list of documents you should bring to a counseling session.
