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HopeBuilders Breakfast

Attend one of our informational HopeBuilders breakfasts to learn more about the Champlain Housing Trust and the affordable housing work we do in northwestern Vermont.

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How To Refinance Your Shared Equity Home  

Shared Equity homeowners have a couple of extra considerations when deciding whether or not to refinance their first mortgage. To clarify the process and to make sure that homeowners don’t end up “under water”, refinance counseling is required by CHT prior to meeting with a lender. Below are the steps involved in the refinance of a SEP home: 

  • Attend refinance counseling with Janet Harvey-Coutrayer. You may contact her at jharvey-coutrayer@getahome.org or 802-861-7339 to set up an appointment. 
    • Janet will run numbers with you to make sure you have the equity in your property to do a refinance as well as making sure it makes financial sense. She’ll also clarify what fees are involved and explain the process.Fill out the Application to Refinance for CHT.
  • Meet with a lender to complete an application. Gather all your documents first. -Not all lenders can refinance a shared equity home so discuss options with Janet. 
  • Pay the lender for the appraisal if applicable. This will be approximately $400.
  • Schedule the appraisal with the appraiser (if applicable).
  • Wait to hear from Jaclyn Marcotte at CHT that all the funder and CHT approvals are in.
  • Check with your lender regarding when and where the closing will be held.
  • Request any legal documents to review 24 hours prior to the closing. Review the documents so you can ask any questions at the closing.
  • Attend the closing. Be sure to bring any necessary funds (usually in the form of a bank check) as well as your identification.

Forms and Polices for Refinancing your Shared Equity Home.

CHT Financing Policy CHT Financing Policy (62 KB)

SEP Refinance Letter to Homeowners SEP Refinance Letter to Homeowners (140 KB)

SEP Refinance Application SEP Refinance Application (143 KB)