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Shared Equity homeowners have a couple of extra considerations when deciding whether or not to refinance their first mortgage or take out a home equity loan. To clarify the process and to make sure that homeowners don’t end up “under water”, financial counseling is required by CHT prior to meeting with a lender. Below are the steps involved in the refinance of a SEP home:
- Attend financial counseling with our HomeOwner Support Specialist. Contact [email protected] or 802-861-7373 to set-up an appointment. They will run numbers with you to make sure you have the equity in your property to do a refinance/home equity as well as making sure it makes financial sense. They will also clarify what fees are involved and explain the process.
- Fill out the Refinance or Home Equity Request Form for CHT. You can download the form below.
- Meet with a lender to complete an application. Gather all your documents first. NOTE: You must work with one of the lenders that can work with Shared Equity Homes listed on this page: Shared Equity Program Lenders
- Pay the lender for the appraisal (if applicable).
- Schedule the appraisal with the appraiser (if applicable).
- Wait to hear from CHT that all the funders and CHT approvals are in.
- Work with your lender, attorney and CHT to schedule the closing. CHT must attend the closing to sign documents.
- 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.
