Refinance & Home Equity Loans

When you refinance, it means you pay off the entire amount of your existing mortgage and take out a new mortgage. People often do this to get a lower interest rate, to change term of loan ( i.e., 30-year to 15-year), or remove a co-signer from the loan.  It is essential you contact One Roof prior to refinancing (see Article 8.3). You can use the form below. Note that One Roof homeowners are not able to get a cash out refinance.

Home equity loans are those where a homeowner borrows against some of the equity they have in their house. Equity is the amount you have paid on your mortgage, your down payment, and 25% of how much the house has increased in value compared to when you purchased. Your home equity is the part of your home you own. A home equity loan is a second mortgage that borrows money against the part of the home you’ve already paid for. This means if you can’t make your home equity loan payments, your home could be foreclosed upon. One Roof homeowners are not able to take a home equity loan to pay college tuition/expenses, pay for a wedding, buy a car, or get cash. For One Roof homeowners, home equity loans can be used only to consolidate and pay off high-interest debt. Contact Lutheran Social Services for free budget and debt management counseling to help prevent using high-interest debt in the future. If you are interested in a One Roof home equity loan, fill out the form below. 

DULUTH, MN 55805

Office Hours:

*In-person appointments and office visits are by appointment only.  Please call 727-5372 to schedule an appointment!

Phone: (218) 727-5372

Fax: (218) 727-9368


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