If you are considering a refinance of your property please note the following:
- A refinance should not affect the Declaration of Covenants. When your lender completes a title search of your property this document will be identified. This is a silent document that does not affect your ability to refinance your first mortgage.
- If you hold a Purchase Money Mortgage and the terms and conditions still apply;
- Anoka County does not subordinate this document to a refinance. You as a borrower need to work with the refinance lender to determine what the best option is for your situation.
- The Purchase Money Mortgage is considered a “Special Mortgage” under MN State Statute. In order to repay this Mortgage before the term is expired, you are required to complete financial counseling.