Many people, especially the last few years have bought a home on a Contract-for-Deed, sometimes also known as a land contract. Generally speaking, most of the contracts are balloon loans with higher interest rates, and have payments based over 30-years, but the contract for deed is due in full in just 3-years to 5-years. Therefore many people are currently in need of a refinance to pay off their contract-for-deed.

Many people believe they need to purchase the home at the end of the contract, but actually, you already own the home! Therefore your just need to do a standard refinance. If it was a purchase, you would need a down payment. Because it is a refinance, we base the loan off the appraised value, so most people are able to refinance their contract-for-deed with little to no money out of pocket, except for the cost of an appraisal. Of course like any other loan, there are closing costs - but you are able to roll those closing costs into the new loan!

Contract for deed refinancing in MN, WI, or SD is pretty similar to any other mortgage refinance. We are going to take a loan application, review your income, credit score, and do a property appraisal. Assuming everything looks good, and you qualify for the new loan, paying off a contract-for-deed is easy.

Contract-for-Deed refinance only allows you to pay off the existing contract plus closing costs. No additional cash out allows, except VA loan clients might even be able to refinance AND take some cash out.

Because of the contract-for-deed, your lender is going to need just a few additional items above the typical loan of W2's, pay stubs, bank statements, and tax returns:Contract for Deed Refinance MN WI SD

• Copy of the Contract-for-Deed
• Proof of on time payments on the contract for the last 12 payments (1-year) - This needs to independent third party proof like cancelled checks, or bank statements showing a payment
• Name, phone number, and contact information for your contract holder
• Contract must have been in place at least 12 months
• NO Cash out allowed (except VA loans)

Get rid of your contract for deed holder - refinance today. It is easy, and we can help!