Note: There are many costs associated with a refinance. As you are taking out a whole new mortgage, you have to pay closing costs all over again. You also will have to pay off any second mortgage, which are the beneficial, zero interest, no monthly payment loans that helped pay your closing costs when the home was purchased originally. Also, there is the risk that the lender, if they are unaware that your home is a community land trust property, will allow you to take out a loan for more than you can actually sell your home for due to the resale formula. This can also happen with a home equity or home improvement loan. That is why we want you to contact us before taking out these types of loans as well.
See Article 8 of your Land Lease Agreement