Existing Mortgage Renovation Loans

Renovation housing loans are based on appraised value and equity, reasonable credit rating, owner occupied, second lien or better.

Our Valued Clients

Have you been looking at old, tired floor covering? Need a new roof? Or, maybe need to update your kitchen or bath? What a better place to look for financing than from your first mortgage holder.

As a valued client with outstanding payment history, the Minnesota Chippewa Tribe Finance Corporation wants you to know we are offering very competitive interest rates and very little upfront costs to boost your renovation power!

After reading the requirements, contact our office today if you want more information regarding the subsequent renovation loan products we offer or to request an application.

Applicant Requirements

  • The existing mortgage payments must be current
  • The maximum loan limit for a renovation loan is dependent upon the appraised value of the property
  • The existing mortgage balance plus the requested subsequent loan shall not exceed the maximum loan allowable
  • Applicants for subsequent loans must re-apply and re-establish eligibility
  • A formal request must be made in writing for subsequent loans and shall include formal bid documents for all work to be performed
  • Title to the property being financed must be free and clear of any liens and mortgages, other than the original MCT Finance Corporation mortgage

List of Approved Renovations

  • Kitchen update
  • New Roof
  • Garage
  • Room addition
  • New Deck
  • Windows
  • Doors
  • New Siding
  • Bathroom Renovation
  • Flooring or Carpeting
  • Furnace
  • Heating and Cooling


All renovation loans have a maximum term of fifteen (15) years or less and may be separate from the original mortgage.

Interest Rates

Interest rates are now tied to Minnesota Housing Finance Agency’s current market interest rates. Your rate will be locked in at final approval, just prior to closing.

Short Form Mortgage Application
Borrower Signature Authorization
Unmarried Addendum Form
Application Procedure
To complete an application, click on the above PDF forms, print, enter your data, sign and date. Completed application packages may either be sent to us via regular mail, scanned and emailed to info@mctfc.org , or faxed to (218) 335-6925. Please contact our office at (218) 335-8582 or send an email to info@mctfc.org if you have any questions.

P.O. Box 217 • Cass Lake, MN 56633 • Phone: 218-335-8582 • Fax: 218-335-6925

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