Church Mortgage Renewals
Many people do not understand the hard work that church leaders put into keeping their churches financially healthy. A major component of financial stability resides within their church mortgage renewals and recognizing the need for a mortgage. Any mortgage that a church accepts is a commercial loan and although we offer fixed loans up to 30 years for churches, most banks only offer 5-year loans before it needs to be paid off or refinanced.
Many churches find themselves backed into a corner when it is time to renew their church mortgage. We see it regularly, a lender sells their loan to a different company or a bank won’t renew a mortgage after it balloons. Luckily many of these churches find us, and we help them by refinancing their church mortgage.
Church Mortgage Renewals: Griffin Stories
We had a 132-year-old church from New Jersey come to us because their lender was not interested in renewing their church mortgage. We refinanced their church loan with great terms. Now they can rest assured that we will always be in their corner.
We have loan programs with long term fixed rates 10,15,20,25, even 30 years with no balloons.
Other churches may want to find better terms and a lower interest rate for their church mortgage renewals. But it is time-consuming and a challenge to shop for a new loan with ideal terms. We have loan programs with long term fixed rates 10,15,20,25, even 30 years with no balloons. Interest rates will continue to climb this year. Starting the church mortgage renewal process now can save your church thousands in interest expense over the life of the loan.
In Illinois, a church had an owner financed loan that was ballooning after its 5-year term. They were ready to lower their payments and pay down the loan faster. They could not find the best terms for their church mortgage renewal. Then, they found us, and we provided a loan that lowered their interest rate by 3%.
If your church loan is about to balloon or you want to find a loan with better terms, then call us at 800-710-6762. It is our job to make the loan process easy and understandable, and we have been successfully helping churches for over 20 years.