The fiscal year is winding down with only two more months of the last quarter remaining. It is time for churches to make their financial decisions for 2018. This also includes decisions about church mortgage.We will help you evaluate your options and help you make the best decision for your church.
It is time for churches to make their financial decisions for 2018.
Many churches are preparing their budgets and financial decisions for 2018. They are taking a good hard look at their upcoming needs and wants. Importantly, the matter of church mortgages should remain in consideration.
Financial Decisions & Church Mortgage:
- Have we outgrown our building? Many churches are finding themselves near capacity, and they are ready to buy a new home to accommodate future growth. Your church may even have a capital campaign started to buy a new building. However, capital campaigns can be a lengthy process and interest rates are climbing. Therefore, your church may want to explore a church mortgage to lock into today’s lower interest rates. You can still raise funds to pay off the church loan early. We just closed a church mortgage in Stockton, CA, and we provided a 4.0% interest rate fixed for 5 years. If the church had waited, their interest rate could have been much higher.
- Do we need to make any major renovations or upgrades? Your building may be older and it needs to meet updated codes in your area. You may need a new roof. It may be time to add an addition. Whatever the repair or renovation, these are all costly items and may require a church mortgage. We also advise carefully reviewing all of your building needs so that you can be preventative and lock into a low-interest rate.
- Is your current loan going to mature in 2018? Church mortgages are commercial in nature and need refinancing about every 5 years. The good news here is that we have church mortgage programs that include 10, 15, 25, and 30 year fixed rates with no balloons. Therefore, your church could lock in now while rates are low. You will not have to worry about refinancing again.The bottom line: do not procrastinate on your refinance in 2018. You could end up with a higher interest rate that you have now.
If your answer is yes to any of these questions, then it is time to contact us. We will help you evaluate your options and help you make the best decision for your church. Our goal is to put your church in a better financial position than when you come to us. Call 800-710-6762 to get started.