Closing Stories at Lower Interest Rates
Interest rates have been climbing over the past year, but Griffin Church Loans is still lowering interest rates for their church loans. The result: thousands saved and churches lifted to stronger financial positions.
Church Refinance- Griffin’s Stories:
In Texas, we closed a church refinance for a church that had a seller held interest only loan with a 12% rate. They purchased the perfect sanctuary for their congregation. However, when they found the building, they were not quite prepared to apply for financing. They did not want this worship space to slip away from them. The seller offered to extend the 1-year loan to them, so they accepted. Their goal was to pay down the mortgage as quickly as possible, so they came to us to refinance their loan to lower their interest rate. We lowered their rate by 6.5%, and the church is saving $1,700 per month.
In Colorado, we closed another church refinance for a church that wanted to save money. They wanted more room in their budget to do more for their ministry and community. They were locked into a mortgage that came with a 10% interest rate. Griffin Church Loans lowered their interest rate by more than half. Their monthly payment was reduced by $800 per month which will add up over the term of their new loan.
Over the past 20 years, we have closed over $1.5 Billion in church mortgages. We offer a variety of church loan programs, so we have options for churches of all sizes. For churches with excellent credit and who meet the qualifications, we can provide 30-year fixed-rate loans with no balloons. If 30-year fixed loans are too long for your church, we also offer 10, 15, 20- and 25-year long term fixed rate church loans.
If you know of a church that wants to lower their interest rates and is interested in learning more about our church refinance programs as well as loans to purchase, renovate and construct buildings. Please call 800-710-6762 to speak to a loan officer.