Church Saves $2000 a Month with Refinance and Reduced Rate
Who are Good Candidates for Refinances?
We are encouraging every church that holds a current mortgage with an interest rate higher than 5% or has a loan coming due in 3 years or less regardless of the interest rate to call us right away.
Every church should be double checking the terms of their current mortgage to verify when their rate will increase or their loan come due. “If you have a loan coming due in the next three years you need to look at refinancing now, regardless of what your interest rate is. We are locking in low fixed interest rates for up to 30 years with no balloons. But, with rates increasing, this could end at any time.” State John Berardino, President of Griffin Church Loans.
Recent Closing – Refinance Loan
Griffin Capital recently closed a refinance loan for a church in Minnesota. The church had a loan with an interest rate of 7% and came to us looking for a better rate. Their financial statements were internally prepared, but our loan officer determined that the amount to refinance would be possible. Our loan officer worked with the underwriter to show how the church could afford to make the payment given that the refinance would be reducing their interest rate from 7% to 4.49%. The church is now saving $2000 a month on their mortgage. Griffin Church Loans’s loan officers work until the end of the loan process to make sure your loan closes as smoothly and as quickly as possible.
The timing could not have been any better for this church. Now they do not have to worry about the rising interest rate and are saving money as a bonus. If your church is ready to refinance, please contact us to get started.