Loan Terms and Products
We offer permanent real estate financing with monthly payments amortized over a period of up to 20-25 years. We also offer construction loans for new buildings or building improvements. The construction loans are structured for interest-only payments during the construction period (up to one year), then automatically convert to permanent financing. We do not offer operating loans or operating lines of credit. Loan terms are typically structured as shown below:
Standard Loan Terms (Loans over $50,000) - All loans are Adjustable Rate Mortgages
| Adjustment Term | Initial Rate | Index for Future Rates | Margin | Periodic Cap |
| 1-Year* | Call for Rates | 1-Year U.S. Treasury | 3.00% | 1.00% |
| 3-Years* | Call for Rates | 3-Year U.S. Treasury | 3.00% | 2.00% |
| 5-Years* | Call for Rates | 5-Year U.S. Treasury | 3.00% | 3.00% |
| 5 by 1** | Call for Rates | 1-Year U.S. Treasury | 3.00% | 2.00% |
Small Loan Program ($50,000 or less).
| Loan Type | Comments |
| Secured | Call for rates, if 2nd mortgage CIF must have 1st mortgage. |
| Unsecured | Call for rates (1/4% higher than secured). CIF must already have a 1st mortgage, maximum term of 10 years. |
All loans have a 1/2% origination fee. The initial rate is set by CIF and will not necessarily equal the index plus the margin. Subsequent rate changes will be determined by adding the margin to the index value 45 days prior to the rate change date, rounded to the nearest 1/8%, and subject to the periodic and lifetime caps. The index will be the weekly average yield on United States Treasury securities adjusted to a constant maturity of one, three, or five years, depending on the adjustment term of your loan. The indexes are made available by the Federal Reserve Board in publication H.15, which can be found at www.federalreserve.gov/releases/h15/. Standard Loans are generally amortized over a 20-year period. Shorter terms are acceptable if the church can qualify with the higher monthly payment. Longer terms (up to 25 years) may be considered if the circumstances warrant. Prepayments of principal can be made without penalty.
*Rate Initially fixed for either 1,3, or 5 years, then adjustable every 1,3, or 5 years thereafter.
** 5 by 1 ARM has a fixed rate for the first five years, after which the rate is subject to change annually.
The terms listed are subject to change at any time without notice. Please call us at 1-800-995-8574 for current interest rates and terms prior to submitting your application.
Information contained on this web site is only intended to be a summary of the terms available. Actual terms will be established by the loan documents.