What would your church do with more money left over at the end of each month? Probably a lot of things, right? Refinancing your church loan to a lower rate will reduce your monthly obligations, especially if your refinancing doesn’t involve closing costs.
With a few hundred dollars or a few thousand dollars extra each month, your church can:
1. Invest those savings into ministry. That could include more community outreach, additional small group Bible studies, evangelism initiatives or a host of other outward focused projects.
What better way to demonstrate the love of Christ in your community.
2. Invest those savings into staff training or salaries. Maybe your pastor wants additional theological training or help with a specific ministry challenge. These savings could equip your pastor—and other staff—for this next phase of ministry.
Or, maybe you have gone too long without adequate salary adjustments. The savings you might gain from refinancing your church loan could be the extra lift your pastor or other staff need in terms of their salaries.
3. Invest those savings into deferred maintenance projects. It’s amazing how quickly these savings can add up, giving you the necessary margin to fix the sanctuary roof, re-pave the parking lot, repair the dripping faucet in the kitchen or just tidy up areas of your building that are a bit outdated.
These are just a few of the ways refinancing your church loan can free up savings for ministry purposes. We’re sure you can find numerous other ways to use these savings.
We’d be happy to run the numbers for you!
Sometimes, church leaders can get heavily focused on the interest rate for a church loan as the sole factor in choosing a lender. No doubt, it is important, but there are also many other factors to consider – such as additional fees, term length, loan covenants, and annual requirements to name a few. It is… Continue Reading
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Question: Churches exist to do ministry. How does a church balance that overarching mission with the need to save for the unexpected and build up reserves to cover property-related expenses, including maintenance for buildings, updates and expansion? Answer: Being good stewards of financial resources requires prudent planning both now and in the future. We advise… Continue Reading
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The ongoing ministry health of a church is of utmost concern
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