Almost everyone at some point in their life goes through the process of getting a mortgage loan. Some people have special circumstances where they need to get mortgage loan for a different type of building. Lenders don’t only offer mortgage loans for family homes, but they offer loans for churches as well.
For those people who work at a church, especially the pastor or leader of the congregation, at some point a mortgage loan may be needed. You may want to refinance a current loan, get a new mortgage loan to add on to your church, build a new church, or remodel your current church.
There are loans available for all of these needs. Some of the types of church loans that are available include standard mortgage products like:
• Fixed rate mortgage loans. These loans keep the same interest rate for the life of the mortgage.
• Adjustable rate mortgages. These loans have a fixed interest rate for a specified period of time and then the rate becomes adjustable.
• Bridge loans. These loans allow you to purchase or build a new church while you are still waiting to sell the building you are in.
• Debt consolidation loans. If the church has a lot of revolving debt or various debts to pay you can get a loan to consolidate this debt into one low payment.
• Refinance loans. You can refinance the loan on your church in order to get a fixed loan with a lower interest rate or take cash out of the equity in your loan in order to remodel and make improvements or additions to the building.
• Equity credit lines. You can get a line of credit on the equity in your church for when you need the money for any needs.
• Church loans can be 3, 5, or 7 year balloon mortgages for those churches that want a lower interest rate and show that they can afford to make a balloon payment or refinance after the set period of time.
It is important to remember that churches also have to qualify for loans just like individuals or businesses. In order to find out how to qualify for a church loan you can contact a local lender and inquire about their loans for church buildings.