After church yesterday, the members were asked by the elders to vote on an issue: Should we pay off the mortgage now?
The church’s property is in year 4 of a 5-year balloon mortgage. Most of the monthly payments were going to interest, and a big lump sum would be due next year. We’d need to pay it off in full at that time, or refinance. Refinancing would potentially be tricky.
Our church has been blessed financially, in that we have a budget surplus. We now have the money to pay the mortgage in full and still have a savings reserve.
After members asked some questions and there was some discussion, we voted. The body voted yes — pay off that debt!
Eliminating the mortgage will cut monthly expenses substantially and we’ll also save a ton of money on interest.
We’re excited that this money-saving move will help our church ministries grow, and we’re looking forward to seeing what God has in store for our congregation and how we can use the resources He’s given us to further His work.