Special Congregational Meeting
NOVEMBER 22, 2020 at 9:30 AM
Purpose: Congregational Approval for Refinance of FLC Mortgage
Sunday, November 22
The church will be hosting a Live Zoom Worship Service which will include the Special Congregational Meeting.
REGISTRATION IS REQUIRED
Our current mortgage is for 25 years through Mission Investment Fund. It has a balance of $595,000 with a current rate of interest at 4.875%, adjusted every five years. The next adjustment is due August 2024. Our current payment is $4,743. The original loan was for $915,000 in 2010, with 15 years to go.
We reached out to six different lenders, including our current lender, to discuss our options. Some referred us to other lenders, our current lender was not able to offer us a competitive solution, and we narrowed it down from there. The offer that the council approved to place before you to vote on is as such:
Finance up to $600,000 on a 10 year fixed, (10/20) amortized over 20 years with a rate of 3.75% through Blackhawk Community Credit Union. The new payment would be $3574, an immediate savings of over $1,200.
If the church were to continue to make a payment of $5200,
as we have done in the past, the mortgage will be paid off in 12 years!