The loan refinance process can be overwhelming and time consuming. However, a strategic refinance decision can take advantage of current low interest rates and save a church hundreds of thousands of dollars.

Start the conversation

"Deciding whether it makes sense to go through the process for a full application is easy if you're able to answer just a few questions," said Dan Mikes, executive vice president and head of religious institution banking at Bank of the West. "Pick up the phone and call an experienced church lender, and within 10 minutes of the conversation, they can tell you whether or not refinancing makes sense."

A church's current lender would be a good starting point for a loan conversation. The lender should be able to judge whether refinancing now is a good idea and what steps the church should take to prepare. "Always talk to your existing lender," said Abel Pomar, CEO of the Evangelical Christian Credit Union. "Talk to that lender as soon as you have the question, 'Should I refinance?'"