Jump directly to the content

Is Now the Time to Refinance?

Interest rates soon may climb—but that's not the only reason to review a church loan.

Is Now the Time to Refinance?

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 ...

Join now to access this member-only content

Become a Member

Already a member? for full access.

Related Topics:
Posted:
  • March 22, 2017

Related ResourcesVisit Store

2020 Financial Bundle
2020 Financial Bundle
Set the pace for your church's efficiency by solidifying your financial plan today. Effectively allocate church funds and set budgets.
Talking to Your Congregation About Money
Talking to Your Congregation About Money
Helpful insights on talking about money and encouraging people to become generous givers.
How Churches Spend Their Money: 2019 Executive Report
How Churches Spend Their Money: 2019 Executive Report
This report will give you an inside look at how churches nationwide spend their money.
Church Finance
Church Finance
Learn about budgeting, financial reporting, tax compliance, insurance coverage, and more.