The only time a church mortgage gives any cause to celebrate is when it's burned. Otherwise, it's a drain on resources. Interest payments can easily triple or quadruple the cost of a church building.
Beracah Bible Church decided to forgo the joy of mortgage burning for something better: no mortgage at all. Here's how it did it:
When our church began, our board of trustees quickly agreed that the congregation would function on a "pay-as-you-go" basis. Simply put, this policy allows us to spend only the money already in hand.
Two factors led to this decision: (1) Several churches and religious organizations in our area had been financially irresponsible, thus tainting the reputation of the rest of us. They assumed huge debts for building projects as a "step of faith." In reality, it was a step of presumption. They were convinced it was "God's will," ...