Page 11 - June 2019 Traveler

Mortgage Update

I have heard conversations and questions as to why our mortgage had been

refinanced in the past. We want to ensure accurate information is given when
questions arise. Following is a brief summary.

When the original loan for our addition was taken out in 2005, the loan was a 30 year
loan with an adjustable loan rate every five years and maturity date of 2035. Interest
rate was 6% and then lowered to 5.5%.

The congregation approved refinancing the mortgage loan in 2013 from Durand State
Bank to the ELCA Mission Investment Fund (MIF) because of a lower interest rate that
Durand State Bank could not match. The new loan rate was 4.625% and then
dropped to 3.875%. Because of MIF’s policies, two years were added to the original
loan term so our loan matures in 2037 instead of 2035. However, much money in in-

terest has been saved and our monthly payment dropped over $1,000. Our adjusta-
ble rate will come due in August 2020. When extra offerings come in designated
towards the mortgage, those extra payments are applied to principal.

I’m sure the newly formed finance/budget team

will keep the congregation informed as far as
our finances. If you have comments or con-
cerns, please see a member of the council and/
or finance/budget team as we keep lines of com-
munication open with accurate information.

Sharon Beksel, SAM

Senior Disciple Service

The second Senior Disciple service will be held Sunday, July 14, followed by a social
hour. Members who will be 80 years old or older in 2019 will be honored.

Look for more information about this service in the future.

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