Current Mortgage Payoff Date
Current Mortgage Balance
Bethel obtained a mortgage loan from Thrivent Financial in the amount of $4,600,000 in 2004 to build the Sanctuary & Narthex. At the annual meeting in January 2022, the congregation voted to refinance the mortgage and extend the life of the loan to five years (payoff in 2027). This was in response to reduced contributions over the past two years as well as we had our interest rate of 3.7 was lowered to a fixed rate of 2.85 which resulted in being able to secure a more manageable monthly payment. Bethel's monthly payment is now $21,289 as opposed to $37,250 prior to refinancing.
All contributions made to the Mortgage Payment Fund continue to go toward paying off the mortgage regardless of any changes to the minimum monthly payment. With increased support of this fund, we could pay the mortgage off early and save money on interest of the remaining life of the loan.
2023 Fund Tracking
|Contributions Received||Mortgage Payment||Over/(under)||Additional principal only payment made|