Rates and Terms FAQs
What are the current interest rates?
UPCI Stewardship Group Lending Partners is committed to offering competitive loan rates and flexible terms. Interest rates vary based upon loan terms and underwriting results. Please call or email us for a current rate quote.
Do you offer a fixed rate loan?
No, they are difficult to find in today's marketplace. Loan types offered provide a range of options in which the interest rate is fixed for 1, 3, 5, and 7 year terms. We have found that the average life of a church mortgage is only 7 years, thus the adjustable terms are a better option for this market.
At the interest rate review, do we have to "refinance" and pay all the fees again?
No. This is a distinct difference between loans through UPCI Stewardship Group partners and many other commercial lenders. If you are shopping, be sure to read the fine print.
What determines your interest rates?
Interest rates are based on general market conditions. One particular standard that is watched closely is the LIBOR rate. Our partners must follow the general market conditions to remain competitive and continue to offer quality services.
Do we have to use electronic fund transfer (EFT or ACH)?
No, but it is strongly encouraged. ACH assures that your payment is always received in a timely manner. It also saves time, paperwork, and postage, and prevents mail delays or loss.
Can we obtain a loan with a payment schedule shorter than 20 years?
Yes. Normally the loan documentation will still be prepared with a 20-year payment schedule, but you will be given a payment schedule to fit the shorter number of years that are requested. This way, payments can be easily lowered by stretching out to a longer term if necessary.
Can we obtain a loan for longer than 20 years?
Yes, if the circumstances warrant it. Terms can be as long as 25 years, but longer terms are discouraged because of the increased interest cost to the church over the life of the loan.
Interest rates are based on general market conditions. One particular standard that is watched closely is the LIBOR rate. Our partners must follow the general market conditions to remain competitive and continue to offer quality services.
Do we have to use electronic fund transfer (EFT or ACH)?
No, but it is strongly encouraged. ACH assures that your payment is always received in a timely manner. It also saves time, paperwork, and postage, and prevents mail delays or loss.
Can we obtain a loan with a payment schedule shorter than 20 years?
Yes. Normally the loan documentation will still be prepared with a 20-year payment schedule, but you will be given a payment schedule to fit the shorter number of years that are requested. This way, payments can be easily lowered by stretching out to a longer term if necessary.
Can we obtain a loan for longer than 20 years?
Yes, if the circumstances warrant it. Terms can be as long as 25 years, but longer terms are discouraged because of the increased interest cost to the church over the life of the loan.
