Indiana United Methodist Loan Fund
Borrowing from the Loan Fund
Loan Interest Rates and Costs:
- The current published base interest rate for mortgage loans is 5.90%. This rate is subject to periodic review and modification by the Loan Fund Board of Directors. After a loan application has been received by the Loan Fund, consideration will be given as to whether a more favorable rate can be granted to the borrower.
- The interest rate for amortized loans is a fixed rate subject to adjustment every three years.
- The interest rate during the construction phase of a project will be a fixed rate for the term of the construction period. This interest will be computed on simple interest with interest computed to date of receipt of payment. Interest only is payable during the construction phase of the project. A construction loan will be converted to an amortized loan upon completion of the construction project.
- There are no “points” charged for loans and the only fees charged are the actual expenses incurred. Loan closing costs are usually very minor. We normally do not require a survey, appraisal, or title insurance, thereby saving the church several thousand dollars
For more information about our loan services, contact Tamara Hendricks or Royce Ruckman at 765.664.2327, 866.669.2327, fax: 765.664.2598 or e-mail loanfund@iumlf.org.
- Updated 09/27/2007. Questions? Comments? Contact the webmaster
- 1001 N. Western Ave., Suite D, Marion, IN 46952
- Telephone: 765.664.2327 Fax: 765.664.2598 Toll Free: 866.669.2327