What are the current church loan terms for qualifying mission congregations?
Loans to qualifying mission churches are written at base rate. Under current policy, all CEF loans are written for 5 years. A 25-year amortization schedule is used to merely estimate payments for years 6-25. All loans balloon in five years. Mission congregations receive the base rate for 10 years. In years 11-15, interest rates increase to base rate + 1%. In years 16-20, interest rates increase to base rate +2% and so on.
