We will be holding a special congregational meeting for voting members on November 22 to take a vote on refinancing the church mortgage.

A voting member is defined as:

1) Someone who holds membership at Faith Lutheran Church, 2116 Mineral Point Ave, Janesville, WI

2) Has given a financial contribution over the past year

3) Has taken communion either in person or online with Faith Lutheran Church

You will be asked to verify these statements in your registration. If you have any questions about your voting member status, please call us at 608.754.0261. After your registration is completed and approved, you will receive a Zoom link in your email to participate in the meeting.

Details on the vote:

Our current mortgage is for 25 years through Mission Investment Fund.  It has a balance of $595,000  with a current rate of interest at 4.875%, adjusted every five years.  The next adjustment is due in August 2024.  Our current monthly payment is $4,743.  The original loan was for $915,000 in 2010, with 15 years to go.

We reached out to six different lenders, including our current lender, to discuss our options.  Some referred us to other lenders, our current lender was not able to offer us a competitive solution, and we narrowed it down from there.  The offer that the council approved to place before you to vote on is as such:

Finance up to $600,000 on a 10 year fixed, (10/20) amortized over 20 years with a rate of 3.75% through Blackhawk Community Credit Union.  The new monthly payment would be $3574/month, an immediate savings of over $1,200.  If the church were to continue to make a payment of $5200/month, as we have done in the past, the mortgage will be paid off in 12 years!