With one son in college and the other two children at Northeastern Wisconsin Lutheran High School in Green Bay, Rev. Paul Pett minced no words about his family’s need to save “every penny we could get our hands on, to make ends meet.”
So when Pett, pastor of Redeemer Lutheran Church in Green Bay, read about the opportunity for rostered church workers to refinance mortgages and take advantage of lower interest rates, he called Lutheran Church Extension Fund (LCEF).
“We could do better [with LCEF] than with any local bank,” said Pett who, with his wife, Mary, reduced their monthly mortgage payments by about $200 and lowered their interest rate by 2%.
Those extra dollars have been a blessing ever since the couple refinanced in 2013, eight years after Pastor Pett took a call to Redeemer, a move that prompted the family to buy their first house.
Although Redeemer is the pastor’s third church to serve, the prior congregations owned parsonages where his family lived.
Being first-time homebuyers meant “trying to pull together enough money for a down payment,” said Pett, whose mortgage was with a commercial lender.
To help their new pastor with his payments, Redeemer also provided loan support, made possible by LCEF.
But after several years of making two monthly payments, one to his bank and another to Redeemer, Pett welcomed the opportunity to eliminate a payment, while increasing his savings through LCEF.
This busy pastor also appreciated the time savings. “The application process was quite easy, and the people at LCEF explained everything so well, covering every detail, that it made everything flow fairly quickly, without difficulties whatsoever,” he said.
Pett happily recommends LCEF to fellow church workers looking for a financial helping hand. LCEF understands “the special circumstances of church work,” he says, including how living in a parsonage can hamper building home equity.
“[LCEF] is so easy to work with, time-wise and everything else,” said Pett.