Paying off a Mortgage

Many of you are paying off a mortgage for your home.  You are aware of how long it takes- thirty yearsYou are aware of the huge payments that you make each month and how much of your home income is spent on the mortgage. You also are under pressure to make the payments in the regular way that the bank expects you to make them. In the back of your mind you may worry about job security.  You have other priorities that you also must attend to now like the education of your children and their future. Maybe you have to help your parents who are getting older or maybe you have to send money home to your country of origin. Where ever you go, whatever you do the mortgage is there.

You can say “I am not going to worry about it and live as if it is not there” but that only works for a while.

A parish with a mortgage is akin to your situation. We have to deal with our mortgage that was taken out when the parish facilities, apart from the Mission Center, were built.

We have been paying on the principal and interest for about seven years and we have reduced our mortgage from $5,467, 415 to $ 3, 893, 256.

We let you know this, now, because going from over five million to a number beginning with a three is a big psychological jump. We continue to pay at a 5% interest rate and we make the payments from the Building Fund envelope that you use, from the people who gave to the Shine the Light Campaign and specified their pledge for debt reduction, from the ADA money for our debt, and from any substantial checks people give us.

Thank you for your continued support and rejoice that we are getting closer to paying the mortgage off.