18 April 2024

 

       The Katharine Konnection

The Good News and the Bad News

THE GOOD NEWS

Our mortgage on the church building started out at $2,006,000.

After the 1 May 2024 payment, the balance will be less than $1,000,000.

The generosity of our parishioners has made this possible! 

 

 

MORE GOOD NEWS

We had many years during which the mortgage collection exceeded what was required to pay the mortgage, resulting in money available for early principal payments. To date, we have made early principal payments of…

$150,000! 

In addition, we created a reserve for occasional future shortfalls in the mortgage collection, if they occur.

THE BAD NEWS

Interest rates have risen sharply.  Because our mortgage is a variable rate loan through the Archdiocese of Baltimore, our mortgage interest rate has gone from 3.5% to 6% in less than a year.  As a result, our mortgage payment is the highest it has ever been and $2,500 more per month than it was at its lowest rate.

In addition to the increase in our mortgage payment, our mortgage collection has decreased over the last few years.  In fiscal 2024, our monthly mortgage collection has been less than the payment due. We have already used $5,000 of the surplus from prior years to cover this shortfall.

 

We all hope that interest rates will come down in the near future, so that our mortgage payment will be reduced.  

Until then, we still need to collect enough each month to cover the current mortgage payment.   And it would be even more beneficial to be able to make early principal payments again. 

If you are not currently contributing to the mortgage collection, you can begin today through Faith Direct by clicking here and going to the Recurring Gifts section.  

If you are already supporting the mortgage collection, thank you!  Please consider making a little extra monthly contribution to the mortgage fund, if you are able.

I am so grateful for your support of our parish!

 

Blessings,

Pat

 

 

 

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