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FMCIC Loan and Mortgage Program

FMCIC Church-Building Financing Programs
(Updated JULY 2017) 

The FMCIC has two programs which can help fund your church renovation, repair or build:

  • The Loan Program and
  • The Mortgage Program.

Because all church properties are classified as commercial, they do not qualify for residential rates on loans or mortgages.

The Management Committee bases the interest rates charged on current commercial/Bank of Canada rates. Both programs (Loan + Mortgage) offer a renewable, open financing option for churches which can be amortized up to 20 years. Unlike most financial institutions, there are no setup fees or penalties for early repayment.

Where the Money Comes From….

“Right now you have plenty and can help them; then at some other time they can share with you when you need it. In this way, each will have as much as he needs… So you also should share with those in need.”
2 Corinthians 8:14b-15 TBL

The FMCIC Loan Program is funded primarily by FMCIC Bonds – As a church or individual with excess funds, you can help other churches in need by investing in FMCIC Bonds. Your investment in our churches will bring not only an eternal return, but a current interest rate of 1.75% which is paid out June 1st and December 1st of each year. Please contact Roseline Isaac in the Administrative Services Department at 905-848-2600 ext. 210 for further information.

The FMCIC Mortgage Program is funded by the FMCIC Ministers Pension Fund (Defined Benefit Portion). The interest charged is used to support the pension fund. Choosing a FMCIC mortgage for your church helps look after our retired pastors.

What we will consider:

  • Your church’s ability to repay the loan/mortgage
    • We are called to wisely steward all the available resources entrusted to us by God and our local churches
    • We have a responsibility to investors to properly steward these resource and to ensure that there is a reasonable expectation for repayment
    • We do not want to burden the church with a loan/mortgage that they cannot afford – we are not helping here if we do
  • Your church’s giving record to CORE
    • The heart of CORE is connectional – we are called and expect churches to be actively involved and supportive of each other
    • CORE is our movement’s collective support of ministries to help carry out the vision to see a healthy church within the reach of all people in Canada and beyond.
    • Using the model of the Biblical tithe to support the greater ‘family’, CORE is based on giving 10% of the total donations/receipts to the local church less bequests, designated giving (missions, short-term projects, etc.) and special offerings taken for outside the church (i.e. World Relief and other charitable organizations ¶440.2.2