In almost all communities, we see a lot of architectural structures. There are a lot of them like corporate buildings, condominiums, churches and many more. Among these, we value our churches just as we do to our own homes.
The reality behind to most churches is that they have some little problems about these properties. Mostly, the new churches went through such agony. It is because they can only collect little amounts of money. Building such will be a great challenge. The lenders then came into the picture, they introduced loaning. The options they give is the borrowing money and church mortgages.
Here is the tricky part. Most people are confused between loans and mortgages. Let us take a little closer study about them. You see, loan is the relationship and the processes wherein the creditors and the debtors are involved with. Otherwise, it is their money transaction.
Loans and mortgages do not mean the same thing but are hand in hand on the same side. Loans refers to the relationship between the lender and the debtor. Lenders are also called as creditors and the latter are debtors. This is the transaction made between two parties. Then, this mortgage is the kind of loan where a collateral is usually involved. It is usually applied to properties from the real estate. In this case, the debtors can own the property but they follow a specific agreement. Failure to comply such agreement will have its own consequences depending on what is agreed on.
Kinds of loans can be characterized in those that follows. Open and close ended loans. Secure and not secured loans. Both of these have only slight differences. Let me show you what are these.
Open vs Close ended loans. The two has only a slight difference. Open end credits is commonly known as the revolving credit. A perfect example to this is the credit card. Not unless if you have requested not to have an indefinite credit limit, you will owe what you have bought through borrowing the money from your bank. The other one is the secured vs unsecured. Secured loaning is common to most debtors. It is known with the term, collateral loan. This has to do with the transaction you are making and the property you are putting in the line. Most lenders do this to be secured. It will be effective when the borrower fails to pay the amount lent according to what was agreed on.
Now that you understand these things, you might have the picture in mind of what is the situation about these mortgages. Before, these kind of undertakings are not known. Churches used to be independent and is built by its members accordingly. However, as the bible tells us, a Church is not the building but the believer himself. It is because the divine power of God through Christ is built in our hearts that made us his temple.
Decades passed, the biblical meaning of it were used to name after the structure people made to become a place for their worship gathering. Just as God told Paul, that every believer should be in constant meeting with his fellow believers doing all sorts of fellowship in the verge of keeping each other encouraged. This concept is what the people used to build them.
So, people desired to have their own worship place. They called it after how believers were called, church. Many challenges came. The people needed enough money to build it. They started collecting any voluntary donations. But most of the time, their money cannot reach the amount they need. So, these lenders came in the picture and began introducing to the congregation, the concept of mortgages.
The reality behind to most churches is that they have some little problems about these properties. Mostly, the new churches went through such agony. It is because they can only collect little amounts of money. Building such will be a great challenge. The lenders then came into the picture, they introduced loaning. The options they give is the borrowing money and church mortgages.
Here is the tricky part. Most people are confused between loans and mortgages. Let us take a little closer study about them. You see, loan is the relationship and the processes wherein the creditors and the debtors are involved with. Otherwise, it is their money transaction.
Loans and mortgages do not mean the same thing but are hand in hand on the same side. Loans refers to the relationship between the lender and the debtor. Lenders are also called as creditors and the latter are debtors. This is the transaction made between two parties. Then, this mortgage is the kind of loan where a collateral is usually involved. It is usually applied to properties from the real estate. In this case, the debtors can own the property but they follow a specific agreement. Failure to comply such agreement will have its own consequences depending on what is agreed on.
Kinds of loans can be characterized in those that follows. Open and close ended loans. Secure and not secured loans. Both of these have only slight differences. Let me show you what are these.
Open vs Close ended loans. The two has only a slight difference. Open end credits is commonly known as the revolving credit. A perfect example to this is the credit card. Not unless if you have requested not to have an indefinite credit limit, you will owe what you have bought through borrowing the money from your bank. The other one is the secured vs unsecured. Secured loaning is common to most debtors. It is known with the term, collateral loan. This has to do with the transaction you are making and the property you are putting in the line. Most lenders do this to be secured. It will be effective when the borrower fails to pay the amount lent according to what was agreed on.
Now that you understand these things, you might have the picture in mind of what is the situation about these mortgages. Before, these kind of undertakings are not known. Churches used to be independent and is built by its members accordingly. However, as the bible tells us, a Church is not the building but the believer himself. It is because the divine power of God through Christ is built in our hearts that made us his temple.
Decades passed, the biblical meaning of it were used to name after the structure people made to become a place for their worship gathering. Just as God told Paul, that every believer should be in constant meeting with his fellow believers doing all sorts of fellowship in the verge of keeping each other encouraged. This concept is what the people used to build them.
So, people desired to have their own worship place. They called it after how believers were called, church. Many challenges came. The people needed enough money to build it. They started collecting any voluntary donations. But most of the time, their money cannot reach the amount they need. So, these lenders came in the picture and began introducing to the congregation, the concept of mortgages.
No comments:
Post a Comment