Interest Only Loans

In the last few years, many people have refinanced their homes using something called interest only loans. This is when you pay nothing on the amount you owe, you just pay interest. If you do this for thirty years, you'll still owe the same amount as when you started.

People do this hoping that their income will go up and they can later pay on the amount they borrowed, or that the value of their home will increase enough so they can sell the house and make a profit. They also hope that the interest rates do not go up because that will raise their payments.

I read an article recently about the wave of finacial problems many interest only borrowers may face in the future. If the market goes down, if the raise doesn't arrive, if the interest rates go up - there's all kinds of potential for disaster.

It got me started thinking about our faith. There are many people in our society and even in our church which are opting for interest only religion. That is, you just dabble around the edges - you never really invest in your faith.

While this kind of religion may seem to provide for you while times are good - it's a dangerous faith. As long as you live, as long as the economics of life don't slam you, as long as your family is all right - you may get along. This religion will provide the frosting on the cake - respectability, meaning, fellowship, purpose. But what happens when the bottom drops out? What happens when the bill comes due? Then you find that house you've been living in, your house of faith doesn't really belong to you.

Jesus warned once about building a house on a sandy foundation instead of a rock. Jesus is the rock of our faith - let's make sure we're anchore in him.

Pastor John