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Every Thing Else Board
Financing Land
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<blockquote data-quote="twabscs" data-source="post: 506270" data-attributes="member: 2004"><p>Farm land is "commercial" so it's always a bit higher on rates. I bought 320 acres last month using Farm Credit and paid 6.50% for a 15-year-fixed note. A 10 year note would have been a little less, a 20-year, a little more. With FCS you can "refinance" for $200 after the first year so I would call them about that 8% rate and get it reduced.</p><p></p><p>Oh, and you're right about banks have trouble loaning right now, or so it seems. When I bought my first farm back in 2005, I got a great rate 5.75%, but it was only fixed for 5-years. Banks don't do "fixed" notes on Farm land, at least not around here. I went back to get financing for the recent purchase above and they wanted 30% down and offered a 7.25% rate. I'm really glad I found Farm Credit, they are much easier to work with and provided the best rates compared to all the banks I spoke with. Just FYI.</p></blockquote><p></p>
[QUOTE="twabscs, post: 506270, member: 2004"] Farm land is "commercial" so it's always a bit higher on rates. I bought 320 acres last month using Farm Credit and paid 6.50% for a 15-year-fixed note. A 10 year note would have been a little less, a 20-year, a little more. With FCS you can "refinance" for $200 after the first year so I would call them about that 8% rate and get it reduced. Oh, and you're right about banks have trouble loaning right now, or so it seems. When I bought my first farm back in 2005, I got a great rate 5.75%, but it was only fixed for 5-years. Banks don't do "fixed" notes on Farm land, at least not around here. I went back to get financing for the recent purchase above and they wanted 30% down and offered a 7.25% rate. I'm really glad I found Farm Credit, they are much easier to work with and provided the best rates compared to all the banks I spoke with. Just FYI. [/QUOTE]
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