Anyone have a ball park for 50% LTV, 790-820 credit score, 20 year fixed...Thanks!
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Raw land rates...
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Last: 2 days ago by Yesterday
The farm and ranch lenders typically do a wholistic review of your complete financial profile. Not just LTV and credit scores, although those numbers weigh heavily on their offer.
I'm guessing in the low sevens but you really need to talk to actual lenders. I'm residential only.
I'm guessing in the low sevens but you really need to talk to actual lenders. I'm residential only.
Possibly call the people you know who could quote you actual numbers? That plan may be too aggressive though. Good luck.
bqce said:
Possibly call the people you know who could quote you actual numbers? That plan may be too aggressive though. Good luck.
They're not open after 5. Go back to your guitar!
For reference, at least one Banker who i've done business with is 6.25-6.5 off the cuff. This is for a 5 year fixed and 25 ammortization.
That seems a good deal. Again the land lenders like to know you
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Yesterday said:
For reference, at least one Banker who i've done business with is 6.25-6.5 off the cuff.
Does off the cuff equal out the door? Land rates are typically higher than a residential mortgage. Mortgage rates took a 40 basis point jump today. Send me that banker's number, please.
Sponsor Message:Whether looking to become a rural land owner, buy that ideal hunting property or finance your farm or ranching operation- with Capital Farm Credit, you're covered.
And our patronage dividend program means we share our profits and put money back in your pocket.
Together we’re better. Call 877-944-5500 or visit https://www.capitalfarmcredit.com/ to find out how.
And our patronage dividend program means we share our profits and put money back in your pocket.
Together we’re better. Call 877-944-5500 or visit https://www.capitalfarmcredit.com/ to find out how.
Where are you seeing a 40 basis increase?
For example this is what I see today
CapitalFarmCredit said:Yesterday said:
For reference, at least one Banker who i've done business with is 6.25-6.5 off the cuff.
Does off the cuff equal out the door? Land rates are typically higher than a residential mortgage. Mortgage rates took a 40 basis point jump today. Send me that banker's number, please.
It's a 5 year fix 25 year amortization. Came from First National Bank of Giddings. This would be about the 5th deal we've done with them. Not sure if that makes a huge difference. Obviously there are closing costs involved but that's the quote, off the cuff rate.
Thanks for the input Steve.
That is also called a five year ARM. Brick and mortar banks prefer Arms because they fit better for their regulatory constraints. A true 20 year fixed are out there but I'd expect in. 6.8-7.3 range.
Yes, i should have clarified it wasn't the 20 year fixed I was originally asking about.
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