discussion   |   photos   |   email   |   myProfile   |   home          Login Now | Sign Up


New As Posted | Active Subjects



Click to Post a New Message!

Discussion Boards > Active Subjects > Messages as Posted > Feeding Forum

Page [ 1 ] |
Reply | Pop Up Window Reply | Add PhotoAdd Photo
 01-03-2017, 15:17 Post: 26736
ThatGuy



Join Date:
Location:
TractorPoint Premium Member -- 5 Tractors = Very Frequent Poster
Posts: 1
 land mortgages

Does anyone know what term a financial institution would allow for a land only (no house) loan? I sorta figured they would not do a 30 yr term like a home, but wasnt sure what was normal length. Also what sort of interest rate can you get with a land only purchase? Can you get about the same as a new home?






Reply to PostReply | Quote Post Reply to PostQuote Reply | Add PhotoAdd Photo




Bookmarks: Digg It | Del.icio.us |
 01-03-2017, 20:12 Post: 26737
Bird Senter



Join Date: 0000
Location: \N
TractorPoint Premium Member -- 5 Tractors = Very Frequent Poster
Posts: 962
 land mortgages

It varies tremendously; depending on which financial institution you use, whether you are already a customer, your credit rating, etc.






Reply to PostReply | Quote Post Reply to PostQuote Reply | Add PhotoAdd Photo




Bookmarks: Digg It | Del.icio.us |
 01-04-2017, 01:06 Post: 26745
Alan L. Lewis



Join Date:
Location:
TractorPoint Premium Member -- 5 Tractors = Very Frequent Poster
Posts: 1
 land mortgages

15-20 year loans are common, with 20% down. The interest rate is considerable higher than a conventional mortgage on a house. If you either have as many as 40 acres, or you are financing you residence on smaller acreage, the Federal Land Bank seems to be a pretty good option. My bank loaned 80% on my 24 acres when I bought it, but the rate was 9.5% while mortgages were about 7.5%. I'm right now figuring on doing a refinance with Federal Land Bank since we have now built our barn that we live in. Another option is to carve out a small part of the acreage for the homestead and get a conventional, low interest mortgage and then have a bank loan (higher interest) on the rest.

Of course owner-financing can be a good option if you can get it.






Reply to PostReply | Quote Post Reply to PostQuote Reply | Add PhotoAdd Photo




Bookmarks: Digg It | Del.icio.us |
 01-04-2017, 06:01 Post: 26761
J. Dubbs



Join Date:
Location:
TractorPoint Premium Member -- 5 Tractors = Very Frequent Poster
Posts: 1
 land mortgages

All types of loan institutions will hesitate to provide unsecured loans on property you do not plan on improving almost immediatley, like the construction of a new home. Loans for unimproved property will require a higher pecentage of money down and will have higher interest rates. The most receptive institutions will be ones closest to the property, preferably smaller chain banks, who need the business. Another option is your local bank who deals with farmers on a regular basis. In PA the institution is called "Farm Credit". They offer home and land loans, welcome the business and are familiar with the problems related with the purchase of farm property which is often unimproved land. Good Luck.






Reply to PostReply | Quote Post Reply to PostQuote Reply | Add PhotoAdd Photo




Bookmarks: Digg It | Del.icio.us |
 01-04-2017, 15:50 Post: 26836
Chris in IN



Join Date:
Location:
TractorPoint Premium Member -- 5 Tractors = Very Frequent Poster
Posts: 1
 land mortgages

My Bank allowed me to include my 16 acres in the same mortgage with my home at 7%. The properties are deeded separately.






Reply to PostReply | Quote Post Reply to PostQuote Reply | Add PhotoAdd Photo




Bookmarks: Digg It | Del.icio.us |
 01-05-2017, 01:38 Post: 26861
david godollei



Join Date:
Location:
TractorPoint Premium Member -- 5 Tractors = Very Frequent Poster
Posts: 1
 land mortgages

We bought 20 acres in IN. We had to put down 25% to get the normal rate, but other than that, it was a normal 25 year mortgage.






Reply to PostReply | Quote Post Reply to PostQuote Reply | Add PhotoAdd Photo




Bookmarks: Digg It | Del.icio.us |
 01-05-2017, 06:33 Post: 26896
Eric Edwards



Join Date:
Location:
TractorPoint Premium Member -- 5 Tractors = Very Frequent Poster
Posts: 1
 land mortgages

ThatGuy, start by calling all the small savings banks in your area to gauge if you will be able to live with the terms. In 98 we bought a 38 acre wood lot in southern ME even though we had no equity to speak of. We don't make much money either but have good credit histories. We had no debt. I had spent the previous 3 yrs mostly taking care of my young children and working on the side while my wife worked full time. We drive old cars etc. I spent a solid week on the phone before finding a small local bank who held their loans. We have a fixed 7.25% loan for 25 yrs with 15% down. It was supposed to be a variable rate loan and thus should have gone up a little but the bank paperwork was written incorrectly. I stayed away from building loans because of the time constraints they put on you, usually 9 mths here in the northeast. We currenty have well, septic and foundation in and I'm looking forward to cutting a timberfame this summer from logging that I've done; if spring will ever get here. Good luck






Reply to PostReply | Quote Post Reply to PostQuote Reply | Add PhotoAdd Photo




Bookmarks: Digg It | Del.icio.us |
Reply | Pop Up Window Reply | Add PhotoAdd Photo


Page [ 1 ] |

Discussion Boards > Active Subjects > Messages as Posted > Feeding Forum

Thread 26736 Filter by Poster:
Alan L. Lewis 1 | Bird Senter 1 | Chris in IN 1 | david godollei 1 | Eric Edwards 1 | J. Dubbs 1 | ThatGuy 1 |

 (advanced search)



Unanswered Questions

Gas Generator Weather Protecti
Horse Injured Polyrope Electri
Do electric fences keep out de
Any Peruvian Paso Owners Out T
gas powered post driver
My new born foal is really sic
Trailer Axle
dump trailer blueprints


Active Subjects

Gas Generator Weather Protecti
Went to see Dennis Reis this w
Signs to look for prior to lab
leg injury
Broodmare has welts all over h
Some Christmas Humor For Horse
poles in the ground vs. concre
ever thought about moving?


Hot Topics

new app owner
Some Christmas Humor For Horse
Any Peruvian Paso Owners Out T
Heating a Garage
Gas Generator Weather Protecti
Do electric fences keep out de
gas powered post driver
Trailer Axle


Featured Suppliers

Mountain Creek Labradoodles
      MountainCreekLabradoodles.com





New Forums on Gun Sport Shooting and Hunting -- BarrelPoint.com  New Forums on Horses ManePoint.com
Talk Horses at ManePoint
Hunting + Gun Sports at BarrelPoint



Most Viewed

+ ever thought about moving?
+ Do electric fences keep out deer?
+ Do you lend your tractor?
+ Thought this would be the place to ask.........
+ Clover over septic field. Good? Bad? Ugly?
+ trailer sway
+ Subsoiler in pasture
+ TRACTOR TAX WRITE/OFF
+ re: homeowner insurance
+ $$ returns per acre?

Most Discussion

+ ever thought about moving?
+ TRACTOR TAX WRITE/OFF
+ Side-Hill Operaion
+ Clover over septic field. Good
+ re: homeowner insurance
+ Do you lend your tractor?
+ DUMP TRAILERS HAULING YOU TRAC
+ Who are the Top 10 CUT Manufac
+ Thought this would be the plac
+ Research Participants Needed i

Newest Topics

+ Some Christmas Humor For Horse and Bud Lite Lovers
+ Feed Rebate for Triple Crown products?
+ Hay Prices and Preferences
+ More Pond Questions
+ Maintaining a horse pasture
+ Yard hydrant adjustment question
+ deer feed plot planting
+ Horse Pasture Rent
+ TV program for us hobby guys
+ Do electric fences keep out deer?
















Turbochargers for Tractors and Industrial Machines
Cab Glass for Tractors and Industrial Machines

Alternators for Tractors and Industrial Machines
Radiators for Tractors and Industrial Machines

Driveline Components for Tractors and Industrial Machines
Starter Motors for Tractors and Industrial Machines