Land purchase advice needed

[Nissan197]

When I was looking to buy raw land I had problems finding a local bank who would give me a loan. Of course these banks were more city type banks in a county with a population of 500,000 +. I went with Farm Credit in a smaller county and they were great to deal with. Very friendly. I wanted to go with them for my fixed rate when I built my house, but their interest rate was too high. I personnally would not dip into my emergency funds. You just never know when you might need those.

 

[AlanB]

Man, I just cannot say enough good about my Farm Credit. I don't know if it is just my branch, but I would think it was a bit of the corporate mentality that they have.

Called today, trying to evalute between paying some bills I have with some cash I have and taking a second mortage for my new shop or just using the cash for the shop. Shopping interest rates etc.

Left a quick message asking my bank lady to check mortgage rates etc. and call me back.

She called me back, had ran several sets of numbers for me on the new interest rates and so I refi'd / converted my loan on my home and my hoe, gave me a GREAT deal (at least in my opinion) 5.3% home 4.75% on the hoe on converting these over.

So, in about 10 minutes on the phone, a 5 minute call to SWMBO and then a 5 minute call back to verify I understood everything, I refied my home..

Seriously consider the Farm Credit folks.

 

[Flatheadyoungin]

man, the best rates i can find are about 5.6......i want 5.25 and lower......i've called farm credit, fifth third (actually, they called me), us bank (our current mortgage), searched bankrate, etc........

i have a 735 or so credit score and my wife had something like 670 with several disputed medicals bills that have since been resolved, so that should put her over 700 also.....

any ideas?

i don't like paying all those crazy fees and closing costs.....

did you get that rate or apr? if that's your apr, that's VERY good!

 

[KentT]

Man, I just cannot say enough good about my Farm Credit. I don't know if it is just my branch, but I would think it was a bit of the corporate mentality that they have.

Alan,

I don't think it's just your branch unless we happened to use the same branch. I got similar customer service when from the Athens office when I bought my tract in East Tennessee. I got approval in one phone call...

IMO, they're the first place to check when you're talking unimproved land, outbuildings/barns/garages, or "do-it-yourself" type projects. They simply specialize in farm and rural land, and are essentially a "credit union" so they're very customer service oriented...

 

[mjarrels]

From one retired Navy guy to another... I would bite the bullet and not borrow any money now... I probably owe 1600.00 bucks on my new house now (built in late 90"s) Other house is paid for... I bit the bullet and paid for my house (could'd deduct the interest anymore) took standard deductions... Times are going to get hard unless you are a bank ballout CEO or CFO... It's going to get ugly when commerical reality bites the dust... Those new motels, hotels, malls are going under!

mark

 

[riptides]

....I would bite the bullet and not borrow any money now...
mark

????

IF you can get money, money is getting cheaper everyday. IF you can get it.

Why are you saying don't borrow? Are you thinking money will get cheaper?

 

[Podunkadunk]

????

IF you can get money, money is getting cheaper everyday. IF you can get it.

Why are you saying don't borrow? Are you thinking money will get cheaper?

I think he's just implying that the economy is going to get much worse and to not put myself in a tight.

Podunk

 

[MossRoad]

Man, I just cannot say enough good about my Farm Credit. I don't know if it is just my branch, but I would think it was a bit of the corporate mentality that they have.

Here in Indiana they are great, too. They actually recommended another bank, as that bank would do the blanket mortgage for us. Great folks!

 

[MossRoad]

I think he's just implying that the economy is going to get much worse and to not put myself in a tight.

Podunk

YAR! That's what he's saying. If you borrow money and lose your income source, you still have to pay back the moola!

 

[Markpete]

There are of course many reason why your neighbor might want to sell part of his land many of which would be legitimate. We are currently purchasing some farm ground on contract and it is working very well for both parties. At the time we set it up we agreed on an interest rate that was better than what they could get at the bank and less than what it would have cost me to borrow it. Win Win We did use a lawyer to get it set up right for both parties. Good Luck.