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#5858036 - 07/31/15 11:07 PM Buying land
cdw Offline
Light Foot

Registered: 10/07/11
Posts: 35
Hello. I am interested in purchasing land. I mean the ol'fashion way of going to a bank and getting a loan. What kind of loan and terms did you get? Looking for approximate interest rate and what bank you used?

The few banks i called weren't interested or setup for loans on raw land. They were looking at signature loans that carry high interest rates.

Thanks

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#5858051 - 07/31/15 11:19 PM Re: Buying land [Re: cdw]
stxranchman Offline
Obie Juan Kenobi

Registered: 08/04/10
Posts: 52092
Go with someone like Capital Farm Credit. I used Capital Farm Credit for my land loan and they are great to do business with. My rate on 15 yr note was 4.8-4.9% IIRC. The patronage checks are nice and really lower your interest rates even more.
_________________________


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#5858168 - 08/01/15 07:20 AM Re: Buying land [Re: stxranchman]
kry226 Offline


Registered: 01/11/09
Posts: 5109
Loc: Germany
Originally Posted By: stxranchman
Go with someone like Capital Farm Credit. I used Capital Farm Credit for my land loan and they are great to do business with. My rate on 15 yr note was 4.8-4.9% IIRC. The patronage checks are nice and really lower your interest rates even more.


This. I too went with CFC and it was actually easier than buying a house. And you want to go with a bank that specializes in raw land as I think you'll find them to be smaller organizations with regular people and less corporate BS to deal with.

Back in 2009, we did a 20 year loan over a five year term at 5.3%. After the five years, you select a new rate, and we went to a something like a 4.5% rate. Since we've paid so much extra, the mortgage only amortized to something like seven years left on the loan, or we could have got a lower rate. But I'm fine with a lower principle. up Hopefully, we'll be paid off in a couple of years.

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#5858236 - 08/01/15 08:31 AM Re: Buying land [Re: cdw]
cdw Offline
Light Foot

Registered: 10/07/11
Posts: 35
STX and Kry, Thanks for the info..thats exactly what I was looking for!

Thanks.

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#5858347 - 08/01/15 10:22 AM Re: Buying land [Re: cdw]
therancher Offline
THF Trophy Hunter

Registered: 07/09/13
Posts: 5932
Loc: Mountain Home, Uvalde, and Big...
Finally! Stx is right about something! grin

I'll third that. Also, if you're looking in the San Angelo area Central Texas Land Bank has the same format as CFC. Tell Brian rusty sent ya. It probably won't get you a better deal, but he likes to talk poo poo about me.

Good luck!
_________________________
"I cant wait to see if he plays this week, and if he does if he can actually break 50 percent completion ratio. Haha or maybe even throw for 200 yards. Possibly break a QB rating of 75." - Texas Tatonka
www.bigironranchadventures.com

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#5858409 - 08/01/15 11:29 AM Re: Buying land [Re: therancher]
kshorthairs Offline
Woodsman

Registered: 05/19/14
Posts: 151
Loc: Fort Worth, TX
PM sent
_________________________
Brandon Azuelo - Land Specialist/Sales Agent
No Fences Land Company
3500 Highway 121
Bedford, TX 76021
Cell: 972.800.7773
Email: brandona@nofencesland.com
Web: http://www.nofencesland.com/

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#5858813 - 08/01/15 05:39 PM Re: Buying land [Re: cdw]
cdw Offline
Light Foot

Registered: 10/07/11
Posts: 35
"therancher" I appreciate you help! I will look into them.

Thanks.

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#5858950 - 08/01/15 07:13 PM Re: Buying land [Re: cdw]
friocountyhunts Offline
Tracker

Registered: 12/01/14
Posts: 527
Loc: Fair Oaks Ranch, Texas
Where is the land? You more than likely will have to put 20% down and tha bank will finance the rest. Sometime you can roll closing costs into the loan but just depends on the bank. Also, you should be able to lock in the rate for 3, 5, 7, and maybe 10 years depending on how strong you are financially but more than likely 5 will be standard. You readjust the rate after that period. You can probably find a 20 year amortization loan fairly easily. Good luck!
_________________________
Semper Fi

www.friocountyhunts.com

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#5858975 - 08/01/15 07:36 PM Re: Buying land [Re: cdw]
txbobcat Offline
Veteran Tracker

Registered: 06/18/05
Posts: 2546
Loc: TX
Did yalls lenders want 20% up front regardless of appraisal value?

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#5859290 - 08/02/15 04:31 AM Re: Buying land [Re: txbobcat]
kry226 Offline


Registered: 01/11/09
Posts: 5109
Loc: Germany
Originally Posted By: txbobcat
Did yalls lenders want 20% up front regardless of appraisal value?


I don't remember if they required it, but we were adamant about putting as much down as we could anyway, and we had the 20% (bye-bye, Harley) to not have to worry about PMI as well. I know they weren't too upset about us putting 20% down. grin

Being a landowner is such a blessing and much better than being a biker. up

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#5859445 - 08/02/15 09:03 AM Re: Buying land [Re: kry226]
kshorthairs Offline
Woodsman

Registered: 05/19/14
Posts: 151
Loc: Fort Worth, TX
Txbobcat,

How is your land looking after all the rain we got this year?
_________________________
Brandon Azuelo - Land Specialist/Sales Agent
No Fences Land Company
3500 Highway 121
Bedford, TX 76021
Cell: 972.800.7773
Email: brandona@nofencesland.com
Web: http://www.nofencesland.com/

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#5859885 - 08/02/15 02:32 PM Re: Buying land [Re: cdw]
txbobcat Offline
Veteran Tracker

Registered: 06/18/05
Posts: 2546
Loc: TX
Best I've seen in 15-20 years

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#5861878 - 08/03/15 07:24 PM Re: Buying land [Re: cdw]
sparrish8 Offline
Pro Tracker

Registered: 01/13/13
Posts: 1372
I used Peoples bank in Rocksprings, they were alot easier to get approved with the Capital Farm Credit for me, the guy checked my credit and said your good to go basically, i got 4.5% just last year, its lower if you do a 15 rather than a 20 or 30

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#5861879 - 08/03/15 07:25 PM Re: Buying land [Re: cdw]
sparrish8 Offline
Pro Tracker

Registered: 01/13/13
Posts: 1372
Yes 20%, pretty much standard

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#5861897 - 08/03/15 07:34 PM Re: Buying land [Re: cdw]
JTS Online   content
Bird Dog

Registered: 12/06/12
Posts: 365
Loc: Wichita Co.
Capital farm only required 10% down if the appraisal is higher than the selling price.

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