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Buying land
#5858036
08/01/15 04:07 AM
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Joined: Oct 2011
Posts: 35
cdw
OP
Light Foot
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OP
Light Foot
Joined: Oct 2011
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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Re: Buying land
[Re: cdw]
#5858051
08/01/15 04:19 AM
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Joined: Aug 2010
Posts: 60,296
stxranchman
Obie Juan Kenobi
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Obie Juan Kenobi
Joined: Aug 2010
Posts: 60,296 |
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.
Are idiots multiplying faster than normal people?
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Re: Buying land
[Re: stxranchman]
#5858168
08/01/15 12:20 PM
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Joined: Jan 2009
Posts: 12,182
kry226
The General
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The General
Joined: Jan 2009
Posts: 12,182 |
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. Hopefully, we'll be paid off in a couple of years.
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Re: Buying land
[Re: cdw]
#5858236
08/01/15 01:31 PM
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Joined: Oct 2011
Posts: 35
cdw
OP
Light Foot
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OP
Light Foot
Joined: Oct 2011
Posts: 35 |
STX and Kry, Thanks for the info..thats exactly what I was looking for!
Thanks.
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Re: Buying land
[Re: cdw]
#5858347
08/01/15 03:22 PM
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Joined: Jul 2013
Posts: 7,179
therancher
THF Trophy Hunter
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THF Trophy Hunter
Joined: Jul 2013
Posts: 7,179 |
Finally! Stx is right about something! 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!
Crotchety old bastidge
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Re: Buying land
[Re: therancher]
#5858409
08/01/15 04:29 PM
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Joined: May 2014
Posts: 261
kshorthairs
Bird Dog
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Bird Dog
Joined: May 2014
Posts: 261 |
Brandon Azuelo - Land Specialist/Sales Agent in Texas & Oklahoma 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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Re: Buying land
[Re: cdw]
#5858813
08/01/15 10:39 PM
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Joined: Oct 2011
Posts: 35
cdw
OP
Light Foot
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OP
Light Foot
Joined: Oct 2011
Posts: 35 |
"therancher" I appreciate you help! I will look into them.
Thanks.
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Re: Buying land
[Re: cdw]
#5858950
08/02/15 12:13 AM
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Joined: Dec 2014
Posts: 615
Frio County Hunts
Tracker
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Tracker
Joined: Dec 2014
Posts: 615 |
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!
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Re: Buying land
[Re: cdw]
#5858975
08/02/15 12:36 AM
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Joined: Jun 2005
Posts: 2,685
txbobcat
Veteran Tracker
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Veteran Tracker
Joined: Jun 2005
Posts: 2,685 |
Did yalls lenders want 20% up front regardless of appraisal value?
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Re: Buying land
[Re: txbobcat]
#5859290
08/02/15 09:31 AM
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Joined: Jan 2009
Posts: 12,182
kry226
The General
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The General
Joined: Jan 2009
Posts: 12,182 |
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. Being a landowner is such a blessing and much better than being a biker.
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Re: Buying land
[Re: kry226]
#5859445
08/02/15 02:03 PM
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Joined: May 2014
Posts: 261
kshorthairs
Bird Dog
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Bird Dog
Joined: May 2014
Posts: 261 |
Txbobcat,
How is your land looking after all the rain we got this year?
Brandon Azuelo - Land Specialist/Sales Agent in Texas & Oklahoma 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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Re: Buying land
[Re: cdw]
#5859885
08/02/15 07:32 PM
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Joined: Jun 2005
Posts: 2,685
txbobcat
Veteran Tracker
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Veteran Tracker
Joined: Jun 2005
Posts: 2,685 |
Best I've seen in 15-20 years
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Re: Buying land
[Re: cdw]
#5861878
08/04/15 12:24 AM
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Joined: Jan 2013
Posts: 1,833
sparrish8
Pro Tracker
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Pro Tracker
Joined: Jan 2013
Posts: 1,833 |
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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Re: Buying land
[Re: cdw]
#5861879
08/04/15 12:25 AM
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Joined: Jan 2013
Posts: 1,833
sparrish8
Pro Tracker
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Pro Tracker
Joined: Jan 2013
Posts: 1,833 |
Yes 20%, pretty much standard
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Re: Buying land
[Re: cdw]
#5861897
08/04/15 12:34 AM
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Joined: Dec 2012
Posts: 693
JTS
Tracker
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Tracker
Joined: Dec 2012
Posts: 693 |
Capital farm only required 10% down if the appraisal is higher than the selling price.
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Re: Buying land
[Re: JTS]
#5861908
08/04/15 12:43 AM
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Joined: Jun 2005
Posts: 2,685
txbobcat
Veteran Tracker
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Veteran Tracker
Joined: Jun 2005
Posts: 2,685 |
Capital farm only required 10% down if the appraisal is higher than the selling price. That's what I was offered at local bank with a 73% LTV loan.
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Re: Buying land
[Re: cdw]
#5862469
08/04/15 01:20 PM
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Joined: Oct 2011
Posts: 347
TX Hitman
Bird Dog
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Bird Dog
Joined: Oct 2011
Posts: 347 |
Another vote for CFC.
Reached out to several local banks. Their interest was higher and they only offered 10yr notes.
Best gaining investment in my portfolio!
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Re: Buying land
[Re: cdw]
#5862769
08/04/15 04:32 PM
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Joined: Jan 2012
Posts: 9,273
blackcoal
THF Trophy Hunter
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THF Trophy Hunter
Joined: Jan 2012
Posts: 9,273 |
I used Lone Star Credit, basically the same as Capital. Some geographical areas one seems to be stronger than others. Easy to work with and helpful in other areas. Have also used local banks but that was years ago, back in 80-90's. If you have a clean credit rating you should be good to go. Walk in with bad credit, couple of high dollar truck loans, pregnant wife, bad work hisory then nothing will help.
The Greatest Enemy of knowledge is not ignorance, it is the illusion of knowledge.--Stephen Hawking
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Re: Buying land
[Re: cdw]
#5868022
08/07/15 05:37 PM
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Joined: Jul 2011
Posts: 193
colind
Woodsman
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Woodsman
Joined: Jul 2011
Posts: 193 |
I used Capital Farm Credit as well and the approval process was very smooth. I looked at a few banks and the interest was higher.
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