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#7069985 - 02/07/18 06:12 PM Interest rate on land loan
aggiegolfer09 Offline
Woodsman

Registered: 12/21/14
Posts: 245
Loc: Dallas
anyone bought land recently? Just curious about what the interest rate is on rural land in Texas. I am looking for at some land around 150k to 200k and I do have good credit.

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#7070007 - 02/07/18 06:38 PM Re: Interest rate on land loan [Re: aggiegolfer09]
TTT Ranch Online   content
Tracker

Registered: 12/07/06
Posts: 772
Loc: Throckmorton
I have very good credit and will be closing on 319 acres in the next 2 weeks. I got 4.875% on a 15 year fixed.


Edited by Get outdoors (02/07/18 06:42 PM)

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#7070232 - 02/07/18 09:08 PM Re: Interest rate on land loan [Re: TTT Ranch]
kshorthairs Offline
Woodsman

Registered: 05/19/14
Posts: 194
Loc: Fort Worth, TX
Congrats on your upcoming closing!

In reference to the post, I sent you a PM.
_________________________
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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#7070248 - 02/07/18 09:16 PM Re: Interest rate on land loan [Re: aggiegolfer09]
Dalroo Offline
Tracker

Registered: 08/03/16
Posts: 881
Loc: The Heart of Texas
Go with a land bank and consider the patronage rebate when you calculate actual rate. We used Central Texas Farm Credit and they've been great. Rate in high 4s, but with patronage we get an annual profit sharing "rebate" that makes the actual cost of money much better.
_________________________
Dalroo
Deep in the Heart of Texas
Moslah Shrine Temple - 2B1 ASK1

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#7070272 - 02/07/18 09:25 PM Re: Interest rate on land loan [Re: Dalroo]
kshorthairs Offline
Woodsman

Registered: 05/19/14
Posts: 194
Loc: Fort Worth, TX
Exactly who I recommended. Each farm credit agency has their own territory and have been great to work with for years!
_________________________
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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#7070710 - 02/08/18 10:08 AM Re: Interest rate on land loan [Re: aggiegolfer09]
deewayne2003 Online   content


Registered: 03/19/09
Posts: 4343

Closed little over a year ago and got 5% fixed for 15 years(first time buyer), used the local bank in the town close to the property and was really pleased with the customer service.

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#7070761 - 02/08/18 10:49 AM Re: Interest rate on land loan [Re: aggiegolfer09]
Mr. T. Online   content
Veteran Tracker

Registered: 11/05/14
Posts: 2903
Loc: Hunt in Cass County, live in T...
Go with any land bank or AG credit place. Only problem is that they require 20% down. I've used them twice. Two different ones as they generally have a county or two that they cover.
_________________________
Ski cabin rental in Pagosa Springs.
www.pagosaspringscabin.com

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#7070767 - 02/08/18 10:54 AM Re: Interest rate on land loan [Re: aggiegolfer09]
Rustler Offline
Extreme Tracker

Registered: 03/01/07
Posts: 3904
Loc: Carrollton/ Young, Blanco coun...
I'd always at least check with a few local banks, our last 2 purchases they've beaten the land bank/farm credit places.

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#7070804 - 02/08/18 11:36 AM Re: Interest rate on land loan [Re: Rustler]
Mr. T. Online   content
Veteran Tracker

Registered: 11/05/14
Posts: 2903
Loc: Hunt in Cass County, live in T...
Originally Posted By: Rustler
I'd always at least check with a few local banks, our last 2 purchases they've beaten the land bank/farm credit places.


Really, I guess it pays to shop around. My son in law is a bank president and he could not get with in 2% of what the land bank gave me, however that was 5 years ago. But checking all your loan options is always a good ideal.
_________________________
Ski cabin rental in Pagosa Springs.
www.pagosaspringscabin.com

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#7070827 - 02/08/18 11:52 AM Re: Interest rate on land loan [Re: aggiegolfer09]
Rustler Offline
Extreme Tracker

Registered: 03/01/07
Posts: 3904
Loc: Carrollton/ Young, Blanco coun...
Thats why I said " at least check with a few local banks " local to the area you're buying.

Not at all knocking the Ag credit / land bank types, we've used them too.

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#7071440 - 02/08/18 08:03 PM Re: Interest rate on land loan [Re: Rustler]
sparrish8 Offline
Pro Tracker

Registered: 01/13/13
Posts: 1640
Originally Posted By: Rustler
I'd always at least check with a few local banks, our last 2 purchases they've beaten the land bank/farm credit places.


We used Peoples state bank in Rocksprings and they were much easier to get approved from and had lower rates then CFC.

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#7076450 - 02/12/18 11:05 PM Re: Interest rate on land loan [Re: aggiegolfer09]
cowboyway Offline
Woodsman

Registered: 09/01/08
Posts: 174
Good info here. Thanks guys.

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#7078698 - 02/14/18 05:27 PM Re: Interest rate on land loan [Re: cowboyway]
therancher Offline
THF Trophy Hunter

Registered: 07/09/13
Posts: 6647
Loc: Mountain Home, Uvalde, and Big...
when you factor in the patronage I've never seen any bank beat a farm credit bank. I've seen some farm credit banks beat other farm credit banks. But never a conventional bank. Patronage easily knocks off 1-2% annually. And they are already lower than other banks before that.

It does pay to shop. Shopping for money is almost as important as researching for land. But I've been in the ranch buying selling business since '96 and have bought and sold ranches in 8 different counties. And if you beat 4.1 or 4.2% right now with an annual patronage check that lowers that to 2.1-3.1% you let me know. I'll go buy some more land.
_________________________
Crotchety old bastidge

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#7082226 - 02/17/18 08:09 AM Re: Interest rate on land loan [Re: aggiegolfer09]
TTT Ranch Online   content
Tracker

Registered: 12/07/06
Posts: 772
Loc: Throckmorton
Most of the land banks are in the upper 5’s after the latest Fed rate hike. I chose Graham Savings and Loan on a 15 year fixed at 4.875% bc I look at it as a “bird in the hand” type deal. I’d rather hold the extra $ all year as opposed to having the land bank hold it and return a little bit to me each year.

Also, if you are in the market to buy, Graham Savings will allow you to only put 15% down if needed.

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