Bow_and_Arrow
Bow_and_Arrow
I’m working with FCS right now too and their 15 year is around 3.45 - 3.5%. They have the most competitive rate that I’ve found. To date, their communication/responsiveness has been very good.
Hardwood11
It is going to be a good fall!
Any updates on rates?
Windwalker
Life Member
That’s a great rate. I think there’s a first farmer loan with1% ?
Wi transplant
PMA Member
Working with farm credit right now and fixed 30 up to around 3.85 % now.
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With farm credit you also get a 1% dividend of your principal balance paid back to you each year.....
QueueWhere
New Member
Is it still possible to get such interest rates and dividends this year? Did the situation in the loans market change a lot in Iowa?
I want to buy some farmland here and start a farming business because it is relevant now. People are more willing to buy thing that has real value, like food. That’s why I think that farming business is a good idea now and want to start mine. However, my credit score is not the best due to some unwise decisions made earlier. That’s why I think most banks would agree to lend me anything, and it makes me consider negotiating with nonbank financial organizations like the ones from www.greedyrates.ca. It’s riskier, but I’ve got no other choice. Even if a bank agreed to lend me money, the interest rates would be too high.
I want to buy some farmland here and start a farming business because it is relevant now. People are more willing to buy thing that has real value, like food. That’s why I think that farming business is a good idea now and want to start mine. However, my credit score is not the best due to some unwise decisions made earlier. That’s why I think most banks would agree to lend me anything, and it makes me consider negotiating with nonbank financial organizations like the ones from www.greedyrates.ca. It’s riskier, but I’ve got no other choice. Even if a bank agreed to lend me money, the interest rates would be too high.
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It's been 19 months since the last prior post in this thread. The rates have certainly gone up. A very quick Google search showed rates around 6% now
madplotter
PMA Member
We are financing as we speak. I will let you know what the current rate is soon...
whitetail_obsession
Active Member
I spoke with someone from Farm Credit Services late last week just to check what ballpark rates are. I was told about 8% with 30-35% down. It was a little higher than what I expected to hear but now I know.
**Edit. I spoke with the consumer side of FCS yesterday and rates had just went up 0.5% since Friday. Currently they are also offering 8% at 25-30yr fixed, 7.625% at 15yrs, 7.75% at 20 yrs.
**Edit. I spoke with the consumer side of FCS yesterday and rates had just went up 0.5% since Friday. Currently they are also offering 8% at 25-30yr fixed, 7.625% at 15yrs, 7.75% at 20 yrs.
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No surprise. Welcome to 2022!!! Wanted to remind everyone …. The last 2 years have gone great!!!!! 
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I know we expected this and we can expect higher but that’s just wild how fast this went!!! & think of this…. What u see today- it very well could be 1% higher in month or 2. Where does it end? No one knows. Double digits?????
On the flip side…. My “gut” ….. which may be totally wrong…. I think this economic Ship will sink & slow fast. I don’t personally see how it doesn’t. When that happens - year or 2 from now- the rates may reverse because of this. So- if a guy could weather high rates for year or 2 when they find a great buy- there’s a decent chance a Refi to lower rate is possible. I’d only buy with the plan of paying the high rate ongoing. But- it could be a bonus if rates come down.
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. I know we expected this and we can expect higher but that’s just wild how fast this went!!! & think of this…. What u see today- it very well could be 1% higher in month or 2. Where does it end? No one knows. Double digits?????
On the flip side…. My “gut” ….. which may be totally wrong…. I think this economic Ship will sink & slow fast. I don’t personally see how it doesn’t. When that happens - year or 2 from now- the rates may reverse because of this. So- if a guy could weather high rates for year or 2 when they find a great buy- there’s a decent chance a Refi to lower rate is possible. I’d only buy with the plan of paying the high rate ongoing. But- it could be a bonus if rates come down.
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