|
New Lexington, Ohio | My wife and I found a farm to buy. The seller is good to work with so far, we've agreed on a price without a realtor and are preparing to sign a contract. We are hoping to close sometime after the first of the year. In order to purchase, we are selling our house that we have a ton of equity in, but will still need to borrow somewhere around $150k for the land. I am also thinking of building soon, so an additional construction loan of around $100k.
Our current mortgage and the one for the rental we own are through a local bank in our small town. They are very easy to work with and have pre-approved us because of our credit history. The only hang up I have with them is the quoted interest rate of 3.95% for a 5-year ARM. What are my other options- besides shopping around. Do very many of you guys use Farm Credit Services? How about the FSA? I'm worried they will be more trouble than it's worth, dealing with the government. Does that quoted interest rate seem high to anyone else?
TIA,
John | |
|
Buying our first farm- need opinions
