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NE KS | Exactly right. Look at how you can approach this with a longer term loan with the payments of a short term loan. Work it so that you're making the 15 yr payments using the rate of a 20, 25, 30 year note and see how you feel.
I know I get excited on what I can save on interest, but the ability to make yearly loan payments comes first. Bankers can be nervous if you have to pay out an obscene amount of money each year to service notes. That said if you want to buy another piece of ground you can do a loan converion on your 15 yr note to a longer term, but that's gonna cost some money too.
Also look around for better rates. | |
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Lock interest for 15 or 30 years ??
