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Western Iowa | I will echo some of what millionare is saying.
I agree with getting out of FHA, a 40 year note with low interest is still a 40 year note and a lot of interest over the lifetime of the note.
As far as getting equity out of your farmground to buy machinery............. that is about as backwards of thinking as you can get to being succesful at farming. Land is what you need to farm, machinery will always follow. You need to use cash out of your cashflow for machinery purchases, not borrow from land equity.
When times tighten up, guys with extra machinery burdens from leveraging land usually go belly up. | |
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USDA Farm Loan 40 year note vs. Farm Credit 30 year note
