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Re: OT Any mortgage smarts people out there?
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Posted by Kentucky Ed on August 11, 2007 at 13:39:55 from (72.49.149.57):
In Reply to: OT Any mortgage smarts people out there? posted by Dave H (MI) on August 11, 2007 at 07:33:15:
I don"t post often but read daily. This is something I may shed some light on. I have been a country banker for 34 years. Hundreds of my customers own their farm because I took a chance with them. First, don"t pay attention to advertisements for mortgage loans. They don"t want YOUR business. Second, don"t expect the advertised rates when considering farm real estate. It doesn"t qualify. What you need is a bank/banker that understands your needs and will work with you. As a farmer you will have good years along with the bad. Just because you had a bad year, doesn"t necessarily mean the next will be bad. It"s ashamed to lose the farm for a bad year.
Expect to pay a little higher interest rate. If you have had bad credit, don"t bother to apply. Don"t expect the lender to "buy you a farm" when you haven"t saved a decent down payment. Know your own business and don"t expect the lender to "do the hard part" of filling out your application and farming plan. Convince yourself first the operation will be a success, and then convince your banker. Above all, be very honest with yourself and your banker, and you can own rural real estate to play with all of your tractors (on topic).
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