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Though there are many similarities between agricultural mortgages and consumer mortgages, the first is specifically designed to cater to the needs of rural land owners. Flexibility with payment options, tenure period, and transferability of debt are just a few features that make agricultural mortgages a great option for farming families. Contact FamilyLending.ca if you currently own, or are looking to own, an agricultural sector.
Benefits of Agricultural Mortgages
A common error that first time buyers often make is borrowing a residential mortgage on rural property. This simple mistake can cost thousands of dollars in interest payments. This is why it’s important to talk to a mortgage broker to make sure you’re getting the right mortgage for agricultural land. They will also help you with your agricultural mortgage refinance by connecting you with appropriate lenders.
Agricultural mortgage lenders often offer lower interest rates, flexible payment plans, periodic payment choice, and the option of transferring a mortgage to another person (generally another family member). These are the major differences between mortgages for agricultural land and consumer mortgages.
What is an Agricultural Land Mortgage?
Agricultural mortgages aren't just for purchasing farms. These can also be applied to rural properties, such as gardens, nurseries, ranches, and pastures. Mortgages for agricultural land can be used for any type of improvement related to rural land. Even if you aren’t looking into purchasing a farm in the conventional sense, talk to your agricultural mortgage broker today to find out if your property purchase could benefit from lower agricultural mortgage rates.
Agricultural Mortgage Rates
Rates offered by agricultural mortgage lenders vary based on market conditions, market rates, the type of mortgage, the principal amount, and the equity value of the property. The rate categories are similar to residential rates: fixed agricultural rates and variable agricultural rates. Fixed mortgages include a set interest rate. While fixed interest rates can be a bit higher than those of a variable range, you're guaranteed that your interest rate will never change during the mortgage term. A variable agricultural mortgage rate changes based on market conditions. This can sometimes be tough on a tight farming budget as your monthly mortgage payments could be in constant upheaval.
Talk to your mortgage broker about agricultural mortgage refinancing to find out which rate is best for you or contact a FamilyLending.ca mortgage broker for more information.
We Provide Financing For:
- Operating capital
- Equipment Purchases
- Solar Energy and Wind Energy Projects
- Farmland Purchases
- Land Tiling and Improvement
- Equipment Storage, Feed Storage and Grain Storage
- Livestock Buildings for Beef, Dairy, Poultry, Swine and Equine
- Agri-business Financing
Investigate an Agricultural Mortgage Refinance
Agricultural mortgage refinancing can stop you from spending excessive amounts of money if you are currently locked into a high fixed interest rate. To take advantage of fixed versus variable mortgage rates, it’s best to refinance to a variable mortgage rate when the market rate decreases, then refinance back to a fixed rate when the interest begins to rise again. Your mortgage broker will be able to help you navigate these ups and downs with ease.
Contact FamilyLending.ca today to help you choose your agricultural mortgage rate by calling 1-866-941-6678.