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At FamilyLending.ca it's all about YOU, which is why are are dedicated to matching You with the right type of mortgage, and that is especially important if you are buying agricultural property.
There are many similarities between a regular residential mortgage, and an agricultural mortgage, but the differences are important.
An agricultural mortgage can offer more flexibility on payment options, repayment period, and can even provide debt transfer options not available through a standard consumer mortgage.
WHAT IS AN AGRICULTURAL MORTGAGE?
Agricultural mortgages can be applied to many types of rural properties and are not restricted to farm purchases. Other types of property properties that may qualify for agricultural mortgages include, nurseries, ranches, pastures, and gardens. You can also use an agricultural mortgage for renovations or improvements to rural real estate. If you are wondering if your planned purchase might quality, your best bet is to contact a mortgage broker. At FamilyLending.ca we're always happy to connect you with a qualified broker who will work with you personally, and will answer any questions you may have.
WE PROVIDE FINANCING FOR
- Operating Capital
- Equipment Purchases
- Solar and Wind Energy Projects
- Farmland Purchases
- Land Tiling and Land Improvements
- Equipment Storage, Feed Storage, and Grain Storage
- Agri-Business Financing
BENEFITS OF AGRICULTURAL MORTGAGES
Financing rural property with a standard consumer mortgage is one of the most common mistakes made by people buying farmland or land in rural areas. It's a mistake that can cost you thousands of dollars. A qualified mortgage broker knows this, and will examine all options and will connect you with the best lender, offering the best mortgage options.
AGRICULTURAL MORTGAGE RATES
Rates on agricultural mortgages rise and fall based on market conditions. That is the case with all mortgages, and that is why it is important to decide if you want a variable rate, or a fixed rate agricultural mortgage. Fixed rate mortgages offer stability through the life of the repayment period. If you have studied the market and believe rates are going to fall over time a variable rate mortgage might provide savings over time, but if you are wrong and rates increase your mortgage payments could spike and your interest payments could increase substantially. If you are on a tight budget a variable rate agricultural mortgage could put stress on you and your family, which is why it is important to make an informed decision. A qualified mortgage broker can provide information that will help guide you through the decision making process.
Many people also look at refinancing when market conditions are favourable. For instance someone locked into a fixed mortgage might look at refinancing when market conditions result in a substantial interest rate decline. When fees are all accounted for, and the savings on interest payments over time are calculated, it can make sense to look at refinancing. The numbers never lie, but sometimes it takes a professional to provide an accurate assessment, which is why it is important to seek qualified help in this area.
CHECK OUT YOUR AGRICULTURAL MORTGAGE OPTIONS
An agricultural mortgage could save you a huge amount of money, especially in the long term. To learn more contact FamilyLending.ca and a mortgage broker can provide a free, no obligation consultation.
Contact FamilyLending.ca today and we will help you choose the agricultural mortgage that suits your needs best. Our phone number is toll free: 1-866-941-6678