Raw Land Loans - Top 3 questions you need to ask

Farm, Ranch, Agricultural, Recreational Property Loans
Raw Land Loans Top 3 questions you need to ask

You have just signed the contract for the farm, ranch or recreational property you have always dreamed of.  Now, it is time to search for a loan.  When looking for a loan, there are 3 main questions to ask.  I know, because I provide farm, ranch, agricultural and recreational property loans in all 50 states.  Start with these three main questions to determine what lender you will work with in the future.

1) Do you offer low long term fixed rates?

You have choices!  In the past, most borrowers were forced to accept their local banks best rates.  With technology today, you can get a loan anywhere in the county.  No longer do you have to settle for a variable or short term rate.  Make sure the loan is the terms you want - not what your lender wants you to have.
Land prices keep going up.  Make sure that your interest rate does not.  You can do this by choosing a lender who can offer you a low long term fixed rate.

2) Do you charge an application fee or junk fees?

You should not have to pay a fee to apply for a loan!  Any lender today should be able to analyze your credit and provide you an estimate of interest rates and fees for FREE.  I would suggest if a lender wants you to pay an up front fee that you search for a new lender.  This also applies for junk fees.  Have the lender give you an estimate for all fees and ask the lender to explain and justify any fees charged.

3) What is the time frame from application to closing?

Credit analysis for approval should take approximately 48 hours to 72 hours.  This occurs after all of the complete information is given by the borrower.  This is a problem, as most buyers do not have all of their financial information organized and readily available.  Make sure you give the lender all the information they requested at one time.  If you do give them complete information, they should not take longer than 72 hours to give you an approval.
After approval, most lenders will order an appraisal.  This could take 1 to 3 weeks depending upon the location of the property.  Title takes approximately 1 to 2 weeks.  Most loans assuming no title problems should close within 3 weeks of application.

McMar Financial provides farm, ranch, agricultural and recreational property loans in all 50 states.  We do offer low long term fixed rates.  We do not charge any application or junk fees.  Time is important to McMar Financial!  This is why most applications are approved in 48 to 72 hours and most loans close within 3 weeks of application.
If you are interested in a farm, ranch, agricultural or recreational property loan, please contact McMar Financial, 580-227-1234 or http://www.McMarFinancial.com.

Written by Todd P. McCue
President of McMar Financial
http://www.McMarFinancial.com

116 E. Broadway
Fairview, OK 73737
Phone: 580-227-1234
Fax: 580-227-3607